This auction has been CANCELED.
Sold prior to the auction.
– $500,000 Suggested Opening Bid –
– Northwest Baltimore –
49,222± Sq. Ft. ★ 4 Tenant Spaces
100% Occupied by Automotive Tenants
Sale On Premises
5000 WABASH AVENUE
Baltimore, MD 21215
– CANCELED –
WEDNESDAY, JULY 29, 2020
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.
5000 Wabash Avenue is located south of Reisterstown Road, east of Garrison Avenue, west of Cold Spring Lane and north of Dolfield Avenue in the “Dolfield” neighborhood of northwestern Baltimore City. The property is situated on the south side of Wabash Avenue, opposite the Western MD railroad and Metro subway. The surrounding area is a mixture of industrial and commercial properties, bounded by residential development. Numerous automotive related facilities are in the immediate area, including used car dealers, repair shops, taxi companies and a car wash. The property is near a Social Security Office Building and Baltimore District Courthouse.
The Cold Spring Lane Metro Station is two blocks east of the site. Wabash Avenue at the property is a six lane east to west roadway with median strip. The site has excellent visibility to traffic traveling in either direction.
1.554 acres, fronting approximately 321′ (217′ along Wabash Avenue), with a depth of 177′ and a rear lot line of 305′.
Zoning I-2, Industrial
For more information, see the Baltimore City Zoning Code.
All public utilities
The property is asphalt paved, partially fenced and has four tenant spaces with separate entrances.
In-line series of concrete block buildings, comprising approximately 49,222 square feet according to Baltimore City tax records, and configured for four tenants. Approximately 35,000 square feet was built in 1969 and the balance in 1972. The property has been continuously owned by the same entity since the buildings were constructed. Each space has a flat built-up roof, pedestrian door, rest room. All tenant spaces are served by a dry fire sprinkler system. The buildings are occupied as follows:
Spiders Workshop (auto and motorcycle repair), 2 drive-in doors, 14′ clear ceiling heights, florescent lighting, overhead gas space heaters. Current rent is $3,500/month.
Power Automotive (auto repair), 2 drive-in doors, 17′ clear ceiling heights, mercury vapor lighting. Current rent is $2,950/month.
Wholesale Outlet of MD, Inc. (used car sales), 2 drive-in doors, 17′ clear ceiling heights, florescent lighting. Current rent is $3,450/month.
Tiko Tire & Auto (tire and auto service), 1 drive-in door, 1 loading dock, 17′ clear ceiling heights, florescent lighting. Current rent is $3,400/month.
Please complete the Waiver and Confidentiality Agreement to receive copies of:
Published annual real estate taxes are $21,060, based on a full value assessment of $973,100.
The property is in fee simple and sold free and clear of liens. Baltimore City Deed Liber 2492, Page 9, dated March 14, 1969.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
A $50,000 deposit, payable by certified check or 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. 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, and subject to any violation notices, if any. The property is sold subject to existing leases and the rights of the tenants in possession. 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 AGM Commercial Real Estate Advisors, LLC