Prime Investment Opportunity:
REAL ESTATE AUCTION
- Downtown Baltimore -


OUTSTANDING BRICK
APARTMENT BUILDINGS


28 Self-Contained Units In
"Mt. Vernon Historic District"


$263,967 Annual Rent Roll
100% Occupied

FRONT VIEW     AERIAL PHOTO

Sale On Premises
9, 13, 15-17, 19-21
W. PRESTON STREET

Corner Maryland Avenue
Baltimore, Maryland 21201

THURSDAY, SEPT. 29, 2005
AT 2:00 P.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:

The auction property consists of four superbly maintained, completely updated apartment buildings, on one of Mid-Town Belvedere's most beautiful blocks. The properties are located between the 1200 blocks of N. Charles Street and Maryland Avenue, opposite the Greek Orthodox Church and University of Baltimore, amid Baltimore's Cultural Arts Center. Major employers, upscale restaurants and retailers are within the neighborhood. The site is in close proximity to the University of Maryland Downtown Professional Campus and major hospitals. Baltimore's Downtown Financial District, to the south, is a short walk. Public transportation is within a block.

The properties are located in the "Mt. Vernon Historic District," offering potential for historic tax credits.

For a detailed neighborhood profile, visit:
http://www.livebaltimore.com/nb/list/mtvern/

LOCATION MAP

For directions from your location, visit:
http://www.mapquest.com/directions/main.adp

SITE:

The properties comprise six lots (five are contiguous) on the south side of W. Preston Street, between Morton Street and Maryland Avenue. The improvements encompass most of the lot area. All public utilities are in the properties.

BLOCK PLAT

The current property owners have negotiated for 15 parking spaces in a garage in the rear on a month-to-month basis.

IMPROVEMENTS:

Originally comprised of six, three-story brick townhouse mansions, the offered property consists of four apartment buildings:

9 W. Preston Street
13 W. Preston Street
15-17 W. Preston Street
19-21 W. Preston Street

Total
5 Units
5 Units
10 Units
  8 Units

28 Units

Exterior finishes are in keeping with the turn-of-the-century construction of the buildings. The structures have decorative brick facades, Andersen double-glazed windows, flat built-up roofs, granite steps, enclosed entry vestibules with intercom, oak interior staircases, skylights and architectural detail. 9, 13 and 15-15 W. Preston Avenue were renovated in the 1980s and have been continually updated. Units typically have at least one fireplace, 9' to 12' ceilings, hardwood floors, drywall, plaster and brick walls, ceramic tile baths, KraftMaid solid wood kitchen cabinets with Kenmore range/oven, microwave, disposer, dishwasher and refrigerator, separate 30-gallon gas water heater, Ruud or Bryan gas forced hot air heat and central air conditioning, and recessed lighting. 19-21 W. Preston Street apartments were completely renovated in 2002, have European-style kitchen cabinets, heat pump, central air conditioning, in-unit washer/dryer, ceiling fans and wet sprinkler system; sun deck in rear. There is a laundry room for the balance of the properties.

Finishes and trim are high quality. Owner-provided management and maintenance are excellent. Units are rarely vacant for more than a day!

Interior Finishes

HARDWOOD FLOORS      EXPOSED BRICK
MANTEL & MIRROR     STAINED GLASS
DECORATIVE TRIM

Modern Kitchens

KITCHEN #1      KITCHEN #2      KITCHEN #3

Living Rooms and Fireplaces

MARBLE FIREPLACE #1      MARBLE FIREPLACE #2
BRICK FIREPLACE #1      BRICK FIREPLACE #2

Leases are on a year-to-year basis. All of the units have been registered in the Maryland Department of the Environment's Lead Paint Program as lead-free - certificates to be provided.

FINANCIALS:
Current Monthly Rent Roll:

9 W. Preston Street
13 W. Preston Street
15-17 W. Preston Street
19-21 W. Preston Street

Total Monthly Rent Roll


$ 3,480
3,485
7,670
    7,362

$ 21,997

For detailed unit breakdown and Income & Expense statements, please complete and return the following confidentiality form:

CONFIDENTIALITY FORM
(Requires Acrobat Reader to view)
Click Logo to get Adobe Acrobat Reader

ZONING:

B-4-2, Central Business District. The units are licensed and approved as occupied. For zoning information, see:
http://www.ci.baltimore.md.us/government/legislative/zoning/

TITLE:

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

INSPECTION:

One hour prior to sale.

MANNER OF SALE:

9, 13 and 15-17 W. Preston Street will be offered individually and as an entirety and sold in the manner producing the greatest amount. 19-21 W. Preston Street will be offered separately at all times.

TERMS OF SALE:
Required Deposits, as follows:

9 W. Preston Street
13 W. Preston Street
15-17 W. Preston Street

Entirety

19-21 W. Preston Street


$ 25,000
25,000
    50,000

$ 100,000

$ 40,000

Deposits are payable by certified check or cashier's check and are required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within two (2) business days at the Auctioneer's office. Balance to be paid in cash within sixty (60) 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. 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 settlement and assumed thereafter by the purchaser. Security deposits, if any, will be transferred at settlement. The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any, subject to the rights of the tenants in possession. Dimensions, square footage and acreage contained herein are more or less. The purchaser waives and releases the Sellers and 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. 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, transfer taxes and all costs incidental to settlement to be paid by the purchaser. Time is of the essence.

NO BUYER'S PREMIUM.

BROKER
PARTICIPATION:


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