Real Estate Auction
-Downtown Baltimore-


Three Story Brick
STOREFRONT BUILDING

Rehabilitation Required

Located in "Seton Hill"
National Historic District

FRONT VIEW     AERIAL PHOTO

Sale On Premises
422-424 W. FRANKLIN STREET
Between Paca & Eutaw Streets
Baltimore, MD 21201

WEDNESDAY, JUNE 8, 2005
AT 11:00 A.M.


LOCATION:

The property is located in the Seton Hill neighborhood of Baltimore City, within blocks of the Market Center Redevelopment District, Hippodrome Theater, University of Maryland Hospital and Professional Schools and Social Security Administration. The property is located in a National Historic District, providing an opportunity for Federal, State and/or local tax credits. The location is ideal for retail, offices and/or apartments.

Click http://www.ci.baltimore.md.us/neighborhoods/central/setonhill.html for more neighborhood details.

LOCATION MAP

BUILDING:

Three story brick inside-group building with attractive facade, two storefronts, separate entrance for upper levels, partial basements, one story rear addition and flat built-up roofs. The building is vacant, boarded and requires rehabilitation. Public records indicate the building was constructed in 1920. The structure is believed to contain approximately 3,600 square feet of gross building area on the first floor and approximately 2,000 square feet on each of the second and third floors, comprising approximately 7,600 square feet.

SITE:

Rectangular configuration 40'10" x 93'2" or 3,813 square feet, more or less, interior lot. The lot is level and improved. Public utilities are available to the site.

BLOCK PLAT

TITLE:

In fee simple. Deed Liber FMC 3161, Page 364. The property will be sold free and clear of all liens.

TAXES:

2005 Real Property Taxes - $1,242.30
Identified as Lot No. 10/11 on Baltimore City Block 547A

ZONING:

B-5-1, Central Commercial District

OCCUPANCY:

First floor is occupied at $1,200/month under a month-to-month arrangement. The space is used for storage.

INSPECTION:

One hour prior to sale or by appointment.

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 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, rents, 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 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. The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, and subject to the rights of the tenant in possession, if any. Dimensions and square footage contained herein are more or less. The property is sold subject to existing violation notices - a copy of which may be obtained from the Auctioneers. 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 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 and transfer taxes to be paid by the Purchaser. Time is of the essence.

No buyers premium.

BROKER
PARTICIPATION:


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