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REAL ESTATE AUCTION
$75,000 Suggested Opening Bid
3 UNIT APARTMENT BUILDING
$27,984 Gross Scheduled Annual Rent
Sale On Premises
803 BROOKS LANE
Near Brookfield Avenue
Baltimore City, MD 21217
WEDNESDAY, MAY 23, 2018
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.
803 Brooks Lane is located in the Reservoir Hill National Historic District in Baltimore City. Reservoir Hill is situated immediately west of the Jones Falls and I-83, between Druid Hill Park and Bolton Hill. Reservoir Hill features impressive architecture and excellent access to the City’s attractions. Nearby Druid Hill Park features the National Zoo in Baltimore, Druid Lake, ballfields, walking trails, sculptures and a number of annual music and cultural events throughout the year. The Maryland Institute College of Art (MICA) and University of Baltimore are a short distance southeast. Public transportation is ample, with light rail service within close proximity, Penn Station about 1.5 miles southeast and bus service within walking distance. Reservoir Hill is at the center of Innovation Village, a large scale project focused on community engaged development, innovation and business growth. The first major project for Innovation Village is at the southwest corner of the neighborhood.
For more information about the area, please visit:
Rectangular lot – 25′ x 80′, more or less
All public utilities
Zoning R-7, residential, registered for 3 dwelling units
Three story brick inside-group covered porchfront building – the building was constructed in 1918, contains 2,000 square feet of living area and 1,000 square feet of basement space, according to public tax records.
Brick and masonry block exterior
Flat, built-up roof
Asphalt roof fascia
Steel fire escape
Interior finishes include drywall, wood floors, ceramic tile baths and some architectural details. Each unit has recently installed gas forced air heat. The unit mix includes a 3 bedroom unit, 2 bedroom unit and a 1-2 bedroom unit. Units are separately metered, and tenants pay their own utilities.
First floor unit – Rented for $832 per month on a one year lease (ends 5/31/18).
Second floor unit – Rented for $700 per month. Long term tenant (30+ years). No lease.
Third floor unit – Rented for $800 per month on a one year lease (ends 6/30/18).
Total monthly rent: $2,332
Gross scheduled annual rent: $$27,984
Please complete a Waiver and Confidentiality Agreement form to view the Rent roll, income/expense statement, leases, lead certificates and multi-family dwelling license.
Annual $120 ground rent (due in semi-annual installments on 1/20 & 7/20); sold free and clear of all liens
Published annual real estate taxes are $3,897.94 based on a full value assessment of $165,167
A $7,500 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 Friday, July 6, 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. A 5% buyer’s premium will be added to the final bid price.