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– $100,000 Opening Bid –
One Block East of Johns Hopkins Hospital
Occupied by Tea Spot Bar & Restaurant
625-627 N. DUNCAN STREET
Opposite Northeast City Market
Baltimore, MD 21205
Online Bidding Opens
MONDAY, APRIL 26, 2021
Online Bidding Closes
THURSDAY, APRIL 29, 2021
AT 12:00 NOON
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.
The auction comprises two adjoining commercial buildings, currently under lease to a bar and restaurant. The five year lease provides for rent of $2,500/month on a triple net basis. Tenant pays taxes, insurance and repairs. Lease commenced on January 16, 2019 and runs until January 15, 2024. Tenant has a five year renewal option. Rent is current. Liquor license is held by the tenant’s designee, but returns to the landlord at the end of the lease.
Please complete the Waiver and Confidentiality Agreement form to receive a copy of the lease.
The properties are located one block 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, one-half block north of the buildings, comprising retail stores, restaurants, community services and the Northeast City Market, a major draw. 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.
Two adjacent lots, each 13′ x 71′, total 26′ x 71′ comprising 1,846 square feet. Plat
All public utilities
Zoning C-1, commercial
Adjoining two story brick inline buildings, comprising approximately 3,000 square feet. The buildings are interconnected. According to public tax records, the buildings were constructed in the 1800’s. The structures have flat built-up roofs and vinyl-clad replacements windows. Each building has a separate front entrance. First floor contains bar area, dining area, restrooms, kitchen and office; second floor contains restrooms and storage.
The properties are sold free and clear of liens. 625 N. Duncan Street is in fee simple. 627 N. Duncan Street is subject to an annual $32.50 ground rent.
Published annual real estate taxes are $332 for 625 N. Duncan Street and $495 for 627 N. Duncan Street. Taxes are reimbursed by the tenant.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A 10% deposit, payable by cashier’s check or wire transfer, will be required of the Purchaser by 4:30 p.m. on the day of sale. 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, subject to the lease from 625-627 N. Duncan LLC to Rodney Brown, dated January 16, 2019. 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.