"Cumberland"

Buy It Now: $50,000

FIVE UNIT
APARTMENT BUILDING
– c. 1875 –

Known As:
226 UNION STREET
a/k/a 226-228 Union Street
Allegany County, MD 21502

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:
226 Union Street is located in the city of Cumberland in Western Maryland. Previously known as the “Queen City,” as it once was the second largest city in Maryland, Cumberland is now the regional business and commercial center for Western Maryland – as well as the county seat of Allegany County. Located on the shores of the Potomac River, it provides residents with scenic views of not only water but the Appalachian Mountains. Within a half mile of the property are various restaurants, shops and retail stores. Big Deep Brewing Company and Charis Winery & Distillery are within a 10 minute walk of the property. Commuters can take advantage of I-68 for convenient travel to and from the city.

SITE:
Lot – 71′ x 126′, more or less

Public water and sewer are available

Zoned RU – Urban Residential, approved for 5 dwelling units

IMPROVEMENTS:
Two story detached building containing five apartment units, built in 1875, containing 3,982 square feet above grade and 1,991 square feet of basement space, according to public tax records. The building has 5 separate electric meters.

Property needs some renovation.

TITLE:
In fee simple; sold free and clear of liens. Allegany County Deed Book Liber DDL 2650, folio 8.

TAXES:
Published annual real estate taxes are $745.67, based on a full value assessment of $80,300. 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: Assessment Appeal Process.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $3,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in cash or cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer. 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 and 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. 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 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.