REAL ESTATE AUCTION
- Baltimore, Maryland -

APARTMENT COMPLEX
77 Self-Contained Units
"Willow Apartments"


$31,903 Gross Monthly Income
At 90% Occupancy



Sale On Premises
4101-4119 & 4210-4212
ST. GEORGES AVENUE
Off 4100 The Alameda 21218
Penn-Lucy/Northwood Area

THURSDAY, FEBRUARY 24, 2005
AT 11:00 A.M.


LOCATION:

Willow Apartments is located in the Penn-Lucy/Northwood area of northeast Baltimore, off 4100 The Alameda. The neighborhood is well established, convenient to employment centers and public amenities. MTA bus service is one block east of the apartments. Directions - Northern Parkway to The Alameda, turn south one mile to St. Georges Avenue, turn right to the Willow Apartments.

LOCATION MAP

PROPERTY
DESCRIPTION:

The improvements consist of a series of three story brick garden apartment buildings, constructed circa 1962 and 1969. Buildings have front and rear entrances, built-up roofs and aluminum sliding windows. There are two asphalt paved parking areas. Each apartment has a separate gas hot water furnace, separate water heater and separate utility meters. Interior finishes are drywall, hardwood, parquet, carpeting and vinyl. Willow Apartments has a total of 77 units:

73
2
  2
77
One-bedroom apartments
Two-bedroom apartment
Studio apartments

According to the January 2005 rent roll, provided by the property owner, 70 units are leased, 6 units are vacant and one unit (4212-5) is occupied by a maintenance man at no rent. According to the rent roll, 11 units are HUD Section 8 rentals. Tenants typically have one-year leases, then become month-to-month.

ADDITIONAL PHOTOS

 
SITE:

Lots Nos. 45, 46, 47 and 48 on Baltimore City Block 5204, known as 4101-4119 St. Georges Avenue are located on the east side the street, near Argonne Drive. Lot 25, Block 3973-D is known as 4210-4212 St. Georges Avenue, is across the street at the corner of E. 43rd Street. Please see the attached Block Plats for lot sizes.

Block Plats: 4101-4119 and 4210-4212

ZONING:

R7, residential for 77 apartment units

TITLE:

In fee simple. Deed Liber 4076, page 464. The property will be sold free and clear of liens with good and merchantable title guaranteed.

OFFERINGS:

The apartments will be offered in three groupings and the bid reserved. Then all 77 units will be offered as an entirety and sold in the manner producing the greater amount. Groupings -

4101-4113
4115-4119
4210-4212

Entirety
24 Units & Rental Office
29 Units
24 Units

77 Units
Deposit $ 75,000
Deposit $ 75,000
Deposit $ 75,000

Deposit $225,000

TERMS OF SALE:

Deposits, as stated above, 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. 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, and subject to the rights of the tenants in possession. The purchaser waives and releases the Seller 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 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.
No Buyers Premium

FINANCING:

Assumable financing may be available to qualified buyers. Please call for details. Principal balance - $1,493,481.49 as of January 1, 2005; maturing August 1, 2013; Interest rate - 5.710%.

BROKER
PARTICIPATION:


Click here for the registration form.

INSPECTION:

By appointment with the Auctioneers, call 410-752-8440, or one hour prior to auction.


INFORMATION AVAILABLE BY REQUEST


Rent Roll as of January 2005

2004 Expense Data

Phase I Environmental Report Executive Summary

Lead Paint Certificates

       Note: Prospective purchasers must sign a Waiver and Confidentiality Agreement prior to inspecting any of the above. The agreement may be faxed to 410-385-1841 or emailed to dan@ajbillig.com. Please specify if you want the Information by Email or U.S. Postal Service.