"Mount Vernon"

Featuring Live & Simulcast Online Bidding

MULTIFAMILY
APARTMENT BUILDINGS
2 – Buildings ◆ 20 Units

Known As
14 & 16 E. MADISON STREET
Between Charles & St. Paul Streets
Baltimore, MD 21202

Online Bidding Opens
FRIDAY, FEBRUARY 19, 2021

Live Onsite Auction
THURSDAY, FEBRUARY 25, 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.

AUCTION SUMMARY:
Adjoining brick townhomes to be offered individually and as an entirety – 14 E. Madison Street, 11 apartment units, 16 E. Madison Street, 9 apartment units. The buildings feature original architectural details, including wood floors, plaster walls, wainscoting, millwork, fireplace mantles and high ceilings. Both are now vacant.

LOCATION:
The properties are situated in the Mount Vernon neighborhood of Downtown Baltimore. Mount Vernon is a Baltimore City Historic District and National Historic Landmark District. The stately and vibrant nature of the neighborhood attracts students, professionals, families and retired persons. Area residents can walk to employment centers, dining, shopping, theater, museums, healthcare and local attractions, including University of Baltimore, University of Maryland, Maryland Institute College of Art, Center Stage, Meyerhoff Symphony Hall, Lyric Theater, Mercy Hospital, Walters Art Museum, Baltimore City offices, courts, and some of Baltimore’s finest restaurants.

Neighborhood housing is a mixture of large mansion houses and townhomes, constructed in the 1800s and early 1900s, and more recently constructed apartment buildings. Public transportation includes MTA bus, light rail, Metro subway and MARC commuter and AMTRAK trains at nearby Penn Station.

For additional neighborhood details, see Baltimore City CHAP profile:
Mount Vernon – chap.baltimorecity.gov

And LiveBaltimore neighborhood profile:
Mount Vernon – livebaltimore.com

SITE:
The properties are located on the north side of E. Madison Street, between Charles and St. Paul Streets. Each lot is 22’9″ wide by 127′ deep, or 2,889 square feet. The buildings encompass most of the site. A 12’10” wide alley bounds the rear of the properties and is accessed by St. Paul or Lovegrove Streets. Plat

16 E. Madison Street has two rear parking spaces.

Public utilities include water, sanitary sewer, gas, electricity, telephone and internet.

Zoning OR-2, office residential

14 E. MADISON STREET (11 Units):
Circa 1880, three story inside-group brick townhouse apartment building, approximately 6,486 square feet of gross building area, with wood double-hung windows, built-up roof, masonry basement foundation with outside access.

The building contains a large entry foyer with central stairway, 8 studio apartments, 3 one-bedroom apartments, first floor laundry and common room. Each unit has a gas range/oven and refrigerator. Mechanical – updated gas steam heat, two 40-gallon gas water heaters, one electric meter, one gas meter, Mitsubishi split air conditioning units in one bedroom apartments.

16 E. MADISON STREET (9 Units):
Circa 1880, three story inside-group townhouse apartment building, approximately 6,642 square feet of gross building area, with wood double-hung windows, built-up roof, masonry basement foundation, front and rear entrances.

The building contains a large entry foyer with central stairway, 6 studio apartments, 2 one- bedroom apartments, and one two-bedroom apartment. Each unit has a gas range/oven and refrigerator. Mechanical – updated gas hot water heat, 75-gallon gas water heater, 9 electric meters, one gas meter, Mitsubishi split air conditioning units in one and two-bedroom apartments.

The buildings appear generally well maintained and have been used for intern and guest housing by the seller for the past 25 years.

TITLE:
14 E. Madison Street – in fee simple; Deed Book SEB 6130, Page 236.

16 E. Madison Street – subject to an annual $180 ground rent; Deed Book SEB 5933, Page 216.

TAXES:
14 E. Madison Street – published annual real estate taxes are $10,757, based on a full value assessment of $455,833.

16 E. Madison Street – published annual real estate taxes are $8,366, based on a full value assessment of $354,500.

MANNER OF SALE:
Each building will be offered individually and the bids reserved. Then, both buildings will be offered as an entirety. The sale will be made in the manner producing the greater amount. Online auction starting bid is $400,000 per building. Online auction closes with live streamed onsite auction.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $50,000 deposit on each property or $100,000 if sold as an entirety, payable by cashier’s check, will be required of the purchaser at time and place of the onsite sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office. If purchased by an online bidder, the full 10% deposit is payable by wire transfer or cashier’s check 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. 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. 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.

No buyer’s premium.