PUBLIC AUCTION

RIVERSIDE PARK
"South Baltimore"

Unique, 2 Story
APARTMENT BUILDING

With Subdivision Potential

PHOTOS:     FRONT     SIDE     REAR     BLOCK

Sale On Premises
130-132 E. BARNEY STREET
Corner of 1800 Byrd Street
BALTIMORE, MD 21230

WEDNESDAY, AUGUST 3, 2005
AT 11:00 A.M.


       THE INFORMATION CONTAINED HEREIN HAS BEEN OBTAINED FROM SOURCES DEEMED RELIABLE AND BELIEVED TO BE ACCURATE. HOWEVER, NO EXPRESS OR IMPLIED WARRANTY IS MADE AS TO THE ACCURACY OF THESE REPRESENTATIONS.

GENERAL INFORMATION

LOCATION:

One of Baltimore's hottest neighborhoods, just south of Federal Hill! The property on a great rehab. area and block, only two blocks from Riverside Park. The building is within walking distance of public transportation and within 5 minutes of the Downtown Baltimore business district and the Inner Harbor.

For a detailed neighborhood profile, see:
http://www.livebaltimore.com/nb/list/riverside/

LOCATION MAP

SITE:

Corner lot measures: 24' x 64', more or less

BLOCK PLAT

ZONING:

R-8, two apartment units

IMPROVEMENT
DESCRIPTION:

2-interconnecting two story townhomes features vinyl double glazed windows, fenced rear yard and is arranged as follows:

1st Floor Front - living room, kitchen, bedroom and bathroom.
Vacant (was rented for $600/month)

1st Floor Rear - living room, kitchen, bedroom and bathroom
Rented for $600/month

2nd Floor - living room, kitchen, 2 bedrooms and bathroom
Rented for $750/month

Note: The building has potential to be converted back into two individual townhomes. However, no warranty or representations are being made as to the permissibility of the subdivision. Perspective purchasers are encouraged to contact the appropriate Baltimore City zoning authorities as to potential subdivision and/or alternative uses for the property.

ANNUAL REAL
ESTATE TAXES:


$2,056.60

TITLE:

Subject to an annual $60 ground rent; being sold free and clear of all liens

INSPECTION:

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


TERMS OF SALE

       Deposit payable by certified or cashier's check of $20,000 will be required of the purchaser at time and place of sale. The deposit is to be increased to 10% of the purchase price within 24 hours at the office of the Auctioneers. Balance to be paid in cash within 45 days. If payment of the balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting 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. Taxes, ground rent and all other public charges and assessments, payable on an annual basis, including 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, without express or implied warranty as to the nature and description of the improvements as contained herein; and subject to the rights of the existing tenants, and any easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes risk of loss from the date of sale forward. 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 Auctioneer. The purchaser agrees to waive the right of inspection for lead paint as provided under current Federal and State Law. Cost of all recordation and transfer taxes to be paid by the purchaser. TIME IS OF THE ESSENCE. NO BUYERS PREMIUM!

       NOTE: 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.