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Featuring Live & Online Simulcast Bidding
– $900,000 Opening Bid –
14,400± SF ◆ 100% Occupied
$206,616 Gross Annual Rentals
400 W. FRANKLIN STREET
Corner Eutaw Street 21201
Online Bidding Opens
MONDAY, SEPTEMBER 6, 2021
Live Onsite Auction
THURSDAY, SEPTEMBER 9, 2021
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.
400 W. Franklin Street is located in the Seton Hill area of western Downtown Baltimore City. The property is situated at the northwest corner of Franklin and Eutaw Streets, between Market Center and Mount Vernon, within walking distance of the University of Maryland Downtown Campus, Lexington Market, VA Hospital, Peabody Conservatory, Meyerhoff Symphony Hall, University of Baltimore, the central business district and government centers. Metro light rail and subway service are within two blocks of the property. Public bus service is at the site.
The surrounding neighborhood is undergoing a rejuvenation. Existing structures are being repurposed for multifamily and retail uses and new multifamily buildings have recently opened. Lexington Market is undergoing a $40 million reconstruction and renovation. Long-stalled projects on nearby Howard Street (400 block north) and Lexington Street (the “Superblock”) are now moving forward. 400 W. Franklin Street is situated in the heart of the neighborhood with a high visibility profile.
Rectangular lot, fronting 39’7″ along the north side of Franklin Street by 90’7″ along the west side of Eutaw Street, comprising 3,640 square feet of land. Plat
Zoning C-1, Commercial
All public utilties
Asphalt paved parking for approximately 8 cars
Four-Story Brick Office Building, constructed in 1920, containing 14,400 square feet of gross building area, according to public tax records. Net rentable area is approximately 10,950 square feet. The building has a central entrance lobby on Eutaw Street.
The building is 100% occupied. Approximately 4,450 square feet of rentable area, or 41% of the building, is occupied by affiliates of the building owner, who have expressed interest in re-leasing the space. The first floor tenant, DNA Diagnostics Center, has occupied the building since 1987. Other tenancies are from 2015 and 2020. Leases end in 2021-2023. Twelve month proforma income and expense information, provided by the building owner, indicates net operating income of $132,461.52.
Please complete the Waiver and Confidentiality Agreement to receive:
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Book FMC 16765, Page 354.
Published annual real estate taxes are $21,250, based on a full value assessment of $1,222,967.
SUMMARY TERMS OF SALE:
Please see the Contract of Sale for complete terms.
On-Site Bidders – a $100,000 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 Bidders will be required to provide a wire or cashier’s check of $100,000 to A.J. Billig & Co., Auctioneers at least 48 hours prior to the auction. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:30 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. 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. The property will be sold in “AS IS” condition, subject to existing leases and the rights of the tenants in possession, easements, agreements, restrictions or covenants of record affecting same, if any. Security deposits, if any, shall be transferred at settlement. 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. Time is of the essence.
No buyer’s premium.