This Auction has been CANCELED.
Sold prior to the auction.
$200,000 Opening Bid
4 BUILDING ASSEMBLAGE
4 Storefronts And 8+ Apartments
– Zoned C5-DC – Downtown Core –
404-410 W. SARATOGA STREET
Between N. Eutaw and N. Paca Streets
Baltimore City, MD 21201
– CANCELED –
Bidding Opens: Friday, August 28, 2020
WEDNESDAY, SEPTEMBER 2, 2020
AT 1:00 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.
404-410 W. Saratoga Street comprises 4 adjoining buildings located in the heart of Downtown Baltimore. The buildings are situated just one block from the world-famous Lexington Market. Developers have secured $40 million in funding that will be used to redevelop the market and surrounding areas. Near the property, construction of a 180 University Lofts project will replace the former Drovers and Mechanics National Bank. Additional development projects including 500 and 520 Park Avenue (including the Mount Vernon Marketplace), Howard Row, CenterWest, Chinatown and ongoing development and expansion of University of Maryland Baltimore are all slated to be completed by the second half of 2021. Redevelopment projects in the area have gained state-wide support, including an endorsement from Governor Larry Hogan, who stated that the project, “will create hundreds of jobs and support the long term well-being of the community”.
Exposure and access to the site are strong. There are Metro, Light Rail and Bus stops within one block. Amtrak and MARC train service are available at Penn Station and Camden Yards, which are both within one mile. Major commuter routes, including I-95, I-395 and I-83 are also close-by. Ample public parking is located throughout the area, in addition to street parking. According to Maryland SHA statistics, the annual average daily traffic count is 6,090 along the corridor of W. Saratoga Street in front of the property, in addition to pedestrian and other non-automotive commuters.
|404 W. Saratoga Street||15′ x 60′, comprising 900 square feet|
|406 W. Saratoga Street||15′ x 60′, comprising 900 square feet|
|408 W. Saratoga Street||15′ x 60′, comprising 900 square feet|
|410 W. Saratoga Street||16′ x 60′, comprising 960 square feet|
|Entirety Total||61′ x 60′, comprising 3,660 or 0.084 acre|
All public utilities
Zoned C5-DC: Downtown Core Subdistrict – Approved use for carryout (404), barbershop (406), beauty salon & 8 dwelling units (408) and laundry (410)
According to the City Zoning Code, “The C-5 Downtown Zoning District is intended for Baltimore’s Downtown and accommodates a wide range of uses normally associated with the downtown of a major city.” More specifically, “The purpose of the C-5-DC Downtown Core Subdistrict is to establish these standards for structures located within the majority of Downtown. The standards recognize that this subdistrict is to be the most intensely developed portion of Downtown and is to be predominately pedestrian-oriented in nature.”
For more information, see the Baltimore City Zoning Code
Additional information about nearby Master Plans, Neighborhood Plans and Urban Renewal plans can be found here: Master Plans – planning.baltimorecity.gov
4 – adjoining three and four story buildings. 404-408 W. Saratoga Street are inside-group, and 410 is end-of-group with exposure from N. Paca Street.
406-410 comprise 3 interconnected four story buildings, arranged for 3 storefronts and 9 self-contained apartments. The apartments have common interior access, and are a mix of efficiency, 1 bedroom and 2 bedroom units. Interior square footage totals 17,878 above grade plus basement, according to public tax records.
404 comprises a three story inside-group building arranged for a storefront and two apartments. Interior square footage is 2,035 plus basement. Currently vacant.
406-410 – Rental information provided by the property manager reflects 4 occupied apartments with a gross scheduled monthly rent of $2,184. All 4 tenants are reflected on the rent roll to be in arrears. Actual tenant status cannot be verified. Updated MDE lead certificates appear to be required. The 3 storefronts are vacant.
404 – Fully vacant.
Please complete a Waiver and Confidentiality Agreement form to view the rent roll, leases, MDE lead inspection certificates and multifamily dwelling license.
406 is being sold subject to a $45 annual ground rent (unregistered). 404, 408 and 410 are in fee simple. All properties are sold free and clear of all liens
|404 W. Saratoga Street||$1,493.10||$63,267|
|406 W. Saratoga Street||$2,098.81||$88,933|
|408 W. Saratoga Street||$2,499.24||$105,900|
|410 W. Saratoga Street||$2,645.56||$112,100|
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: Assessment Appeal Process.
MANNER OF SALE:
There will be two offerings. 406-410 will be sold as an entirety. 404 will be offered separately.
SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $20,000 deposit for 406-410 W. Saratoga Street, and $5,000 for 404 W. Saratoga Street, 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, by Thursday, September 3, 2020 at 1:00 P.M. Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash (whether from purchaser or lender) 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. The Properties will be sold subject to Baltimore City violation notices, 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