"Barclay - Old Goucher College"

 REAL ESTATE AUCTION 

$100,000 Suggested Opening Bid

THREE UNIT
APARTMENT BUILDING

Sale On Premises
2404 N. CALVERT STREET
Near E. 24th Street
Baltimore City, MD 21218

TUESDAY, OCTOBER 16, 2018
AT 11:15 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:
2404 N. Calvert Street is located in the Barclay neighborhood in central Baltimore City, and is within the Old Goucher College National Historic District. Charles Village is immediately to the north, Remington to the west and Station North to the south. The Maryland Institute College of Art (MICA), Johns Hopkins University, University of Baltimore and Penn Station have all fostered substantial changes in the area over the last several years. New education buildings, retail developments, multi-unit residential development, new home construction and renovations of existing buildings are all nearby. Amtrak has very recently selected a team to lead the 1.6 million square foot redevelopment of Penn Station and surrounding properties, which is within four blocks of the property. The expansive project is slated to include a hotel, expanded and improved retail and expanded traveler amenities, all aimed at revitalizing one of Baltimore’s most important transportation cornerstones. A number of residential and mixed-use developments are also occurring within the Barclay neighborhood, including the expansive North Calvert Green redevelopment plan, which has been underway for more than 10 years.

For more information, please see:
https://livebaltimore.com/neighborhoods/barclay/
https://livebaltimore.com/neighborhoods/old-goucher/
&
http://www.stationnorth.org/

For more information about the Penn Station redevelopment, please visit:
http://www.baltimoresun.com/business/bs-bz-penn-station-redevelopment-20171214-story.html
https://www.bizjournals.com/baltimore/news/2017/12/14/exclusive-amtrak-selects-team-led-by-beatty.html

SITE:
Rectangular lot – 14′ x 85′, more or less

All public utilities

Zoning R-8, residential, registered for 3 dwelling units. For more information, see the Baltimore City Zoning Code.

IMPROVEMENTS:
Three story brick inside-group building – the building was constructed in 1900, contains 2,142 square feet of living area and 826 square feet of basement space. The building features a slate roof fascia, common interior entry and is currently arranged for three dwelling units. There are two units currently occupied, generating $1,640/month rent.

Exterior:
Brick facade
Vinyl clad replacement windows
Flat built-up roof

Interior:
First floor – Unit 1 – Rented for $890/mo. – Living room (hardwood floor), kitchen (laminate floor and brick mantle), two bedrooms (carpet, one with rear exterior exit) and full bath (ceramic tile floor and surround)

Second floor – Unit 2 – Rented for $750/mo. – Living room, kitchen, two bedrooms and bath

Third floor – Unit 3 – Vacant – Kitchen (laminate floor), living/bedroom area and full bath (ceramic tile floor)

Basement/Mechanical
Unfinished basement with storage space
Gas forced air heat (3 units)
Gas hot water heater (3 units)
4 – electric meters
3 – gas meters

TITLE:
Subject to an annual $98 (unregistered); sold free and clear of all liens

TAXES:
Published annual real estate taxes are $4,698.76 based on a full value assessment of $199,100. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information:
http://dat.maryland.gov/realproperty/Pages/Assessment-Appeal-Process.aspx

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $10,000 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. 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. 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. 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.

No Buyer’s Premium