"Druid Heights"

 REAL ESTATE AUCTION 

$40,000 Suggested Opening Bid

THREE UNIT
APARTMENT BUILDING
– $1,825/Mo. Gross Scheduled Rent –

Sale On Premises
1802 McCULLOH STREET
Off Laurens Street
Baltimore City, MD 21217

TUESDAY, NOVEMBER 20, 2018
AT 1:15 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.

LOCATION:
1802 McCulloh Street is in the Druid Heights neighborhood in west Baltimore City. Surrounding neighborhoods include Bolton Hill to the east, Reservoir Hill to the north and Upton to the south. The building is centrally located for commuters to take advantage of North Avenue (0.4 miles), I-83 (1 mile) and US-Route 40 (1.2 miles) for quick transportation options. The Upton Metro Station(0.2 miles) and Penn Station (1.2 miles) are also available. North Avenue features dining, retail and entertainment options. Major employers in the area include Maryland Institute College of Art (MICA), The University of Baltimore and the MTA Central Light Rail Operations Center.

For more information, please see:
https://livebaltimore.com/neighborhoods/

SITE:
Rectangular lot – 16’6″ x 82′, more or less

All public utilities (tenants pay all utilities)

Zoning R-8, residential, registered for 3 dwelling units. For more information, see the Baltimore City Zoning Code.

IMPROVEMENTS:
Three story brick inside-group building – the building was constructed in 1920. Building is separated into three units each comprising a living room, kitchen, bedroom and bathroom. The building is fully occupied, for a gross scheduled monthly rent of $1,825. Architectural features include the original balustrade, common entrance and plaster detailing.

Exterior:
Brick facade
Vinyl clad replacement windows
Flat built-up roof

Interior:
First Floor – Unit 1 – Rented for $575/month – living room (laminate floor), kitchen (laminate floor), bedroom (wood floor) and full bath (laminate floor). Long term tenant.

Second Floor – Unit 2 – Rented for $675/month – living room (carpet), eat-in kitchen (laminate floor), bedroom (carpet) and full bath (laminate floor with shower and tub).

Third floor – Unit 3 – Rented for $600/month (starting November 1, 2018) – living room (carpet), kitchen (laminate floor with rental grade appliances/cabinets), bedroom with walk-in closet (carpet) and bathroom (laminate tiles).

Basement/Mechanical
Electric baseboard heat
4 electric meters
Laundry area

Leases, lead certificates and photos coming soon!

TITLE:
Subject to an annual $100 ground rent (payable in semi-annual installments on 1/1 and 7/1); sold free and clear of all liens

TAXES:
Published annual real estate taxes are $708 based on a full value assessment of $30,000.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $5,000 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. 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. 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. 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. 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. A 5% buyer’s premium will be added to the final bid price.