"Essex"

 REAL ESTATE AUCTION 

$200,000 Suggested Opening Bid

MIXED-USE MINI STRIP
– 3 Storefronts & 5 Apartments –

– $90,000+ Gross Scheduled Annual Income –

Sale On Premises
325-327 & 331 S. MARLYN AVENUE
A/K/A 325 & 331 S. Marlyn Avenue
and 325-331 S. Marlyn Avenue
Near Eastern Boulevard
Baltimore County, MD 21221

WEDNESDAY, MARCH 4, 2020
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:
325-327 and 331 S. Marlyn Avenue collectively make up an 8 unit mixed-use mini strip center in the Essex area of eastern Baltimore County. The property is situated about one-quarter mile south of Eastern Boulevard, a little less than one mile from the Eastern Boulevard exit off MD-702 and a little over two miles from the Baltimore Beltway (I-695) via Eastern Boulevard or MD-702. Marlyn Avenue is a well utilized commuter route for those living and working on the collection of peninsulas south of Eastern Boulevard and west of MD-702. The annual average daily traffic count is 14,801 along the corridor of S. Marlyn Avenue in front of the property according to SHA statistics. Other businesses along S. Marlyn Avenue include a pharmacy, restaurants, automotive use, a greenhouse and florist, various retail storefronts, houses of worship, private clubs and an array of water oriented businesses.

For more information about the area, please visit:
Baltimore County Government – www.baltimorecountymd.gov
GIS Traffic Count Data – www.roads.maryland.gov

SITE:
Lot size: 6,991 square feet total, or 0.16 acre, according to public tax records

Macadam paved parking area for 9-10 vehicles

Approximately 67′ front on S. Marlyn Avenue

Large curb-cut on S. Marlyn Avenue

Pole sign

All public utilities

Zoning – 331 S. Marlyn Avenue is believed to be zoned BL, Business Local, and 325-327 S. Marlyn Avenue is believed to be zoned DR 5.5 Residential, with a nonconforming use. For more information, please visit: Baltimore County Zoning.

IMPROVEMENTS:
Two story free-standing building comprised of two semi-detached halves – believed to contain 3,840 square feet of gross building area above grade plus basement space, according to public tax records. The buildings are arranged for 3 storefronts and 5 apartments, with total scheduled annual rent of $90,018.48 at current 100% occupancy. The storefronts comprise a salon, barbershop and convenience store. MAC Recycling pays $75 per month to site their bin on the side of the building.

Exterior:
Brick exterior
Storefront entrances with show windows
Front and rear storefront access
Exterior apartment access via rear steel stair
Flat built-up roof
Vinyl-clad replacement windows

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the leases, MDE lead inspection certificates, rent rolls and additional due diligence.

TITLE:
In fee simple; sold free and clear of all liens

TAXES:
Published annual real estate taxes:

325-327 S. Marlyn Avenue (325 Marlyn Avenue on tax bill): $3,345.54 based on a full value assessment of $193,800

331 S. Marlyn Avenue: $2,920.64 based on a full value assessment of $96,267

See Baltimore County Billing site for detailed breakouts of base County Tax, State Tax, sewer service and water distribution charges.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $25,000 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 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.