"Upper Fells Point"

 REAL ESTATE AUCTION 

– Online Only Auction –
$135,000 Suggested Opening Bid

MIXED-USE BUILDING
– Storefront & 3 Apartments –

Known As
111 S. BROADWAY
Near E. Lombard Street
Baltimore City, MD 21231

BIDDING OPEN:
FRIDAY, MARCH 20, 2020

BIDDING CLOSE:
TUESDAY, MARCH 24, 2020
AT 3:00 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:
Broadway is the preeminent north-south artery in southeast Baltimore City. The Fells Point area features an eclectic array of architecture and historic character, with Broadway exemplifying much of that charm. The location is well known as an employment, shopping, dining and entertainment hub in Baltimore. Johns Hopkins Hospital is just a couple of blocks to the north. Other surrounding neighborhoods include Canton, Patterson Park and Butcher’s Hill. Exposure at the site is good, with an average daily traffic count of 8,231, according to SHA statistics. The property is within the Upper Fells Point Historic District (National Register), and may be eligible for historic tax credits.

For more information about the area, please visit:
Upper Fells Point – livebaltimore.com
GIS Traffic Count Data – www.roads.maryland.gov
CityView – cityview.baltimorecity.gov
Historic Districts – chap.baltimorecity.gov

SITE:
Lot size – 21′ x 115′, more or less

Asphalt paved parking area for 2 vehicles head-in, and 3-4 vehicles angled or stacked

ZONING:
The property is zoned C-1: Commercial, approved for storefront and 3 dwelling units. According to the Baltimore City Transform Zoning District Summary, C-1 zoning applies to “Commercial clusters or pedestrian-oriented corridors of commercial uses that serve the immediate neighborhood. Ensures compatibility between neighboring residential and commercial uses.”

For more information, see: Baltimore City Zoning

IMPROVEMENTS:
Three story semi-detached brick storefront building – constructed in 1900, containing 3,546 square feet above grade and 1,479 square feet of basement space, according to public tax records. The building is arranged for a storefront on the first floor, and three apartments on the first, second and third floors. The commercial space is rented for $1,200/month, and one of the apartments is rented for $750/month. The building features 5 electric meters, one gas meter, forced air heat and split systems. Some renovation is required.

ADDITIONAL INFORMATION:
Please complete a Waiver and Confidentiality Agreement form to view the leases, and MDE lead inspection certificate

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

TAXES:
Published annual real estate taxes are $6,213.88, based on a full value assessment of $263,300. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property. Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information: Assessment Appeal Process.

SUMMARY TERMS OF SALE – PLEASE REFER TO THE CONTRACT FOR THE COMPLETE TERMS OF SALE:
A $10,000 deposit, or ten percent (10%) of the Purchase Price (whichever is greater), in cash or cashier’s check to be delivered to the Auctioneer’s office at 6500 Falls Road, Baltimore, MD 21209, or sent by wire transfer, within 24 hours of Tuesday, March 24, 2020 at 3:00 P.M. (the bid closing). 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, 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. Purchaser waives 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.

NO BUYER’S PREMIUM!