"Mount Vernon Historic District"

Two Story Commercial Building
Zoned B-4-2 Central Business District
2,220+/- Sq. Ft. GBA, 8-9 Car Parking
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Listing Details

Sold Price
$320,250
Auction Date
Auction Time
11:00 AM
Address
507 Park Avenue, Baltimore, MD, 21201
County
Baltimore City
Neighborhood
Mount Vernon Historic District
Inspection
At 10:00 a.m. on the day of the auction. Showings may be scheduled prior to the auction based on demand. Please email info@ajbillig.com or call 410.296.8440 to state your interest in inspecting the property prior to sale.
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

MOUNT VERNON
Historic District

Two Story
COMMERCIAL BUILDING
Zoned B-4-2: Central Business District
2,220+/- Sq. Ft. GBA ✦ 8-9 Car Parking

- Facing Mount Vernon Marketplace -

Sale On Premises
507 PARK AVENUE
Baltimore City, MD 21201

NEW AUCTION DATE:
WEDNESDAY, JUNE 8, 2016

AT 11:00 A.M.

- Suggested Opening Bid: $150,000 -

    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:
507 Park Avenue is located in the Mount Vernon Historic District in Baltimore City. The property is located on the west side of Mount Vernon, facing the new Mount Vernon Marketplace retail and multi-unit development. In addition to the Marketplace, there are a number of significant new construction projects within the surrounding blocks. Mount Vernon has always been a vibrant core for Baltimore, featuring grand monuments and statues, impressive architecture, major businesses, an impeccable music and art scene, great restaurants and much more. The Central Business District is immediately to the south, University of Maryland Baltimore is immediately to the southwest, University of Baltimore and Maryland Institute College of Art are to the north.

The location, manageable size and on-site parking make the building suitable for varied uses. Links below feature some options for multi-unit development. Recently approved CHAP historic tax credits offer an added incentive to further improve the property for office use, or to redevelop as apartments, single family or mixed use. The auction presents an opportunity to take advantage of the significant changes in the area, and with a project approachable for commercial users, home buyers looking for a renovation, or investors of all types.  

For more information about Mount Vernon, please visit:
http://livebaltimore.com/neighborhoods/mount-vernon/

SITE:
Rectangular lot - 20'6" x 150', more or less

20'6" of road frontage along Park Avenue - good visibility for northbound Park Avenue  traffic

Bounded in the rear by a wide alley street known as Ploy Street or Ploy Alley

Macadam paved parking area - 8-9 cars

Zoned: B-4-2, Central Business District
For more information, see the Baltimore City Zoning Code.

All public utilities

Plat

Aerial Photo:
park507 aerial

IMPROVEMENT DESCRIPTION:
Two story brick building - according to public tax records the building was constructed in 1900. The building contains three finished floors, with approximately 2,220 square feet of gross building area. Most recently used as an office for a security company, and formerly as a law office. Building details are as follows:

Exterior
Brick exterior
Flat-built up roof
Wood double-hung windows
Aluminum down spouts and rain gutters

Interior

First Floor: drywall, parquet wood floors and carpet

  • Entry foyer
  • Reception and waiting room
  • Large office area
  • Kitchenette
  • Powder room

Second Floor: drywall and carpet

  • 5 offices/rooms
  • Powder room

Lower Level: paneling, carpet and drop ceiling

  • Two offices
  • Large finished file storage area
  • Multiple closets
  • Unfinished storage area
  • Full ceramic tile bath

Mechanical
Gas hot water boiler
Central air conditioning (electric)
30 gallon gas water heater
200 amp. electrical service
park507 mech meters

More information coming soon, including 5 unit build out plans, 3 unit CHAP approved build out plans, architectural drawings and City hearing information.

CHAP Letter dated January 13, 2016

Architectural drawings for 5 Units, including Three Story Rear Build Out

Additional Architectural drawings for 5 Units, including Three Story Rear Build Out

Architectural drawings for 6 Units, with Three Story Build Out

ANNUAL REAL ESTATE TAXES:
Published annual real estate taxes are $4,052.12 based on a full value assessment of $171,700.

TITLE:
The property is in fee simple; and is being sold free and clear of all liens.

INSPECTION:
At 10:00 a.m. on the day of the auction. Showings may be scheduled prior to the auction based on demand. Please email info@ajbillig.com or call 410.296.8440 to state your interest in inspecting the property prior to sale.

TERMS OF SALE:
A $15,000 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. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of contract 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 contract 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 contract 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. A 5% buyer's premium will be added to the final bid price.