"Bolton Hill"

 REAL ESTATE AUCTION 

$400,000 Suggested Opening Bid

End-Of-Group Brick
APARTMENT BUILDING
6 Fully Occupied Units

– $83,100 Gross Scheduled Annual Rent –

Sale On Premises
1701 LINDEN AVENUE
“The Avalon Building”
Corner Wilson Street
Baltimore, MD 21217

THURSDAY, MAY 25, 2017
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:
1701 Linden Avenue is located in the Bolton Hill neighborhood in Baltimore City. Bolton Hill is listed on the National Register of Historic Places, and has been home to well-known artists and public figures for decades. The neighborhood is nestled among the artistic hub of Baltimore, within a short walk of the Maryland Institute College of Art (MICA), the Station North Arts & Entertainment District, numerous theaters, galleries and event spaces. University of Baltimore’s campus, which has been steadily expanding and developing over the last 15 years, is also within walking distance. Public transportation is ample, including several Light Rail stops, Amtrak and MARC service from Penn Station.

The stately building fronts on Linden Avenue, with a mostly southern exposure along Wilson Street. Linden Avenue is a brick, tree-lined street with limited vehicle access and a central gazebo. The name “The Avalon Building” is attributed to an appearance in Barry Levinson’s Baltimore based film, “Avalon.” The location offers tenants proximate access to a grocery store, City parks, restaurants, cafes and all the aforementioned conveniences Bolton Hill has to offer. The building has had very limited vacancy since being purchased by the current owner.

SITE:
Rectangular lot – 19′ fronting along Linden Avenue by 90′ deep along Wilson Street

All public utilities

Zoning R-8, residential, registered for 6 dwelling units

IMPROVEMENTS:
Three Story Brick End-of-Group Building, built in 1885, containing 5,130 square feet of living area and 1,710 square feet of partially finished basement space, according to public tax records.

Exterior
Brick and stone facade
Flat, built-up roof
Cornice architectural detail
Turret with conical roof and dentil molding
Two bow window columns with wood detail
Wood double-hung windows with stone lintels
Two steel fire escapes

Entrances on Wilson Street and Linden Avenue

Interior
The building contains 6 apartment units, each arranged for two bedrooms and one bath. Floors are hardwood and ceramic tile. Walls are plaster and drywall. Each unit has separate gas and electric meters. One central gas fired boiler. Two gas fired water heaters. Some units include architectural details, including original mantels, original woodwork and claw foot tubs. Each unit has an MDE full-risk reduction lead certificate. On site laundry (third party managed).

The building is fully occupied, with gross scheduled monthly rents of $6,925, and $83,100 annually.

ADDITIONAL INFORMATION
For copies of the leases, lead certificates, income & expense report, and other documents, please fill out a Waiver and Confidentiality Agreement, sign it, and return it to the office of the Auctioneer by fax to 410-296-4420 or email info@ajbillig.com. Once the completed form has been received, you will receive the confidential information via email. Requests are normally answered Monday-Friday 9 am-4 pm.

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

TAXES:
Published annual real estate taxes are $10,827.68, based on a full value assessment of $458,800.

TERMS OF SALE:
A $40,000 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. Balance to be paid in cash at settlement, which shall take place on or before Monday, July 10, 2017. 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 agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. 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. 5% buyer’s premium to be added to the final bid price.