"Highlandtown"

This Auction has been CANCELED.
Sold prior to the Auction.

Live Auction Bidders – a $50,000 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 $50,000 deposit, payable by cashier’s check or wire, will be required of all online bidders by 12:00 Noon on Tuesday, February 7, 2023. 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. 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. Deposit Escrow Agreement

A 5% 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
$500,000 Opening Bid

HIGHLANDTOWN

MIXED-USE CORNER PROPERTY
6 Apartments & 4 Commercial Units
15,573 Sq. Ft. GBA – Zoned C-1 Commercial

$111,679 Gross Annual Rentals
At 70% Occupancy

Known As
332-340 S. HIGHLAND AVENUE
a/k/a 332-336 S. Highland Avenue
Corner Bank Street
Baltimore City, MD 21224

– CANCELED –

Online Bidding Opens
MONDAY, FEBRUARY 6, 2023

Live Onsite Auction Begins
WEDNESDAY, FEBRUARY 8, 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:
332-340 S. Highland Avenue, known as 332-336 on tax records, is located in the Highlandtown neighborhood in Southeast Baltimore. Highlandtown is among Baltimore’s best known neighborhoods, having been a hub of community life in the southeastern portion of the City for more than 150 years. The neighborhood has been experiencing a renaissance over the past 20 years. New entertainment venues, restaurants and stores complement the familiar, long-standing businesses that have made the location home for decades. New and renovated apartment buildings are positioned throughout the neighborhood, along with countless home renovations and new construction. Proximity to some of the City’s largest employers, as well as convenient access to major highways and commuter routes, makes the location ideal for residents and consumers of all types.

The property is located at the corner of S. Highland Avenue and Bank Street in the heart of the neighborhood. The Creative Alliance, Southeastern Branch of the Enoch Pratt Free Library, Matthew’s Pizzeria and dozens of other noteworthy businesses are within a few blocks. Johns Hopkins East Baltimore and Johns Hopkins Bayview are each within 2 miles. Patterson Park is less than one-quarter mile west.

The auction provides an opportunity to purchase a property in a prime location with a long rental history. The opportunity to continue the value-add initiatives of the current owner further enhances the long term revenue potential at the site. With the existing vacancy, further leasing would boost revenue quickly.

For more information about the area, please visit:
Highlandtown – livebaltimore.com
Highlandtown and Patterson Park – baltimore.org
City of Baltimore – www.baltimorecity.gov/

SITE:
Lot size – 72′ x 92′, comprising 6,624 square feet, more or less. Plat

The lot fronts 72′ on S. Highland Avenue, 92′ on Bank Street and 72′ on a rear 15′ wide alley

Curb cut on Bank Street to garage with roll-up door

Ample sign opportunities on both S. Highland Avenue and Bank Street

ZONING:
C-1 Commercial – 6 Dwelling Units & Commercial Space

For more information about Baltimore City zoning, please visit:
Zoning – dhcd.baltimorecity.gov

IMPROVEMENTS:
The property is improved by a two and three story masonry building – according to tax records, the building was constructed in 1920, contains 15,573 square feet of gross building area above grade and 4,272 square feet of basement space.

Currently arranged for 6 dwelling units and 4 commercial spaces, the building is 70% occupied, with two of the dwelling units and side garage space currently vacant. Gross scheduled monthly rentals are $9,205, or $111,679 annually. Tenants include the United States Postal Service, a wholesale meat purveyor, salon and residential tenants. A contractor currently occupies some of the garage by agreement with the owner (to be vacant at the time of closing). The Postal Service is scheduled for a $300/month rent increase in May. Estimated gross scheduled rent with the USPS increase and a 10% vacancy factor would be $137,000.

Building features include torch down roof, updated boilers and HVAC units, vinyl-clad replacement windows and commercial awnings. Interior finishes are a mix of drywall, plaster, laminate, carpet and drop ceilings. Each of the apartments is 1 bedroom, and accessible by a common exterior entrance (Bank Street). The apartment units are heated by a new (2022) gas fired boiler. Each of the commercial units has its own exterior entrances, and have gas forced air heat and central air conditioning. Separate metering (believed to be 10 gas and 11 electric).

Additional financial information and leases available by completing confidentiality agreement below.

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

TAXES:
Current annual real estate taxes are $9,803.44, based on a full value tax assessment of $415,400.

ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to receive:

• Proforma Income & Expense Statement
• Rent Roll
• Leases
• MDE Lead Certificates

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $50,000 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 $50,000 deposit, payable by cashier’s check or wire, will be required of all online bidders by 12:00 Noon on Tuesday, February 7, 2023. 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 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. 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 5% buyer’s premium will be added to the final bid price.