"Downtown Baltimore" 3 - Brick Loft Buildings - 24,000± S.F. Peoples Electrical Supply Co., Inc.

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Listing Details

Sold Price
$97,000
Auction Date
Auction Time
2:00 PM
Address
347-353 N. Gay Street, Baltimore, MD, 21202
County
Baltimore City
Neighborhood
Downtown Baltimore, Jonestown
Scroll down for Complete Details, including: property description and Terms of Sale.

Mark T. Willen, Attorney
Summerfield, Willen, Silverberg & Limsky, P.A.
1829 Reisterstown Road - Suite 410
Baltimore, MD 21208

Discontinuing Operations After 122 Years:
REAL ESTATE AUCTION
- Downtown Baltimore -

★ HIGH VISIBILITY ★
BUSINESS PROPERTIES
Occupied by
Peoples Electrical Supply Co., Inc.
Photos of auction property

347-353 N. GAY STREET
3 - Brick Loft Buildings - 24,000± S.F.

815 ORLEANS STREET
Parking Lot & Two-Bay Garage

Sales On Premises
THURSDAY, JANUARY 30, 2014
AT 2:00 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:

The properties are located in Downtown Baltimore, MD 21202, at the east side of the Orleans Street Viaduct (U.S. Route 40), west of Johns Hopkins Hospital and north of Baltimore City Hall and municipal offices.  The properties are occupied by People's Electrical Supply Co., Inc., which ceased operations on December 20, 2013.  People's has been family owned and operated since its inception in the early 1890s as People's Lighting Fixture Company. It was first located on the corner of Baltimore and Frederick streets. In 1924 the business was incorporated and moved further up into the Old Town section of the city to its present location. On July 28, 1933 the business name was officially changed to People's Electrical Supply Company, Inc.


The surrounding neighborhood, known as "Jonestown," is comprised of a variety of land uses including Baltimore's Main U.S. Post Office, two hotels, various offices, warehouses, manufacturers, distributors and the recently constructed Baltimore City Juvenile Justice Center.  As published on LIVE Baltimore's web site, “Jonestown goes back to the late 17th century, when David Jones founded a settlement adjacent to his mill on what is now called the Jones Falls. Jonestown was incorporated as a community distinct from its neighbors, Baltimore Town and Fells Point. It comprised the area bound by Front Street, High Street and the Jones Falls on down to about Pratt Street. Some of it merged with Baltimore Town to form the core of what is now Baltimore City, but while Baltimore Town and Fells Point where busy port centers, Jonestown was the home of the wealthiest people of the era, who desired a life away from the hustle and bustle of horse-drawn carriages. The Charles Carroll Mansion, the McKim Free School, the Old Town Meeting House, and the Lloyd Street Synagogue, stand as testimony to these bygone days. In the 1820s and 30s the original settlers spread away from the center of the city and thus Jonestown began its new role as a place to make a new start. It has served as a first generation neighborhood for Italians, Irish and Jews since the 1840s. Father Lawrence's church. St. Vincent de Paul, has served the Jonestown community since that time. Tourist attractions -- the Shot Tower and the Flag House, among others -- continue to mark the community.”


The neighborhood has excellent access to the Jones Falls Expressway (I-83), MTA bus service and is within walking distance of City office and courts.  The People's Electric properties are very visible from the Orleans Street Viaduct, northbound Gay Street and east and westbound Orleans Street.


The properties are located in the Gay Street National Historic District, potential providing opportunity for historic tax credits.

For directions from your location, visit maps.google.com:
347 N. Gay Street or 815 Orleans Street

 

347-353 N. GAY STREET

 


 


SITE:

Situated at the southeast corner of N. Gay and N. Exeter Streets, the property is rectangular, fronting approximately 85' along Gay Street and 95' along Exeter Street, comprising approximately 8,100 square feet of land.  The site is fully covered by the buildings thereon.


Available Utilities - public water, public sewer, gas, electricity, telephone, internet


Zoning - M-2-3, Industrial, permitting a wide variety of commercial and industrial uses.
For more information, see the Baltimore City Zoning Code.


BLOCK PLAT (pdf)


IMPROVEMENTS:

3 - Interconnected Three Story Brick Loft Buildings - according to Baltimore City tax records, building age and size are as follows:


347-349 N. Gay Street (Lot 13, Baltimore City Block 1284) - circa 1910, approximately 8,124 square feet of gross building area.


351 N. Gay Street (Lot 12, Baltimore City Block 1284) - circa 1910, approximately 8,124 square feet of gross building area. 


347-351 N. Gay Street are interconnected on all levels.  The buildings consist of first and second floor retail and storage areas, third floor and basement warehouse and second floor offices.  The building has two interior stairways, a freight elevator, wood floors, plaster walls and gas steam heat.


353 N. Gay Street (Lot 11, Baltimore City Block 1284) - circa 1905, approximately 7,866 square feet of gross building area. 


353 N. Gay Street connects to 341 N. Gay Street by a doorway on the first floor and could be easily partitioned.  The building was formerly occupied by a confectionary wholesaler and contains first floor retail space with wood floor and pressed tin ceiling and former apartments on the upper levels.  The building needs extensive renovation.


TAXES:

Total published annual real estate taxes for the three properties for tax year 2013-2014 are $6,061.


TITLE:

The properties will be conveyed in fee simple and will be sold free and clear of liens.


MANNER OF SALE:

The three properties will be sold as an entirety.


TERMS OF SALE:

A $10,000 deposit on the 347-353 Gay Street (sold as a unit) and a $10,000 deposit on 815 Orleans Street, 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. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of sale 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 sale 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 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. 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.


No buyer's premium.