Owner Retiring Due to Poor Health:
Real Estate Auction

SOUTH BALTIMORE
- Near Federal Hill -


Water View
BAR & RESTAURANT
Known As "Felix's"

In Full Operation
Suitable for Redevelopment



Sale On Premises
1400 KEY HIGHWAY
Corner Webster Street
Baltimore, MD 21230

THURSDAY, DECEMBER 14, 2006
AT 11:00 A.M.


Real Estate

LOCATION:

1400 Key Highway is located in the Riverside neighborhood of south Baltimore, between Federal Hill and Locust Point. The site is opposite Baltimore's Inner Harbor, east of the Harborview and Ritz Carlton developments and west of the Baltimore Museum of Industry. Port Covington and I-95 Exit 55 are about 1/3 mile to the south.

Neighborhood descriptions from livebaltimore.com:
Riverside and Federal Hill

LOCATION MAP

HISTORY:

The property has been operated as a bar and restaurant for many years, but is well suited for a variety of real estate ventures. Felix's is in full operation daily from 10:00 a.m. to 2:00 a.m.

SITE:

Originally comprised of two lots, the property fronts 65' on Key Highway by 25'2" on Webster Street, being the southwest corner. The property has excellent visibility from east and westbound Key Highway and Webster Street.

BLOCK PLAT

BUILDING:

Two story (three-level) brick end-of-group building. According to public tax records the building was constructed in 1910.

Exterior
New rubber roof
Repointed brick walls
New replacement windows
Separate entrances for tavern on Key Highway and two townhomes on Webster Street
Felix's Tavern/Bar/Restaurant
Ground level entry
Bar
Amusement/vending area
2 rest rooms
Commercial kitchen
Carrier heat pump and central air conditioning
5 - electric meters (3 up, 2 down) Photos of auction property
VENDING AREA      KITCHEN
Townhomes - Harbor Views
Formerly comprising 3 apartment units, the upper levels are gutted and ready for renovation. Each home has a separate entrance with brick porch on Webster Street Photos of auction property
TOWNHOME INTERIOR PHOTO #1     PHOTO #2     PHOTO #3

ZONING:

R8, residential; registered as a tavern and 2 dwelling units

TITLE:

In fee simple. The property is sold free and clear of liens. Deed Liber 9028, folio 514.

TAXES:

Real property (2005) - $3,106.12

INCOME
POTENTIAL:

A potential tenant has expressed an interest in leasing the tavern for $4,000/month. The seller has not entered into any agreement. In addition, Felix's has been a strong amusement/vending machine location. Existing machines belonging to Statewide Vending will be removed at the buyer's request.

Liquor License & Equipment

LIQUOR LICENSE:

7-Day Type BD-7 Beer, Wine and Liquor License - permits sales for on and off-premises consumption. The transfer of this liquor license is subject to the approval of the Board of Liquor License Commissioners of Baltimore as in the case of an original application, and it shall be the sole responsibility of the purchaser to obtain said approval. The license is sold free and clear of liens.

EQUIPMENT:

Bar and tavern equipment including stools, glassware, refrigeration equipment, stainless steel range/oven, large screen televisions, etc. The equipment will be offered as an entirety only with the liquor license.

Manner of Sale

1ST OFFERING:

The real estate will be offered and the bid reserved.
Deposit $40,000.

2ND OFFERING:

The liquor license and equipment will be offered together as an entirety and the bid reserved.
Deposit $10,000.

3RD OFFERING:

The real estate, liquor license and equipment will be offered as an entirety.
Deposit $50,000.

The sale will be made in the manner producing the greater amount.

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. Real Estate and Entirety 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, 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. The property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. 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. If the License and Equipment Are Sold Separately from the Real Estate - Balance in Full Is Due by Monday, December 18, 2006 at 10:00 A.M. Time Is of the Essence.

NO BUYER'S PREMIUM.

Broker participation is invited.
BROKER REGISTRATION FORM