"Waverly - Greenmount Business Corridor"

Featuring Live & Online Simulcast Bidding

ADJOINING STOREFRONT BUILDINGS
Zoned C-1 Commercial ✦ Enterprise Zone
Separate & Entirety Offerings

Known As
521-525 GORSUCH AVENUE
Corner Old York Road
Baltimore City, MD 21218

Online Bidding Opens
WEDNESDAY, OCTOBER 13, 2021

Live Onsite Auction
FRIDAY, OCTOBER 15, 2021
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 & AUCTION SUMMARY:
521-525 Gorsuch Avenue comprises two adjoining storefront buildings in the Better Waverly neighborhood in North Baltimore. The properties are within the Waverly Main Street district, in an area more generally referred to as the Greenmount business corridor. According to organization documents, “Waverly Main Street is a voluntary organization made up of individuals, businesses and organizations working together in a planned manner toward community revitalization of the Greenmount business corridor, from E. 28th Street to E. 36th Street and side streets adjacent to Greenmount Avenue…Waverly Main Street’s mission is to expand growth of the Waverly commercial district through revitalization and economic development, commercial building and streetscape improvements, promotions and entrepreneurial development.”

The area has seen a resurgence in commercial development over the last few years, with a few well-publicized projects, including the 1870 Waverly Hall and Red Emma’s. The area has been a community focal point for more than 150 years, and continues to draw consumers of all types. Positioned along Greenmount Avenue and E. 33rd Street, Waverly Main Street provides convenient commercial and residential options for those traveling throughout the proximate area. Major nearby employers include Johns Hopkins University, MedStar Union Memorial Hospital and Cloverland Dairy. An array of other universities, medical facilities and businesses are in close proximity. The properties are within an Enterprise Zone, as designated by the State of Maryland and managed by BDC, providing an array of property and income tax incentives.

The auction provides an opportunity to buy one or both storefront buildings in a location that is drawing ample market attention. 525 Gorsuch Avenue is a mixed use property, with  $1,350/month gross scheduled rent with two of three units occupied. 521-523 Gorsuch Avenue is a redevelopment project, with options for commercial, residential or mixed-use.

For more information about the area, please visit:
Waverly Main Street – waverlymainstreet.org
CityView Map – cityview.baltimorecity.gov
Better Waverly – livebaltimore.com
1870 Waverly Hall Article – www.baltimoresun.com
Red Emmas Article – www.baltimoresun.com
Enterprise Zone Information – baltimoredevelopment.com

PROPERTIES:

525 Gorsuch Avenue – Split level end-of-group storefront building – $50,000 Starting Bid

• Arranged for one commercial and two residential units.
• Lot size – 15′ x 68′, more or less. Plat
• Constructed in 1920 and containing 1,545 square feet of gross building area (tax records)
• Storefront – Arranged for two rooms and a powder room. Currently vacant. Formerly occupied by a clothing company.
• Apartment 1 – One bedroom apartment with living room, kitchen and bath. Electric baseboard heat. Currently rented for $600/month.
• Apartment 2 – One bedroom apartment with living room, kitchen and bath. Electric baseboard heat. Currently rented for $750/month, which has been temporarily reduced to $650/month in conjunction with Covid-19 considerations.
• Subject to a $66 annual ground rent (due in semi-annual installments on 3/2 and 9/2)
• Zoned C-1 Commercial, approved for 2 dwelling units.
• Annual property taxes: $1,366.44

521-523 Gorsuch Avenue – Two story inside-group building – $50,000 Starting Bid

• Arranged as a storefront. Needs full renovation.
• Lot size – 30′ x 68′, more or less. Plat
• Also known as 521 Gorsuch Avenue
• Constructed in 1920 and containing 2,745 square feet of gross building area (tax records)
• In fee simple
• Zoned C-1 Commercial
• Annual property taxes: $2,098.81

TITLE:
Sold free and clear of liens, subject to ground rent or in fee simple, as stated above.

MANNER OF SALE:
The properties will be offered separately first, with the high bids reserved, and then as an entirety. The properties will be sold in the manner producing the greatest result in the seller’s sole discretion.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.

Live Auction Bidders – a $7,500 deposit for each property, and $15,000 for the entirety, 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 by 11:00 A.M., Monday, October 18, 2021 at the Auctioneer’s office.

Online Auction Bidders – a 10% deposit, payable by cashier’s check or wire transfer, will be required of the purchaser by 4:30 p.m. on the day of auction, 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 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. The property will be sold in “AS IS” condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, subject to existing zoning and subject to the existing leases of the tenants in place. Security deposits, if any, shall be adjusted to the time of settlement. The Property will be sold subject to Baltimore City violation notices, 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. 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.