"Arbutus"

Featuring Live & Online Simulcast Bidding
– $300,000 Opening Bid –

BRICK, 6-UNIT
APARTMENT BUILDING
★ 100% Occupied ★

Known As
1217 MAIDEN CHOICE LANE
Baltimore County, MD 21229

Online Bidding Opens
FRIDAY, DECEMBER 10, 2021

Live Onsite Auction
TUESDAY, DECEMBER 14, 2021
AT 11:00 A.M. (Viewing at 10:00 A.M.)
There will be no prior inspections.

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:
1217 Maiden Choice Lane is located in the Arbutus area of southwestern Baltimore County, north of Leeds Avenue and south of Wilkens Avenue. The property is located in close proximity to the Baltimore Beltway (I-695) and the University of Maryland Baltimore County (UMBC). Nearby public schools are Arbutus Elementary, Arbutus Middle and Catonsville High. The property is within walking distance of shopping and public transportation.

SITE:
Level lot – 52′ x 180′, comprising 0.215 acre of land. Plat
Zoning DR 5.5, residential
6-car parking in rear, with access from a 15′ alley
All public utilities

IMPROVEMENTS:
Two and One-Half Story Brick Apartment Building, constructed in 1942. The building comprises approximately 3,080 square feet of gross living area and 1,232 square feet of basement space.

Exterior – brick facade, slate roof, aluminum rainspouts, vinyl-clad double-hung windows, stone basement foundation with outside entrance, covered front entry porch, 3 covered porches in rear with fire escape

Interior – 4 one-bedroom and 2 efficiency apartment units with central stairway. Interior finishes are plaster walls, wood floors, ceramic tile baths. Typical one bedroom has a living room, eat-in kitchen, storage closet, bedroom and bath. Half of basement is a knotty pine club room and the balance is unfinished.

Mechanical – 6 electric meters, 7 gas meters, 2 gas water heaters, central oil hot water heat

OCCUPANCY:
The building is fully occupied, with a gross scheduled rent roll of $49,380. One-bedroom units rent for $735 to $750 per month. Efficiency units rent for $580 per month. Rentals are believed to be below market and cash flow could be increased.

ADDITIONAL INFORMATION:
Please complete the confidentiality waiver to receive:

• Copies of Leases
• Profit & Loss Proforma
• MDE Lead Registrations
• CO Notifications

TITLE:
The property is sold free and clear of liens, subject to an annual $180 ground rent, payable half-yearly on the 10th days of June and December in each and every year. Baltimore County Deed Book SM 24737, Page 0643. The ground rent has not been collected for at least fifteen years.

TAXES:
Published annual real estate taxes are $4,815, based on a full value assessment of $305,600.

SELLER FINANCING IS AVAILABLE:
The sellers will finance 70% of the purchase price at 6% interest, with a 30-year amortization, maturing in five years. Purchasers are under no obligation to use this financing.

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.

Online Auction Bidders – a 10% deposit, payable by cashier’s check or wire transfer, is due by 4:00 p.m. on the day of 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. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract to date of settlement. 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 contract and assumed thereafter by the purchaser. Security deposits, if any, will transfer at settlement. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, as well existing leases and the rights of the tenants in possession. Purchaser assumes the risk of loss from the date of contract forward. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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.