"Downtown Baltimore"

Bidding Closes:
TUESDAY, OCTOBER 1, 2024
AT 1:00 P.M.

Online Auction Bidders – a $10,000 or 10% deposit, whichever is greater, is due by 4 P.M. via wire or cashier’s check on the day of the auction. When you register for an online auction, a “ping” will be placed on your credit card and immediately voided, you will not be charged the deposit amount.

A 6% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and the Sample Contract.

$75,000 Opening Bid

DOWNTOWN BALTIMORE
Near UMD Baltimore & Lexington Market

STOREFRONT BUILDING
– Rented for $23,400/Year –

Occupied by King’s Jewelers
2,385 Sq. Ft. GBA ● Zoned C-5
Opportunity Zone

Known As:
19 N. HOWARD STREET
Near E. Fayette Street
Baltimore City, Maryland 21201

Online Bidding Opens
MONDAY, SEPTEMBER 30, 2024

Bidding Closes:
TUESDAY, OCTOBER 1, 2024
AT 1:00 P.M.

NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

GENERAL INFORMATION:
19 N. Howard Street is known as King’s Jewelers and is currently rented for $1,950/month or $23,400/year (gross scheduled income). The location is among the best known in Baltimore, being just a couple of blocks from the newly renovated Lexington Market, University of Maryland Baltimore’s sprawling collection of medical and educational institutions, CFG Bank Arena, the Convention Center, Baltimore’s Stadium Complex, the Inner Harbor and much more. The auction provides an opportunity to purchase a cash-flowing investment in an Opportunity Zone and within close proximity of the City’s most important attractions.

LOCATION:
The property is located in Downtown Baltimore’s Central Business District, within the Bromo Arts District. Howard Street is a primary commercial artery in the area with good exposure from vehicle, public transportation and pedestrian traffic. Proximity to University of Maryland Baltimore, several major event venues, the stadium complex, convention center and many other attractions makes the location desirable for businesses of all types. Pertinent public transportation hubs are nearby, and include Light Rail, Metro Bus Service, Metro Train Service, the Baltimore Circulation and University of Maryland Commuter Services. I-395 is approximately 0.5 miles south, I-83 (JFX) is less than one mile east, and I-95 and other major commuter routes are also within a short distance.

For more information about the area, please visit:
Neighborhoods – livebaltimore.com
Bromo Arts & Entertainment District – bromoartsdistrict.org
City of Baltimore – www.baltimorecity.gov
CityView Map – cityview.baltimorecity.gov
Community Development Map – cels.baltimorehousing.org
Opportunity Zones – www.baltimoredevelopment.com
Maryland Opportunity Zones – dhcd.maryland.gov

SITE:
Lot size – Irregularly shaped lot comprising 0.030 acre, according to public tax records.

The lot fronts 14’11” on N. Howard Street with depths of approximately 109’8″

Block Plat

ZONING:
C-5-DC – Downtown Zoning District – Downtown Core Subdistrict

According to the Baltimore City Zoning District Summary, “The C-5 Downtown Zoning District is intended for Baltimore’s Downtown and accommodates a wide range of uses normally associated with the downtown of a major city.” More specifically, “the purpose of the C-5-DC Downtown Historic and Traditional Subdistrict is to establish these standards for structures located within the majority of Downtown. The standards recognize that this subdistrict is to be the most intensely developed portion of Downtown and is to be predominately pedestrian-oriented in nature.”

Permitted uses within the district are extensive, including retail, office, residential, multifamily, institutional, hospitality, entertainment and some light industrial uses. Permitted and conditional uses can be found here.

For more information about zoning, please visit:
Department of Planning – planning.baltimorecity.gov

IMPROVEMENTS:
In-line storefront building – according to tax records, the building was constructed in 1900, contains 2,385 square feet of gross building area above grade and 795 square feet of basement space.

The building is arranged and occupied by a jewelry store known as “King’s Jewelers,” who is paying $1,950 per month in gross scheduled rent according to the seller. Lease terms state that the tenant is to pay all utilities, property maintenance, all minor privilege taxes and 50% of real property taxes. Stated rental increases in the lease indicate that the tenant should be paying $2,224 per month through December 31, 2024. One 5-year option remaining.

LEASE:
Please complete the Waiver and Confidentiality agreement to receive the lease.

TITLE:
In fee simple; sold free and clear of all liens.

TAXES:
Current annual real estate taxes are $3,301.64, based on a full value tax assessment of $139,900.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.

Online Auction Bidders – a $10,000 or 10% deposit, whichever is greater, is due by 4 P.M. via wire or cashier’s check on the day of the auction.

Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the purchaser. All adjustments, including taxes, rents, ground rent, all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the purchaser. Security deposits, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing leases of the tenants in place, easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Baltimore City violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence. A 6% buyer’s premium will be added to the final bid price.