"Towson - Near Towson University"

 This Auction has been CANCELED.
Sold prior to the auction.

Featuring Live & Simulcast Online Bidding

TWO STORY BRICK
APARTMENT BUILDING
6 Units ✦ On-Site Parking

Known As
2 AIGBURTH ROAD
Off York Road
Towson, Baltimore County, MD 21286

– CANCELED –

Online Bidding Opens
TUESDAY, MARCH 2, 2021

Live Onsite Auction
FRIDAY, MARCH 5, 2021
AT 12:00 NOON

– Starting Bid: $400,000 –

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:
2 Aigburth Road is located in Towson, the Baltimore County seat, and is roughly 500′ from the Towson University campus. Towson is a hub of government, business, education and entertainment in Baltimore County, and has been experiencing a burst of development over the past 10 years. A number of major development projects are ongoing nearby, accounting for the increased interest in having urban amenities in a suburban area, providing living, working, learning, dining and entertainment in one consolidated location.

Nearby “Towson University is the largest university in the Baltimore area and the second-largest university in the prestigious University System of Maryland – the 12th-largest public university system in America,” according to their website. The site goes on to detail that there are 22,923 students enrolled in the University (between undergraduate and graduate programs) and approximately 3,300 employees, in addition to the wide array of third-party businesses and services that support the University. The more than 25,000 people working and learning within a few hundred feet of the property provide an ample source of tenancy for the building.

GBMC, St. Joseph Medical Center, the Baltimore County Government, Baltimore County Public Schools and Goucher College comprise additional major nearby employers and sources of tenants. The property is proximate to York Road, providing excellent access to shopping, dining, services and public transportation, in addition to commuter access throughout the area. According to BCPS.org, nearby schools are West Towson Elementary, Dumbarton Middle and Towson High.

For more information about the area, please visit:
Baltimore County Government – www.baltimorecountymd.gov
Towson University – www.towson.edu
Baltimore County Public Schools – www.bcps.org

SITE:
Lot size – 60′ x 240′, comprising 14,400 square feet or 0.33 acre, more or less

60′ frontage on Aigburth Road. Curb cut and asphalt driveway from Aigburth Road.

Rear parking area for 6 cars, designated on a per unit basis

ZONING:
DR 16 & DR 5.5 Residential

According to the Baltimore County zoning map, the property is predominantly located within a DR 16 residential zone, with a small portion of the rear of the property within a DR 5.5 zone. Please see improvement description for unit registration. Zoning case history for this and adjoining properties can be found via the My Neighborhood link provided below.

For more information about Baltimore County Zoning, please visit:
Baltimore County Zoning Review Overview – www.baltimorecountymd.gov
Baltimore County MyNeighborhood – bcgis.baltimorecountymd.gov

Zoning Map

IMPROVEMENTS:
Two story brick freestanding apartment building – constructed in 1939, containing 3,428 square feet of living area and 1,700 square feet of basement space, according to public tax records. The building is arranged for 6 one-bedroom self-contained apartment units. All brick exterior, flat built-up roof (new torchdown coating in 2020), vinyl clad replacement windows. There are two separate exterior entrances with common interior stairwells.

Units feature original wood floors, recently updated kitchens and baths, and radiant heat. Each unit has one assigned parking space. Each unit is arranged for a living room, kitchen, bedroom and full bath. Six gas fired boilers, 6 gas fired hot water heaters, 6 gas meters, 7 electric meters.

Five of 6 units have limited lead free certificates, with one unit (unit 3) having a full risk reduction certificate. Five of 6 units are currently rented, with rent averaging at $940/month per unit. Apartment 2 has an increase that has not yet been enforced. The units are registered individually with Baltimore County. Gross scheduled annual income is $56,400 at the current 83% occupancy. Gross potential annual income exceeds $68,000.

Lead Certificates

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the leases, registrations and additional financial information.

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

TAXES:
Published annual real estate taxes are $6,030.96, based on a full value assessment of $411,900.

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 the onsite sale. The deposit shall be increased to 10% of the purchase price by 12:00 Noon, Monday, March 8, 2021, by wire transfer or cashier’s check, at the Auctioneer’s office. If purchased by an online bidder, the full 10% deposit is payable by wire transfer or cashier’s check by 4:30 P.M. on the day of sale. 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, rent, ground rent, 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 easements, agreements, the existing leases of the tenants in place, 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.

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