"Fells Point"

Live Auction Bidders – a $30,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $30,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:30 P.M. on the day of auction. Deposit Escrow Agreement

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 or see the Sample Contract.

Featuring Live & Simulcast Online Bidding
$200,000 Opening Bid

FELLS POINT

– 3 UNIT –
MIXED-USE BUILDING
4,050 Sq. Ft. GBA ✦ Zoned C-1 ✦ Historic District

$40,800 Gross Scheduled Annual Rent
100% Occupied

Sale on Premises
307 S. BROADWAY
Near Gough Street
Baltimore City, Maryland 21231

POSTPONED
New Auction Date To Be Announced!

Online Bidding Opens
MONDAY, AUGUST 21, 2023

Live On-Site Auction
THURSDAY, AUGUST 24, 2023
AT 11:00 A.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.

LOCATION:
307 S. Broadway is located in the Fells Point neighborhood in southeast Baltimore, and is within the Fells Point National Historic District. The neighborhood is among Baltimore’s most famous, having been a fundamental part of the City’s history for more than 250 years. A one time home of maritime and industrial businesses, the area has grown to become a target neighborhood for residents, small businesses, large industries and tourists. The neighborhood is bounded by Johns Hopkins Hospital to the north and the waterfront to the south, with the adjoining neighborhoods of Harbor East, Harbor Point, Little Italy, Canton, Upper Fells Point, Washington Hill and Perkins, providing an impressive collection of architecture, entertainment, dining and major employers. Perkins, or Perkins Homes, is undergoing a sweeping transformation, with a combination of old buildings being razed and new ones being constructed in their place. While much of the neighborhood “traffic” is pedestrian oriented, the site boasts a 8,302 vehicle count (AADT), according to MDOT statistics.

The subject property is a three unit building with storefront on the first floor and two updated apartments on the upper levels. The auction provides an opportunity to purchase a stabilized asset in a robust community with potential for additional revenue from increased rents. The asset may also be attractive to business owners looking to site their operation on the first floor and benefit from the rental income from the residential units.

For more information about the area, please visit:
Fells Point – baltimore.org
Fells Point – livebaltimore.com
CityView Map – cityview.baltimorecity.gov
Community Development Map – cels.baltimorehousing.org

SITE:
Lot size: 15’2″ x 90′, more or less, according to public tax records. Plat

All public utilities.

ZONING:
C-1 Commercial

According to Baltimore City’s Zoning District Summary, the C-1 zone comprises “Commercial clusters or pedestrian-oriented corridors of commercial uses that serve the immediate neighborhood. Ensures compatibility between neighboring residential and commercial uses.”

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

IMPROVEMENTS:
Three story in-line storefront building arranged for 3 units – constructed in 1920 and containing 4,050 square feet of gross building area, according to public tax records. The first floor comprises a grocery/convenience store currently rented for $1,000/month. The second and third floors are each arranged for a full-floor apartment, with each rented for $1,200/month. Unit details and photos coming soon.

Rental Property License

ADDITIONAL INFORMATION:
Leases are coming soon. Please complete the Waiver and Confidentiality agreement to be notified when the documents are available to view.

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

TAXES:
Published annual real estate taxes are estimated to be $7,783.28 based on a full value tax assessment of $329,800.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $30,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).

Online Auction Bidders – a $30,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:30 P.M. on the day of auction. Deposit Escrow Agreement

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, rent, ground rent and 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. The Purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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.