"Upper Fells Point National Historic District"

Prominent Restaurant & Two Large Turn-Key Apartments
High Visibility Building
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Listing Details

Sold Price
$330,000
Auction Date
Auction Time
2:00 PM
Address
129 S. Broadway, Baltimore, MD, 21231
County
Baltimore City
Neighborhood
Upper Fells Point National Historic District
Inspection
At 1:00 p.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.
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

UPPER FELLS POINT
National Historic District

High Visibility Building:
PROMINENT RESTAURANT &
TWO LARGE TURN-KEY APARTMENTS

Sale On Premises
129 S. BROADWAY
Known as "Arcos"
Also Fronts on E. Pratt Street
Baltimore City, MD 21231

THURSDAY, JUNE 23, 2016
AT 2:00 P.M.

- Suggested Opening Bid: $250,000 -

    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:
Broadway is the predominant north-south artery in southeast Baltimore City. The Fells Point area features an eclectic array of architecture and historic character, with Broadway exemplifying much of that charm. The location is well known as an employment, shopping, dining and entertainment hub in Baltimore. Johns Hopkins Hospital is just a couple of blocks to the north. Other surrounding neighborhoods include Canton, Patterson Park and Butcher's Hill.

Situated on both S. Broadway and E. Pratt Streets, the property's orientation offers tremendous exposure for businesses of all kinds. The variety of shopping, dining, office and residential uses in close proximity exemplifies the high demand for space in the area. The auction offers an opportunity for a user to have a visible location in an historic neighborhood while generating cash flow from the additional units, or for an investor to maximize cash flow once all units are occupied.

1706 E. Pratt Street, adjoining the E. Pratt Street portion of this property, will be offered immediately after the initial offering of this property. Both bids will be reserved, and the properties will then be offered as an entirety. The entirety offering presents the chance to own multiple, adjoining investment properties in the same location, giving a user or general investor a wider array of property uses with similar management.

For more information, please see:
http://www.livebaltimore.com/neighborhoods/list/upperfellspoint/
&
http://www.upperfellspoint.org/

SITE:
Rectangular shaped lot comprising 3,167 square feet, more or less

The lot fronts 22' on S. Broadway and 8.5' on E. Pratt Street with a total rear lot line of 84'

Plat Close-Up
broadway129 plat closeup

Full Plat

The rear portion of the lot is positioned partly behind 127 S. Broadway and 1706 E. Pratt Street

Large, partially covered brick patio with ample table space, bar area, plumbing and electric

Serviced by public water, public sewer and natural gas

Zoned B-2-2, Community Business District: Approved use for 3 apartment units.

IMPROVEMENT DESCRIPTION:
Three story inside-group brick building  - according to public tax records, the building was constructed in 1900, contains 3,960 square feet above grade and full basement. The property is arranged for a large full service restaurant with multiple bars, seating areas, garden patio for al fresco dining, full service kitchen and ample storage on the first floor and lower level. The second and third stories are comprised of two updated, full-floor 2-bedroom and 2-bath apartments with outside space.

RESTAURANT - First Floor & Lower Level
Formerly known as "Arcos," the restaurant portion of the building features extensive wood detail, tin ceiling, marble bar, multiple seating areas and expansive patio. The lower level of the restaurant portion features a full service kitchen with stainless hood system, cold storage, dry storage and office area.

 

 

APARTMENTS - Second & Third Floor
The apartments feature a shared interior entrance with architectural detail. Each unit has been substantially updated, and features hardwood and ceramic tile floors, wood detailing, mantles, ample living areas, separate gas meters, electric meters, gas furnaces and hot water heaters. Each unit contains living room, full kitchen, master bedroom with en-suite bath, additional bedroom, hall bath and patio.

 

 

ANNUAL REAL ESTATE TAXES:
Published annual real estate taxes are $6,119 based on a full value assessment of $272,400.

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

INSPECTION:
At 1:00 p.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.

MANNER OF SALE:
129 S. Broadway will be offered first, and the highest bid reserved. 1706 E. Pratt Street will be offered second, and the bid reserved. Both 129 S. Broadway and 1706 E. Pratt Street will then be offered as an entirety. The properties will be sold in the manner producing the highest result. 128 S. Broadway will be sold separately immediately following the previous three offerings.

TERMS OF SALE:
A $25,000 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 agrees to waive the right of inspection for lead paint, as provided under current Federal and State law.  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. No representations, express or implied, are made with respect to the use of the property, including but not limited to zoning code, area classification, area designation, permitted uses as of right, ancillary uses, special exceptions, use and occupancy or other Federal, State or County permits. 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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