"Cambridge Square"

 REAL ESTATE AUCTION 

– $1,000,000 Suggested Opening Bid –

24 – RENTAL
TOWNHOMES
Known As
“Cambridge Square”

Sale On Premises
3220-3266
SOUTHERN AVENUE
“Waltherson”, Off 4700 Harford Road
Baltimore, MD 21214

THURSDAY, SEPTEMBER 14, 2017
AT 2:00 P.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.

AUCTION PROPERTY:
Cambridge Square is comprised of 24 townhomes, currently rented for approximately $950 per month per unit. Each unit is separately metered and self-contained. Approximately 23 are currently occupied. A condominium regime was filed and recorded in 1983, but the property has been operated as a single rental complex.

LOCATION:
Cambridge Square townhomes are located in the Waltherson/Lauraville area of northeast Baltimore, one block east of the 4700 block of Harford Road. The surrounding neighborhood is predominantly comprised of single family housing of varying age and style. Neighborhood housing is typically well maintained.

The community commercial district is on Harford Road, a short walk from Cambridge Square. In addition to community shopping and services, regularly scheduled public transportation is along Harford Road, providing good access to employment centers to the north and south. Downtown Baltimore is approximately 15 minutes south of Waltherson and the Baltimore Beltway (I-695) is approximately 15 minutes north. Access to I-95 via Moravia Road is about 10 minutes to the east.

Extensive renovation and new construction of residential and commercial properties is taking place in Waltherson and Hamilton, the neighborhood directly to the north. The auction presents a good opportunity to purchase an existing townhouse complex with an excellent rental history and built-in market for new tenants.

Neighborhood description from LiveBaltimore.com:
https://livebaltimore.com/neighborhoods/waltherson
https://livebaltimore.com/neighborhoods/lauraville

SITE:
1.52 acres of land, L-shaped parcel, fronting 120′ on Southern Avenue by 427′ deep
Paved entrance from Southern Avenue to asphalt parking lot for approximately 36 cars
Homes surround a central grass courtyard
Public water, sewer, gas, electricity, telephone, cable
Zoning R-4, residential

Block Plat

Site Plan

Condo Plat (6 pages)

IMPROVEMENTS:
24 – brick townhomes in three groupings. Each home has a brick front or siding, pitched composition shingle roof, vinyl double-hung windows, hardwood floors, separate gas forced air furnace, central air conditioning, water heater, gas and electric meter. The homes contain a living room, dining room, kitchen, 2 bedrooms and 1.5 baths. According to public tax records, the units are approximately 930-950 square feet.

Coin-operated laundry produces $600 to $800 per year in additional income, which is not shown on the income and expense statement.

ADDITIONAL INFORMATION:
◆ 2017 Rent Roll
◆ Annualized Pro Forma Statement of Income and Expense
◆ Specimen Lease
◆ MDE Lead Registrations
Please complete and return the Confidentiality Waiver and the additional information will be emailed.

TAXES:
Each townhouse has a separate tax assessment and tax bill. Published annual real estate taxes are $1,201 per unit, based on a full value assessment of $48,500 per unit.

TITLE:
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Liber 15310, Page 326. The property is owned by Cambridge Square, LLC, a single asset LLC. The Purchaser may have the option of purchasing the LLC.

TERMS OF SALE:
A $50,000 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 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 contract and assumed thereafter by the Purchaser. Security deposits will be transferred 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. 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. 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. Time is of the essence.

No buyer’s premium.