"East Baltimore - Monument Street Business District"

 ESTATE AUCTION 

Monument Street Business District

Sale On Premises
THURSDAY, NOVEMBER 8, 2018
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.

LOCATION:
The five properties are located two blocks east of Johns Hopkins Hospital, along the Monument Street business district, opposite the Northeast Market. The surrounding neighborhood is designated by Baltimore City as “Middle East/Eager Park”. The community business district is located along E. Monument Street, comprising retail stores, restaurants, community services and the Northeast city market. Johns Hopkins employees work and live in the area. The neighborhood is less than two miles northeast of the Inner Harbor, Harbor East and Baltimore’s central business district.

As described by LiveBaltimore.com:

“Middle East / Eager Park is a historic neighborhood located in central Baltimore. The area is currently undergoing a huge revitalization leading to the development of many new homes and businesses. At the heart of the neighborhood is the new Eager Park, a six-acre park that is home to a weekly farmers market, outdoor movies, and concerts among other neighborhood events. The neighborhood is also home to the Henderson-Hopkins Elementary/Middle School, the first new school in Baltimore in 25 years, which will be run by the Johns Hopkins School of Education with cooperation with Morgan State University. The area is a quiet, clean and safe neighborhood located right next to Johns Hopkins Medical Campus in the heart of the city making the area easily accessible by public transportation and walking. With many of the long time residents living in the neighborhood for generations and with the new housing bringing in excited and engaged new residents, the neighborhood promises to be very diverse with a strong sense of community and pride. The possibilities are endless with all the exciting work being done in Middle East/Eager Park.”

The auction consists of five individual properties – two income producing retail stores, a large townhome, formerly used as offices, and two small townhomes.

2108 E. MONUMENT STREET:
$75,000 Suggested Opening Bid – Three story brick in-line storefront building, first floor currently leased to Pure Beauty Supply for approximately $22,800/year, under a five-year lease with pass-throughs. Gas heat. Second and third floors are vacant. New roof October 2018. Lot size 14′ x 90′; Plat. In fee simple. Zoning C-1, commercial. According to public tax records, the building comprises 2,905 square feet. Published annual real estate taxes are $2,210. Deposit $10,000.

TITLE:
The properties are sold free and clear of liens. Baltimore City Deed references: 2108 E. Monument Street – Liber 6911, folio 177 (conveyed as leasehold, ground rent redeemed); 2232 E. Monument Street , 2107 E. Madison Street, 703 and 706 N. Duncan Street – Liber 772, folio 1.

SUMMARY TERMS OF SALE:
Please refer to the contracts of sale for complete terms.

Commercial Properties – Deposits as noted above, 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. 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 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.

Residential Properties – Deposits as noted above, 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. 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, ground rent, 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. No buyer’s premium.