"Overlea Area"

Two Story Brick Bank & Office Building
$57,960 Gross Annual Income at 87% Occupancy
8633.jpg

Listing Details

Sold Price
$425,000
Auction Date
Auction Time
11:00 AM
Address
3700 E. Northern Parkway, Baltimore, MD, 21206
County
Baltimore City
Neighborhood
Overlea Area
Inspection
The property will be open 1 hour prior to 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

Use Mobile?
8632.jpg
8632.jpg
8634.jpg
8635.jpg
8636.jpg
8633.jpg

REAL ESTATE AUCTION
$350,000 Suggested Opening Bid

OVERLEA AREA

Two Story Brick
BANK & OFFICE BUILDING
4,800± Sq. Ft. ◆ Zoned B-1-1

$57,960 Gross Annual Income
at 87% Occupancy
Plus Additional CAM Reimbursement

Sale On Premises
3700 E. NORTHERN PARKWAY
At Walther Avenue, Baltimore, MD 21206

THURSDAY, OCTOBER 29, 2015
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:
3700 E. Northern Parkway is located in northeastern Baltimore City, west of Belair Road and east of Harford Road.  The surrounding Overlea neighborhood is a mixture of housing types and styles, including single family detached homes, townhomes and garden apartments.  Northern Parkway is the major east to west traffic artery in north Baltimore and is a divided six lane boulevard at the property.  The property has high visibility from eastbound and westbound Northern Parkway.  

OCCUPANCY:
The site has been a bank branch since 1960.  The building is currently occupied by Bay Bank, FSB on the first floor (approximately 2,000 square feet) and P. Flanagan and Sons, Inc., a contractor, on the second floor (approximately 1,400 square feet).  About 600 square feet of vacant office space is located on the second floor.  Bay Bank also occupies the basement, which comprises approximately 2,400 square feet of gross building area, and a two-lane drive-thru on the parking lot.

Please complete and return the Confidentiality Waiver for leases and seller’s income and expense projections.

SITE:
Situated at the northeast corner of E. Northern Parkway and Everall Avenue, the property comprises approximately 20,081 square feet or 0.46 acre of land.  The lot fronts approximately 139' along the north side of Northern Parkway and approximately 123' along the east side of Everall Avenue.  The lot is opposite Walther Avenue.  The property is well landscaped and improved by a two story office building.  The balance of the lot is asphalt paved.

●    Surface parking for approximately 25 cars with exterior lighting
●    Curb cuts on Northern Parkway and Everall Avenue
●    Public water, sanitary sewer, gas, electricity, telephone, internet
●    Two bank drive-thru lanes
●    Traffic signal at the site
●    Zoning B-1-1, neighborhood commercial

IMPROVEMENTS:
Freestanding Two Story Masonry Commercial Building - according to public tax records, the building was constructed in 1960 and contains 4,800 square feet of gross building area and 2,400 square feet of basement space.  

Exterior
Brick facade
Built-up roof, surrounded by composition shingle mansard style roof, aluminum rainspouts
Two front bow show windows
Wooden double-hung windows on upper level
Steel fire escape
Front and rear building entrances

First Floor
Bay Bank - recently renovated bank branch with lobby, 5 teller windows, 2 private offices, vault, safe deposit box office, customer rest room; finishes are drywall and carpeting

northern3700 banklobby  northern3700 office1  northern3700 office2

Basement
Conference room, storage rooms, mechanical room, 2 employee rest rooms

northern3700 meeting  northern3700 basement

Second Floor
Flanagan Suite - 4 offices, general office area and 2 rest rooms
Vacant Suite - 2 rooms
Finishes are carpeting, drywall, acoustical tile ceilings with florescent lighting

northern3700 2ndflr room1  northern3700 2ndflr room2

Mechanical
3 zone air conditioning
Gas hot water baseboard heat on first floor and basement
Heat pumps on second floor
3 electric meters
1 gas meter
Single and three-phase electrical service

TITLE:
The property is in fee simple and sold free and clear of liens.  Baltimore City Deed Liber 16848, Page 465.

TAXES:
Published annual real estate taxes for 2015 are $9,540.70.

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.  If necessitated by price, 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.  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.  Buyer acknowledges that it is the intention of the Seller to create an IRS Section 1031 Tax Deferred Exchange (the "Exchange") and that the Seller's rights and obligations under this Contract may be assigned to a qualified intermediary (the "Intermediary") to be designated by the Seller to facilitate such Exchange.  Buyer agrees to fully cooperate with the Seller and Intermediary, at no additional cost of liability to the Buyer, to enable Seller to utilize the contemplated Exchange.

No buyer’s premium.