"North Baltimore - Pen Lucy"

 REAL ESTATE AUCTION 

$400,000 Suggested Opening Bid

“Pen Lucy”

BRICK GARDEN
APARTMENT BUILDING
6 Self-Contained Units ◆ Rebuilt in 2019

Sale On Premises
545 WYANOKE AVENUE
Corner Old York Road
Baltimore, MD 21218

WEDNESDAY, DECEMBER 11, 2019
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:
545 Wyanoke Avenue is located in the Penn Lucy neighborhood of northern Baltimore City, one block east of Greenmount Avenue/York Road and one block north of Argonne Drive. The neighborhood is comprised of a variety of housing types and styles. Public transportation, schools and parks are within walking distance.

SITE:
Corner, rectangular lot fronts 107′ on Wyanoke Avenue by 46′ on Old York Road
Zoning R-5 for 6 dwelling units
Fenced yard

IMPROVEMENTS:
Two Story Brick Garden Apartment Building was completely gutted and renovated in 2018-2019. According to public tax records, the building was constructed in 1940 and contains 4,968 square feet. The building has all new roof, windows, electrical, plumbing, drywall, flooring, kitchens and baths. 545 Wyanoke Avenue contains 5 two-bedroom and bath apartments, 1 one-bedroom and bath unit, and mechanical room. Each unit has separate utility meters, a gas furnace and central air conditioning.

LEASE:
The entire building is leased to Time Organization, LLC, a Maryland 501C3 non-profit, under a five-year lease with a five-year option. The base rental is $6,000 per month with a 5% rent increase per year. The tenant pays for utilities, water and interior maintenance. Landlord provides repairs to structural elements of the building (roof and exterior walls), if needed.

Please complete a Waiver and Confidentiality Agreement form to view the lease.

TITLE:
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Book 18751, Page 277.

TAXES:
Published annual real estate taxes are $1,484, based on a full value assessment of $62,900. The building will likely be reassessed.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $50,000 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. The property will be sold in “AS IS” condition, subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the Lease Agreement, dated May 1, 2019, by and between 545 Wyanoke Ave., LLC and Time Organization, LLC. 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. 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.