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REAL ESTATE AUCTION
$135,000 Suggested Opening Bid
New, One Story
2,850± Square Feet ◆ Zoned C-1-E
Sale On Premises
400-406 S. DEAN STREET
Off 3600 Eastern Avenue
Baltimore, MD 21224
TUESDAY, JUNE 19, 2018
AT 12:30 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.
400-406 S. Dean Street is located in the Highlandtown neighborhood of east Baltimore, north of the 3600 block of Eastern Avenue and south of the 3600 block of Bank Street. The neighborhood is east of Canton and Brewers Hill and west of Greektown. Highlandtown, the center of community life in east Baltimore for decades, has experienced a renaissance over the last few years. New entertainment spaces, galleries, restaurants and apartment buildings have been built and are under construction throughout the surrounding area, complimenting many of the long standing businesses and institutions that have characterized the neighborhood. Close proximity to Downtown Baltimore, major employers, highways and public transportation make the location attractive to businesses catering to those working nearby or throughout the metropolitan area.
According to Baltimore CityView, the property is located in an Enterprise Zone, potentially providing tax incentives for employers. See http://baltimoredevelopment.com for details. The property is located in the Patterson Park/Highlandtown National Historic District and Highlandtown Arts & Entertainment district, potentially providing additional opportunity for tax incentives and credits. See http://www.highlandtownarts.com.
Rectangular lot fronting 56′ along the west side of Dean Street by a depth of 57′, comprising 3,192 square feet of land, according to the Baltimore City block plat. The site is opposite Benefit Street.
All public utilities are available. Public water and electricity are in the site.
Zoning C-1-E, Commercial, described as clusters or pedestrian-oriented corridors of commercial uses that serve the immediate neighborhood and allow for clustering of entertainment uses. Ensures compatibility between neighboring residential and commercial uses. Surrounding properties are a mixture of light industrial, commercial and residential land uses.
One story concrete block and vinyl siding, clear-span, industrial building, constructed in 2017 and comprising approximately 2,850 square feet of gross building area. The building has a modified bitumen roof, pedestrian door, 16′ high x 20′ wide overhead drive-in door, concrete floor and 24′ ceiling height. Electrical service is currently 400 amps, lighting is florescent and there is a bathroom rough-in. The building has adequate height for a mezzanine or an interior second story.
The property is sold free and clear of liens, subject to an annual $180 ground rent. Baltimore City Deed Book 19017, Page 163.
As currently assessed, the property has four separate tax bills, according to the Baltimore City Real Estate Website. Total annual real estate taxes are $4,956, based on a full value assessment of $210,000.
A $10,000 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. 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 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.
Auction in collaboration with Gold and Company