$500,000 Opening Bid
9 Adjoining Properties – 10 Buildings
0.30± Acre – Zoned C-5
219-237 PARK AVENUE
Between W. Saratoga and Clay Streets
Baltimore City, MD 21201
Bidding Opens: Friday, October 9, 2020
TUESDAY, OCTOBER 13, 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.
219-237 Park Avenue comprises 9 adjoining properties located in the heart of Downtown Baltimore. The assemblage is within the Market Center Historic District, representing the core of retail business in Downtown Baltimore for the last two centuries. The properties are also within an Opportunity Zone, a Federal program providing an array of tax incentives.
World famous Lexington Market is two blocks west. Developers have secured $40 million in funding that will be used to redevelop the market and surrounding areas. A newly constructed apartment project, L on Liberty, has been recently completed opposite the property on Clay Street. Saratoga Lofts, an apartment conversion of the historic St. Alphonsus Hall, is immediately behind the building. Additional nearby development projects include 180 University Lofts, 500 and 520 Park Avenue (including the Mount Vernon Marketplace), Howard Row, CenterWest, Chinatown and ongoing development and expansion of University of Maryland Baltimore.
Exposure and access to the site are strong. The assemblage has frontage on Park Avenue, W. Saratoga Street and Clay Street. There are Metro, Light Rail and bus stops within two blocks. 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 4,881 along the corridor of Park Avenue in front of the property, and 6,091 along W. Saratoga Street, in addition to pedestrian and other non-automotive commuters.
For more information about the area, please visit:
Neighborhoods – livebaltimore.com
GIS Traffic Count Data – www.roads.maryland.gov
CityView – cityview.baltimorecity.gov
Opportunity Zones – baltimoredevelopment.com
219-237 Park Avenue comprises 9 tax records, with 223 & 225 Park Avenue categorized under the same tax record. The entirety of all 9 tax records comprises 0.296 acre. The assemblage fronts 183′ on Park Avenue, and 70’6″ on both W. Saratoga Street and Clay Street. Per tax record lot sizes are below.
|219 Park Avenue||18′ x 70’6″ or 1,269 sq. ft|
|221 Park Avenue||18′ x 70’6″ or 1,269 sq. ft|
|223-225 Park Avenue||36’3″ x 70’6″ or 2,555.625 sq. ft.|
|227 Park Avenue||18’9″ x 70’6″ or 1,321.875 sq. ft.|
|229 Park Avenue||18’4″ x 70’6″ or 1,292.4765 sq. ft.|
|231 Park Avenue||18’4″ x 70’6″ or 1,292.4765 sq. ft.|
|233 Park Avenue||18′ x 70’6″ or 1,269 sq. ft|
|235 Park Avenue||18’4″ x 70’6″ or 1,292.4765 sq. ft.|
|237 Park Avenue||19′ x 70’6″ or 1,339.5 sq. ft.|
|Entirety Total||183′ x 70’6″, comprising 12,901.5 sq. ft
or 0.296 acre
All public utilities
Zoned C-5-HT: Downtown Historic and Traditional Subdistrict
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-HT Downtown Historic and Traditional Subdistrict is to establish these standards for structures in an area of Downtown containing substantial historic and traditional architecture that has evolved since the founding of the City. Given the character of that development, this district is designed to require relatively low heights and the use of materials that reflect the existing development context.
For more information, see the Baltimore City Zoning Code – ca.baltimorecity.gov
Additional information can be found here: nearby Master Plans, Neighborhood Plans and Urban Renewal plans – planning.baltimorecity.gov
For more information, see: Opportunity Zones – baltimoredevelopment.com.
219-237 Park Avenue comprises 10 three story brick storefront buildings (9 tax records) running from Clay Street to W. Saratoga Street. 223 & 225 are listed on one tax record, and occupied by a single tenant. Gross building area for each address is listed below. Building conditions vary.
|Property||Gross Building Area
|219 Park Avenue||3,798||Occupied – End Unit|
|221 Park Avenue||3,510||Shell Condition – Vacant|
|223-225 Park Avenue||7,612||Occupied – Lounge|
|227 Park Avenue||3,576||Shell Condition – Vacant|
|229 Park Avenue||3,576||Occupied – Gaming Store|
|231 Park Avenue||3,657||Occupied|
|233 Park Avenue||3,525||Occupied – Music Studio|
|235 Park Avenue||3,576||Occupied – Art Gallery|
|237 Park Avenue||3,990||Occupied – Store – End Unit|
7 of 9 properties are currently rented. 2019 annual gross income was $85,720.32, and net ordinary income was $44,748.85. 2020 gross income through the end of July is $50,483.
Please complete a Waiver and Confidentiality Agreement form to view the 2019 P&L, 2020 P&L, and leases.
In fee simple; sold free and clear of all liens.
|219 Park Avenue||$2,360||$100,000|
|221 Park Avenue||$1,791.24||$75,900|
|223-225 Park Avenue||$3,570.68||$151,300|
|227 Park Avenue||$1,864.40||$79,000|
|229 Park Avenue||$2,360||$100,000|
|231 Park Avenue||$1,845.52||$78,200|
|233 Park Avenue||$2,360||$100,000|
|235 Park Avenue||$2,360||$100,000|
|237 Park Avenue||$2,638.48||$111,800|
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:
Entirety sale only
SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A deposit of $50,000 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 Wednesday, October 14, 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!
Sale in Cooperation with