Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209
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The property will be open 1 hour prior to the live onsite auction.
Live Auction Bidders – a $75,000 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 with 24 hours at the Auctioneer’s office (wire or cashier’s check).
Online Auction Bidders – a $75,000 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 4:00 P.M. on the day of auction.
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 and see the Sample Contract.
Featuring Live & Simulcast Online Bidding
$750,000 Opening Bid
GREEKTOWN
– Opposite Johns Hopkins Bayview –
FULLY RENTED
7 UNIT CONDOMINIUM BUILDING
Constructed 2008 ● Covered Parking
$114,000 Gross Annual Income
Sale On Premises:
5319 EASTERN AVENUE
Units #101, 201-203 & 301-303
Near Umbra Street
Baltimore City, Maryland 21224
Online Bidding Opens
MONDAY, SEPTEMBER 30, 2024
Live Onsite Auction Begins
TUESDAY, OCTOBER 1, 2024
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:
5319 Eastern Avenue comprises seven residential condominium units arranged predominantly as 2-bedroom and 1.5 bathroom units (six), with one 1-bedroom and 1.5 bath unit. The building is 100% occupied with $114,000 gross scheduled annual income at below market rental rates. Positioned opposite Johns Hopkins Bayview, near I-895 and I-95, and a short distance from the ports and Downtown Baltimore, making the location ideally situated for sourcing new tenants or reselling the units individually to owner-occupants as they go vacant. The project is also a few hundred feet from the brand-new Yard 56 development, providing a grocery store, gym and substantial amenities in the immediate area, in addition to those found all along Eastern Avenue, elsewhere in Greektown, Brewer’s Hill and Canton. The auction provides an opportunity to purchase an asset in a prime location, with substantial existing income, potential for increased rents, and several exit strategies.
LOCATION:
The property is located in the Greektown neighborhood in southeast Baltimore City, across the street from Johns Hopkins Bayview. Surrounding neighborhoods include Bayview, Medford, Brewer’s Hill, Highlandtown and Canton. The location is also extremely proximate to several major employment centers, in addition to the hospital, including the ports, Amazon Fulfillment Center, Tradepoint Atlantic, Downtown Baltimore and a collection of additional industrial, flex and retail oriented hubs in the surrounding area. I-95 is accessible within one mile via multiple exits, I-895 is accessible less than one-half mile north, and Eastern Avenue and Eastern Boulevard provide additional access points both east and west, including to the Baltimore Beltway. Yard 56, immediately east of the property, features Streets Market (grocery), LA Fitness (gym), several restaurants and retail storefronts. Some of Baltimore’s best known local restaurants are also nearby, including Samos Restaurant, the Broadway Diner, DiPasquale’s and Jimmy’s Famous Seafood.
For more information about the area, please visit:
Neighborhoods – livebaltimore.com
City of Baltimore – www.baltimorecity.gov
CityView Map – cityview.baltimorecity.gov
Community Development Map – cels.baltimorehousing.org
More Info from DMV Real Estate Advisors – dmvrea.hflip.co
SITE:
Lot size – 0.157 acre, more or less, according to public plat records
The lot fronts 50.01′ on Eastern Avenue with average depths of 137′. Curb cut on Eastern Avenue and rear alley access via Umbra Street. 8 total parking spaces, 4 covered and 4 rear surface spaces.
All public utilities.
ZONING:
R-7 Residential
For more information about zoning, please visit:
Department of Planning – planning.baltimorecity.gov
IMPROVEMENTS:
Three story traditional residential building – constructed in 2008 and arranged for 7 condominium units. There are six 2-bedroom and 1.5 bath units and one 1-bedroom and 1.5 bath unit. The contemporarily designed units feature balconies, granite counter tops, stainless appliances, forced air heat, CAC and good natural light. All separately metered.
The units are all fully rented for a total of $114,000 gross scheduled annual income at below market rents. A survey of Bright MLS data for 2-bedroom rentals in the area average $1,730/month, $1,550/month median and an overall range of $1,000 to $2,800/month, within approximately one-half mile of the property over the past 12 months. Current net annual income is estimated to be $91,000 per year. See DMV marketing brochure above for monthly expense break-down. Unit details are as follows:
ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to receive lease information and other documents.
BAYVIEW LANDING CONDOMINIUM:
TITLE:
In fee simple; sold free and clear of all liens.
TAXES:
Current annual real estate taxes are a total of $11,841 per year
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $75,000 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 with 24 hours at the Auctioneer’s office (wire or cashier’s check).
Online Auction Bidders – a $75,000 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 4:00 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, condominium fees, 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, WHERE IS” condition, subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the Declaration and Bylaws of the Bayview Landing condominium regime, as well as leases and the rights of 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 form 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 there. The Purchaser agrees to waive the right of rescission under the Maryland Condominium Act, having received and reviewed the condominium resale package prior to the signing of the contract of sale. 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.
Sale Conducted in Collaboration with:
DMV Real Estate Advisors
