"Downtown Baltimore"

On-Site Bidders – a $50,000 deposit, payable by cashier’s check, will be required of the Purchaser at time and place of sale.

Online Bidders – a $50,000 deposit, by cashier’s check or wire transfer, is required at the Auctioneer’s Office, prior to the start of the live auction. The deposit will be returned within 24 hours following the auction to non-winning bidders. Deposit Escrow Agreement. 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.

No buyer’s premium. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.

Jeffrey Forman, Attorney
Kauffman & Forman, P.A.
406 W. Pennsylvania Avenue
Towson, MD 21204

Featuring Live & Online Simulcast Bidding
– $500,000 Opening Bid –

DOWNTOWN BALTIMORE

FOUR STORY
LOFT BUILDING
28,684± SF ◆ Zoned C-5DC
Redevelopment Potential

$105,600 Scheduled Annual
Rentals at 75% Occupancy

Known As
407 N. PACA STREET
Baltimore, MD 21201

Online Bidding Opens
MONDAY, MARCH 27, 2023

Live Onsite Auction
WEDNESDAY, MARCH 29, 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.

GENERAL INFORMATION:
Downtown Baltimore four story loft building, currently used for storage, creative workspaces and apartments. Three floors of the building are occupied under month-to-month or short term leases. The building has an elevator and two rear loading doors.

LOCATION:
407 N. Paca Street (a/k/a 407-409 N. Paca Street) is located in Downtown Baltimore, north of Mulberry Street (US-40 East) and south of Franklin Street (US-40 West). The property is within walking distance of the newly reopened Lexington Market, University of Maryland and most Downtown attractions. MTA Light Rail and Subway service are nearby. The property has close access to I-395, I-95, Baltimore-Washington Parkway (MD-295) and I-83.

New apartments have recently been built in the rear of the subject property and new townhomes on the immediate block. Surrounding properties are a mixture of residential and commercial land uses. Metro West, the 1.1 million square foot former Social Security Complex, which is currently being redeveloped and leased to state agencies, is two blocks west of the property and will bring hundreds of workers into the immediate area.

SITE:
Rectangular lot – 50.5′ x 142′, comprising 7,171 square feet. The building encompasses the entire lot. Jasper Street bounds the rear of the property. Plat

Zoning C-5DC – Downtown Zoning District, permitting a wide variety of residential and commercial uses.

Utilities – public water, public sewer, gas, electricity, telephone, internet

IMPROVEMENTS:
Four Story Brick In-Line Loft Building – according to public tax records, the building was constructed in 1920, contains 28,684 square feet of gross building area above grade, plus basement. The building has two front entrances, a rear exit, two rear loading doors, aluminum frame double-hung windows, steel fire escape and built-up roof. Interior floors are wood with wood joists. Most walls are painted brick.

First Floor front is leased and used for storage. First Floor rear is leased to a music studio. Second Floor comprises two leased units used as offices and photography studio. Third floor is vacant. Fourth floor has two leased loft apartments.

Most units have gas forced air heat, central air conditioning and are separately metered. A freight elevator (4,000 lb. cap.) is located in the rear of the building. Each unit has at least one rest room. The apartments each have two bedrooms and one and one-half baths.

TITLE:
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Book FMC 5519, Page 500.

TAXES:
Published annual real estate taxes are $15,434, based on a full value assessment of $744,833.

ADDITIONAL INFORMATION IS AVAILABLE UPON SUBMISSION OF CONFIDENTIALITY WAIVER:
Please complete the Waiver and Confidentiality agreement.

• Leases
• Income Report – provided by building owner
• Expense Report – provided by building owner

SUMMARY TERMS OF SALE:
Please see the Contract of Sale for complete terms.

On-Site Bidders – a $50,000 deposit, payable by cashier’s check, will be required of the Purchaser at time and place of sale.

Online Bidders – a $50,000 deposit, by cashier’s check or wire transfer, is required at the Auctioneer’s Office, prior to the start of the live auction. The deposit will be returned within 24 hours following the auction to non-winning bidders. Deposit Escrow Agreement.

The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office. 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 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. The property will be sold in “AS IS” condition, subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the legal operation and effect of leases and the rights of the tenants in possession. 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. Time is of the essence.

No buyer’s premium.