"Station North Arts & Entertainment District"

 REAL ESTATE AUCTION 

$200,000 Suggested Opening Bid

HIGH EXPOSURE
COMMERCIAL BUILDING
3,775± Sq. Ft ◆ 0.10± Acre Lot
Zoned C-2: Commercial

Sale On Premises
133 W. NORTH AVENUE
Formerly Known As “Joe Squared Pizza”
Near Howard Street
Baltimore City, MD 21201

WEDNESDAY, NOVEMBER 7, 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.

LOCATION:
133 W. North Avenue is located in the Charles North neighborhood, and is in the heart of the Station North Arts & Entertainment District. The corridor of North Avenue between Howard Street and Greenmount Avenue has become Baltimore’s artistic hub over the last several years, extending the substantial impact the Maryland Institute College of Art (MICA) has had throughout the area for nearly 200 years. Brand new educational facilities, impressive theaters, galleries, studios, apartments and commercial facilities compliment the energy and excitement of the community of people that live, learn and work throughout the area. Proximity to the University of Baltimore, Johns Hopkins University and other major development initiatives around Remington and Old Goucher College have fostered even further interest in this central location. Amtrak has very recently selected a team to lead the 1.6 million square foot redevelopment of Penn Station and surrounding buildings, which is within three blocks of the property. The property adjoins the MICA Fred Lazarus IV Center, Motor House is on the opposite side of the street and the Parkway Theatre is on the next block east.

The property offers excellent exposure along both North Avenue and N. Howard Street. The annual average daily traffic count is 15,980 along the North Avenue corridor in front of the property, 30,033 along the corridor of N. Howard Street immediately west of the property, and 26,964 along the corridor of N. Howard Street immediately north of the property. Opportunity for signage is generous, with a broad facade, metal structure above the facade and well-positioned awning space. The lot size, layout and zoning offer an array of building uses, including retail, mixed-use, gallery space and multi-unit residential conversion. The Station North Arts & Entertainment District offers a number of property tax, income tax and admissions/amusement taxes for qualifying projects and businesses.

For more information, please see:
https://livebaltimore.com/neighborhoods/charles-north/
https://www.mica.edu/
http://www.stationnorth.org/
&
https://www.roads.maryland.gov/index.aspx?PageId=838

SITE:
Rectangular lot – 25′ x 175′, comprising 4,375 square feet or 0.10 acre, all more or less

25′ frontage on W. North Avenue, and 25′ frontage on W. Trenton Street

All public utilities

Zoning C-2: Commercial. According to TransForm Zoning District Summary, C-2 zoning os oriented to “Small to medium-scale commercial use, typically located along urban corridors. Designed to accommodate pedestrians and, in some instances, the automobile. Mixed-use development is appropriate within this district.”
For more information, see the Baltimore City Zoning Code.

IMPROVEMENTS:
Two story brick semi-detached building – the building was constructed in 1900, contains 3,775 square feet above grade and 2,950 square feet of basement space, according to public tax records. Actual basement square footage is estimated to be 720 square feet. The property has a full brick exterior with storefront facade, flat built-up roof and vinyl-clad replacement windows. Updated electric, updated plumbing and updated gas.

Features include a metal structure above the second floor suitable for signage, additional potential for lit signage and awning space between the first and second floors, multiple entrances and exits. The building arrangement is well positioned for expansion on the second floor, and further expansion on multiple floors towards the back of the lot. Trenton Street, which can be accessed from Falls Road and Maryland Avenue, offers potential parking and/or rear entrance to the property.

The property is currently arranged for retail space on the first floor, second floor apartment and unfinished basement space. The retail space is in shell condition.

FINANCING:
The seller will finance the property with $100,000 down, interest only payments at an interest rate of 8% per year, two year balloon.

Purchasers are under no obligation to use the seller provided financing, and may obtain their own financing or pay in cash

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

TAXES:
Published annual real estate taxes are $4,316.44, based on a full value assessment of $182,900.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $20,000 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 Tuesday, December 17, 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. 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, 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 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. 5% buyer’s premium to be added to the final bid price.

Sale in Cooperation with
Avenue Real Estate