Redevelopment Opportunity:
For Responsible Developer


REAL ESTATE AUCTION

- RESERVOIR HILL -
APARTMENT BUILDINGS
Requiring Rehabilitation

Comprising 57 Units in Designated
National Historic District



Sale On Premises
2419-2427 & 2439-2445
CALLOW AVENUE
And 2435-2437
LAKEVIEW AVENUE

Off 800 Druid Park Lake Drive
Baltimore, MD 21217

THURSDAY, FEBRUARY 24, 2005
AT 2:00 P.M.


LOCATION:

The properties are located in the Reservoir Hill neighborhood of Downtown Baltimore City, one block south of Druid Hill Park and two blocks west of Jones Falls Expressway (I-83 South) Exit 7. Callow Avenue and Lakeview Avenue are parallel streets, one block apart. The neighborhood is convenient to Metro subway, MTA light rail and public bus service, within walking distance of Baltimore's arts district.

Neighborhood Profile Link: http://www.livebaltimore.com/neighbor/reservoir_hill.htm

HISTORIC
DESIGNATION:

On August 10, 2004, Baltimore City's Commission on Historical and Architectural Preservation (CHAP) approved the Reservoir Hill neighborhoods application to the National Register of Historic Places. On December 23, 2004, the National Register of Historic Places designated Reservoir Hill a "National Historic District," potentially making redevelopers of properties within its borders eligible for federal and state tax credits.

IMPROVEMENTS:

Circa 1930s, three story brick apartment buildings, featuring front porches, built-up roofs, covered entries and high ceilings. The interiors have been gutted for renovation.


Address Building Description 2005 Real
Property Taxes
First Offering
2419-2427 Callow Avenue - Required Deposit $25,000

PHOTOGRAPH
2419 Callow Avenue 4 one-bedroom units (2 with porches), each approximately 500 sf gross living area

4 two-bedroom units with porches, each approximately 1,050 sf gross living area

Approximately 6,888 sf gross building area
plus full basement
$1,987.68
2423 Callow Avenue 4 one-bedroom units (2 with porches), each
approximately 500 sf gross living area

4 two bedroom units with porches, each approximately 1,050 sf gross living area

Approximately 6,888 sf gross building area
plus full basement
1,476.00
2427 Callow Avenue 6 two-bedroom units with porches, each approximately 1,148 sf gross living area

Approximately 6,888 sf gross building area
plus full basement
1,808.10
Total
First Offering
22 units and
24' x 161' parking lot in rear
5,271.78
Second Offering
2439-2445 Callow Avenue - Required Deposit $25,000

PHOTOGRAPH
2439 Callow Avenue 6 one-bedroom units (3 with porches)
Each unit approximately 800 sf gross living area; full basement
1,050.42
2441 Callow Avenue 6 one-bedroom units (3 with porches) Each unit approximately 800 sf gross living area; full basement 1,050.42
2443 Callow Avenue 6 one-bedroom units (3 with porches)
Each unit approximately 800 sf gross living area; full basement
1,050.42
2445 Callow Avenue 6 one-bedrooms units (3 with porches)
Each unit approximately 800 sf gross living area; full basement
1,050.42
Total
Second Offering
24 units 4,201.68
Entirety Offering
Callow Avenue Properties - Required Deposit $50,000
2419-2427 and 2439-2445 Callow Avenue 46 units 9,473.46
Separate Offering
2435-2437 Lakeview Avenue - Required Deposit $25,000

PHOTOGRAPH
ARCHITECTURAL CONCEPT PLAN
(Click Logo to get Adobe Acrobat Reader)
2435-2437 Lakeview Avenue 10 one-bedroom units (5 with porches), each approximately 700 sf gross living area

1 three-bedroom unit, approximately 1400 sf gross living area

Full basement
1,596.54
Total Lakeview Offering 11 units 1,596.54


TITLE:

All properties are in fee simple and sold free and clear of all liens.

ZONING:

Callow Avenue Buildings - R-8, residential
Lakeview Avenue Buildings - R-10, residential

SITE:

Lots are rectangular, level and clear. See the Baltimore City Block Plats for lot sizes: Callow Avenue Block Plat and Lakeview Avenue Block Plat

MANNER OF
SALE:

The properties will be offered in the noted groupings, the bids reserved and sold in the manner producing the greater amount.

TERMS OF
SALE:

A $25,000 deposit on each grouping ($50,000 if 46 Callow Avenue units are sold as an entirety), 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 within 45 days. If payment of the 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 an 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 properties will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to housing violation notices. Purchaser assumes the risk of loss from the date of sale forward. The Purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. If the Sellers are 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 Sellers or Auctioneers. Recordation costs and transfer taxes to be paid by the Purchaser. Time is of the essence.

Broker participation is invited - Click for registration form.

NO BUYER'S PREMIUM.



Addendum to Contract of Sale - February 24, 2005

Conditions for the sale of 2419-2427 & 2439-2445
Callow Avenue and 2435-2437 Lakeview Avenue


If Rehabilitation -
  • Comply with zoning, including meeting or exceeding minimum parking requirements.
  • No basement apartments.
  • Lead/asbestos abatement.
  • Rehabilitation work must meet applicable standards and if historic tax credits (property is eligible for tax credits) are sought all deadlines will be extended to accommodate this process if permits are promptly applied for and diligently pursued.
  • Rehabilitation work must be completed and occupancy permits must be issued within 24 months of sale.
  • Initial design/concept plans submitted to the Department of Housing and Community Development ("the Department") Development Division within 90 days of purchase, and construction plans suitable for contractor bidding within 6 months.
  • Upon approval of the Department, apply for building permits within 60 days.
  • Upon receiving building permits, construction must begin within 6 months.

If New Construction -
  • Comply with zoning, including meeting or exceeding minimum parking requirements.
  • Construction must be completed and occupancy permits must be issued within 24 months of sale. If buyer wanted to assemble the block, City to grant reasonable extension.
  • Initial design/concept plans submitted to Department of Housing and Community Development ("the Department") within 90 days of purchase, and construction plans suitable for contractor bidding within 6 months.
  • Upon approval of the Department, apply for building permits within 60 days.
  • Upon receiving building permits, construction must begin within 6 months.
  • Demolition:
    • Comply with all regulations for dust, lead, asbestos and rat abatement (per the law).
    • Provide 2-week notice to neighbors and Reservoir Hill Improvement Council (RHIC) of demolition, including demolition schedule.
    • Communicate during demolition with neighbors and RHIC on progress of demolition.
  • Design:
    • Present development concepts to community (coordinate through RHIC) for feedback at least three stages of design: concept, preliminary and final.
    • New construction must be reasonably compatible in massing and design with historic surroundings.
    • For new construction projects involving two or more of the parcels, design must be approved by CHAP (or Department of Planning Staff).

       NOTE: All of the time deadlines set forth above are subject to acts of god, fire, delays caused by the City and any other governmental agency in its approval and permitting process. Further, if the property owner/developer is acting in good faith and with due diligence in completing the permitting, approval and construction process and a deadline is missed, the City agrees to give a reasonable extension to permit the project to be completed.