"Old Goucher - Barclay"

 REAL ESTATE AUCTION 

$300,000 Suggested Opening Bid

Fully Renovated
APARTMENT BUILDING
5 Self-Contained Units – 100% Occupancy

– $53,865 Gross Scheduled Annual Rent –

Sale On Premises
2227 SAINT PAUL STREET
Near E. 23rd Street
Baltimore City, MD 21218

THURSDAY, MARCH 1, 2018
AT 2:00 P.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:
2227 St. Paul Street is located in the Barclay – Old Goucher area in central Baltimore City. Charles Village is immediately to the north, Remington to the west and Station North to the south. Proximity to the Maryland Institute College of Art (MICA), Johns Hopkins University, University of Baltimore and Penn Station has fostered substantial changes in the area over the last several years. New education buildings, retail developments, multi-unit residential development, new home construction and renovations of existing buildings are all nearby. Amtrak has very recently selected a team to lead the 1.6 million square foot redevelopment of Penn Station and surrounding properties, which is within four blocks of the property. The expansive project is slated to include a hotel, expanded and improved retail and expanded traveler amenities, all aimed at revitalizing one of Baltimore’s most important transportation cornerstones. The newly redeveloped Parkway Theatre and JHU-MICA Centre Theatre are also within a few blocks.

For more information about the area, please see:
https://livebaltimore.com/neighborhoods/barclay/
https://livebaltimore.com/neighborhoods/old-goucher/
&
http://www.stationnorth.org/

For more information about the Penn Station redevelopment, please visit:

http://www.baltimoresun.com/business/bs-bz-penn-station-redevelopment-20171214-story.html

https://www.bizjournals.com/baltimore/news/2017/12/14/exclusive-amtrak-selects-team-led-by-beatty.html

SITE:
Rectangular lot – 18′ x 123′, more or less

Off-street parking for 2 vehicles

All public utilities

Zoning R-8, residential, registered for 5 total units. For more information, see the Baltimore City Zoning Code.

IMPROVEMENTS:
Three story brick inside-group building – the building was built in 1900 and contains 4,692 square feet of gross building area, according to public tax records. The building was fully renovated in 2013. Features include a wet sprinkler, fire alarm, 6 electric meters, common interior entry and coin operated laundry facility.

Exterior
Brick and masonry block exterior
Flat, built-up roof
Vinyl-clad replacement windows
Steel fire escape

Entrances on St. Paul and Hargrove Streets

Interior
Interior finishes include drywall, carpet, ceramic tile, new appliances, new cabinets and new bathrooms. Each unit has an electric heat pump, CAC and an electric water heater. The unit mix includes a 2 bedroom apartment, three 1 bedroom apartments and an efficiency unit. Tenants include both market rate and third party pay. Units are separately metered, and tenants pay their own utilities. 

The building is fully occupied with a current gross monthly rent of $4,488, and projected to be $53,856 annually.

ADDITIONAL INFORMATION
For copies of the rent roll, income/expense statement, leases, lead certificates and multi-family dwelling license, please fill out a Waiver and Confidentiality Agreement, sign it, and return it to the office of the Auctioneer by fax to 410-296-4420 or email info@ajbillig.com. Once the completed form has been received, you will receive the confidential information via email. Requests are normally answered Monday-Friday 9 am-4 pm.

TITLE:
In fee simple; sold free and clear of all liens

TAXES:
Published annual real estate taxes are $6,084.08 based on a full value assessment of $257,800

TERMS OF SALE:
A $30,000 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 on or before Monday, April 16, 2018. 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. 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. 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.