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Featuring Live & Online Simulcast Bidding
– $90,000 Opening Bid –
FOUR UNIT ASSEMBLAGE
Two Buildings – Fully Occupied
274-276 S. LOUDON AVENUE
a/k/a 274 S. Loudon Avenue
Baltimore City, Maryland 21229
Online Bidding Opens
MONDAY, MARCH 14, 2022
Live Onsite Auction
TUESDAY, MARCH 15, 2022
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.
274-276 S. Loudon Avenue is located in the Irvington neighborhood in southwest Baltimore. Irvington has a long history dating back to the late 1800s. Frederick Avenue, located immediately south, is the primary commercial district in the neighborhood, with restaurants, neighborhood services and new development at Athol Avenue (The Greens at Irvington Mews). The area affords excellent access to major employment centers, Downtown, Catonsville, and a number of industrial areas within a few miles. St. Agnes Hospital is within 1.5 miles. The neighborhood has a very nice variety of home styles and sizes, relating in part to their varied age of construction. Properties in the immediate area include other semi-detached homes, single family detached homes, townhomes, small apartment buildings and houses of worship.
The property comprises a detached and semi-detached home arranged for a total of 4 dwelling units. The property features common fenced yard space, separate exterior entrances and a long rental history. The auction presents an excellent opportunity to purchase a small multi-family complex in a well-demanded location. Commercial zoning adds an extra component for those looking to redevelop the property in the future.
Lot size – 36′ x 107′, more or less, according to public tax records. Plat
C-1 Commercial, 4 dwelling units
Detached and semi-detached homes each arranged for two dwelling units (four total). According to public tax records, the homes were constructed in 1920 and contain a total of 2,640 square feet of living area above grade and 1,236 square feet of basement space. 274 S. Loudon Avenue is arranged for 2 units: unit one contains living room, bedroom, kitchen and bathroom, on the first floor; unit two contains living room, eat-in kitchen, bedroom, bathroom and two additional rooms, on second and third floors. 276 S. Loudon Avenue is arranged for 2 units: unit one contains living room, eat-in kitchen, bathroom, bedroom, on first floor; unit two contains two bedrooms, bathroom, eat-in kitchen, on second floor. Detached garage.
All four units and the detached garage are currently rented. 274 S. Loudon Avenue: The 1st floor is rented for $675/month and the 2nd floor is rented for $550/month. 276 S. Loudon Avenue: The 1st floor is rented for $650/month and the 2nd floor is rented for $750/month. Garage is rented for $150/month. Some tenants may be in arrears. Arrearages will be announced at the time of the auction.
Please complete a Waiver and Confidentiality Agreement form to view the leases.
In fee simple; and sold free and clear of liens.
Published annual real estate taxes are $3,010.59, based on a full value assessment of $127,567.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – 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.
Online Auction Bidders – a 10% deposit, payable by cashier’s check or wire transfer, will be required of the purchaser by 4:00 P.M. on the day of auction, 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, 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 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 Property 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. 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. A 5% buyer’s premium will be added to the final bid price.