"Northwest Baltimore" Mixed-Use Assemblage

4 Buildings: Retail, Office & Residential, Zoned B-1-2
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Listing Details

Sold Price
$118,000
Auction Date
Auction Time
11:00 AM
Address
2421-2427 Reisterstown Road, Baltimore, MD, 21217
County
Baltimore City
Neighborhood
Northwest Baltimore, Near Mondawmin Mall & Druid Hill Park
Inspection
At 10:00 a.m. on the day of the auction.
Additional Documents
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

NORTHWEST BALTIMORE
Near Mondawmin Mall & Druid Hill Park

MIXED-USE ASSEMBLAGE
- 4 Buildings: Retail, Office & Residential -
Zoned: B-1-2, Neighborhood Commercial

Sale On Premises
2421-2427 REISTERSTOWN ROAD
Corner of Bryant Avenue
Baltimore, MD 21217

WEDNESDAY, SEPTEMBER 30, 2015
AT 11:00 A.M.

Suggested Opening Bids:
2421 - $10,000
2423-2425 - $25,000
2427 - $10,000

    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:
2421-2427 Reisterstown Road is located in the Parkview - Woodbrook neighborhood in Northwest Baltimore City. The property sits roughly 2 blocks from both Mondawmin Mall and Druid Hill Park. The Mondawmin Metro station is only 2 blocks to the north. The collection of 4 buildings are situated along one of the major arteries in Baltimore City, providing a high level of exposure and access. The well known, well traveled location provides an excellent opportunity for any number of potential property uses.

The properties consist of four adjoining buildings. 2421 comprises a single story commercial building used as a barbershop, with a grassy lot in front. 2423-2425 comprises two 3-story brick buildings, with the first floor as a large, nicely finished office space and empty residential space above. 2427 comprises a three story brick building with tenants on the first and lower level, and empty residential space above. There are two current leases on the property, with rents totaling $1,664 per month. The auction presents an excellent opportunity to buy one or multiple buildings to use, rent or redevelop.

For more information about the area, please visit:
http://livebaltimore.com/neighborhoods/

SITE:
Rectangular lots:
•    2421 Reisterstown Road - 20' x 95'
•    2423-2425 Reisterstown Road - 40' x 95'
•    2427 Reisterstown Road - 20' x 95'
•    Total: 80' x 95', or 0.175 acre

Lot sizes are according to public tax records, and are more or less.

Fenced front yard area (2421)

All public utilities
                                    
Baltimore City Block Plat

IMPROVEMENT DESCRIPTION:

2421 Reisterstown Road: One story commercial building arranged for a barbershop. Features include commercial windows, secured entry and rubberoid roof. Interior features are ceramic tile floor, drywall and drop ceiling. Arranged for waiting area, 5 barber stations and two powder rooms. Currently rented for $764/month.

2423-2425 Reisterstown Road: Two 3-story brick interconnecting buildings. The lower floor is arranged as a large medical services office, and includes stone detailing, large waiting room with reception desk, 2 private offices, 6 therapy rooms, 2 open office areas, rear reception area, storage room, 2 powder rooms, utility and storage closets. Upper floors are arranged for residential use, and in need of repair. Currently vacant.

2427 Reisterstown Road: Three story brick inside-group storefront building. Terrace level arranged for a pet grooming facility. First floor arranged as a beauty salon. Upper floors arranged for residential use, and in need of repair. Beauty salon and groomer spaces are currently rented for $900/month, total.

Please fill out a confidentiality agreement for copies of leases.

ANNUAL REAL ESTATE TAXES:
Published annual real estate taxes are:
2421 Reisterstown Road - $567 based on a full value assessment of $29,967
2423 Reisterstown Road (comprises 2423-2425) - $2,633 based on a full value assessment of $112,433
2427 Reisterstown Road - $1,145 based on a full value assessment of $60,367

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 http://www.dat.state.md.us/sdatweb/appeal.html

TITLE:
All properties are in fee simple.

ZONING:
B-1-2, Neighborhood Commercial - permitting a variety of commercial and residential uses.

Baltimore City Zoning

MANNER OF SALE:
The auction will be conducted as follows:

First Offering - 2421 Reisterstown Road
Second Offering - 2423-2425 Reisterstown Road
Third Offering - 2427 Reisterstown Road
Fourth Offering - 2421-2427 Reisterstown Road

The highest bids in the first, second and third offerings will be reserved. The properties will then be offered as an entirety in the fourth offering. The properties will be sold in the manner producing the greatest amount.

INSPECTION:
At 10:00 a.m. on the day of the auction.

TERMS OF SALE:  
A $2,500 deposit for each property, or $7,500 if sold as an 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 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.

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