"Arbutus" Commercial Building 4 Stores & 4 Apartments 100% Occupied, $104,000 Gross Annual Rent Roll

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Listing Details

Sold Price
$678,000
Auction Date
Auction Time
11:00 AM
Address
5305 East Drive, Baltimore County, MD, 21227
County
Baltimore County
Neighborhood
Arbutus
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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REAL ESTATE AUCTION

- ARBUTUS -
COMMERCIAL BUILDING
4 Stores & 4 Apartments
★ 100% Occupied ★

 

$104,000 Gross Annual Rent Roll

Sale On Premises
5305 EAST DRIVE
Off Sulphur Spring Road
Baltimore County, MD 21227

THURSDAY, JANUARY 9, 2014
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:

5305 East Drive is located in the community business district of Arbutus, a well-established suburban community in southwestern Baltimore County.  Arbutus is bounded by the Baltimore Beltway (I-695), Southwestern Boulevard (US Route 1), I-95 and the University of Maryland Baltimore County (UMBC).  Its excellent highway access makes Arbutus a desirable residential community for area commuters.  The Halethorpe MARC commuter rail train station is located less than one mile south of the auction property on Southwestern Boulevard.


The community business district is a mixture of retail and professional office land uses catering to the surrounding area.  Neighborhood housing is comprised of a variety of types and styles, dating from the early twentieth century to the present day.  According to the BCPS web site, nearby public schools are Arbutus Elementary, Arbutus Middle and Lansdowne High.  Police and fire protection are within the community.

 


SITE:

5305 East Drive is located on the east side of East Drive, north of Stevens Avenue and south of Linden Avenue.  The site is a nearly triangular parcel, comprised of four lots, as follows:


BEING KNOWN AND DESIGNATED as Lots 8, 9, 10 and 11 of Arbutus Terrace, as shown on the Plat thereof, recorded among the plat records of Baltimore County in Plat Book WPC No. 7, folio 17.


The property fronts approximately 112' along East Drive, by a central depth of approximately 142', comprising approximately 0.18 acre of land.  The improvements encompass the majority of the site.


The district has been recently "streetscaped" with new sidewalks, curbing and decorative street lighting.


SUBDIVISION PLAT (pdf)


Zoning - BL-CCC, Business Local
For more information, please see the Baltimore County Zoning Code Online.


Utilities - public water, public sewer, gas, electricity.  Electric service is separately metered for each tenant.


Aerial Photo:
Photos of auction property


IMPROVEMENTS:

Two Story Masonry Building - according to public tax records, the building was constructed in 1950 and contains 11,390 square feet.


Exterior
Brick and concrete block construction
Rubber membrane roof
Aluminum frame show windows on first floor, double-hung windows on second


Interior

4 - first floor retail units - No Limit Bail Bond, National Gold & Silver, Habibah Café and BHL Supply Center.  Interior finishes are drywall, suspended ceilings with florescent lighting and carpeting or tiled floors.  Units A and D have window air conditioning.  Units B and C have central air conditioning.  Retail units each have a separate exterior entrance and rear or side exits.

Sample Retail Interior:

 


 


Coin operated laundry on second floor.


4 - second floor apartments.  Unit E is a one bedroom unit.  Units F, G and H are two bedrooms.  Interior finishes are drywall, paneling, carpeting or tile.  Apartments have window air conditioners. There is a central front entrance and a side fire exit.

Sample Apartment Interior:

 


 


Partial basement with mechanical room, storage rooms and outside exit.


Mechanical
Gas hot water heat
Separate electric meters for each tenant


All units are occupied and under lease.


FINANCIAL INFORMATION:

Please complete and return the Waiver and Confidentiality Agreement (pdf) to receive the rent roll and income and expense statement.


TAXES:

Published annual real estate taxes for 2013-2014 are $8,330.24.

 

TITLE:

The property is in fee simple and sold free and clear of liens.

 

INSPECTION:

The property will be open for inspection one hour prior to the auction.  Retail spaces may be inspected during normal business hours. 


TERMS OF SALE:

A $50,000 deposit, payable by certified check or 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.  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.  The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any.  The property is sold subject to the rights of the existing tenants in possession.  Purchaser assumes the risk of loss from the date of sale 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.  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.


No buyer's premium.


FINANCING:

See our Financing Page for a list of auction-oriented lenders.