Retail Strip Center

100% Occupied, On-Site Parking, $92,000 Net Operating Income In 2013 - Escalating in 2014
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Listing Details

Sold Price
$1,150,000
Auction Date
Auction Time
11:00 AM
Address
6214-6220 Eastern Avenue, Baltimore, MD, 21224
County
Baltimore City
Neighborhood
Near Johns Hopkins Bayview
Inspection
The property is operating during business hours and will be open for inspection one hour before the auction.
Additional Documents
Baltimore City Block Plat
Please complete and return the Confidentiality Waiver (see above link) to receive the 2013 Income and Expense Statement, Lease Summary and copies of the leases.
Financing
See our Financing Page for a list of auction-oriented lenders.
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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REAL ESTATE AUCTION

One Story Brick
RETAIL STRIP CENTER
100% Occupied ◆ On-Site Parking

$92,000 Net Operating Income
In 2013 – Escalating in 2014

Sale On Premises
6214-6220
EASTERN AVENUE
Near Johns Hopkins Bayview
Baltimore, MD 21224

THURSDAY, JUNE 12, 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:
6214-6220 Eastern Avenue is located in east Baltimore, five blocks east of Johns Hopkins Bayview Medical Center.  The property is situated along the north side of Eastern Avenue (MD-150), west of I-95, east of I-895, nearly opposite Dundalk Avenue.  Public bus service is at the door.

Johns Hopkins and related biotech industries are a major employment hub for community residents. The auction property is in the heart of the community commercial district.  Surrounding neighborhoods are strong and in demand.

Link to LiveBaltimore neighborhood description:
http://livebaltimore.com/neighborhoods/bayview

SITE:
Level rectangular lot - corner Folcroft Street
Fronts 84' along Eastern Avenue by 112.5' along Folcroft Street
A 20' alley bounds the rear of the building
10-car paved parking in rear
All public utilities
Zoning B-3-2, Community Commercial District

IMPROVEMENTS:
One Story Brick Retail Strip Center - according to public tax records, the building was constructed in 1954 and contains 7,140 square feet of gross building area.  The building contains four tenant spaces, each with commercial entrance and show windows.

Exterior
Steel and masonry construction - brick facade, concrete block in rear
Rubber roof (new 2003) over metal roof decking
Tenant signs

Interior
Tenant spaces vary - typically drywall, carpeting, suspended ceilings
Separate gas forced air heat and central air conditioning
3 water heaters
Separate meters

OCCUPANCY:
6214 - Paradise Mini Mart
6216 - Allstate insurance office
6218 - Pinetree Fitness Center
6220 - U.S. Taekwondo Academy

Tenants generated more than $118,000 in gross rentals and CAM and net operating income of $91,000 in 2013.  Rents have increased in 2014.  Tenants have occupied their spaces for multiple years.

Please complete and return the Confidentiality Waiver (pdf) to receive the 2013 Income and Expense Statement, Lease Summary and copies of the leases.

TITLE:
The property is in fee simple and sold free and clear of liens.  Baltimore City Deed Liber 12362, folio 499.

TAXES:
Baltimore City Tax Account No. 6343-007.  Published annual taxes for 2013-2014 are $15,925.

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 an 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.  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.