Dissolution of Partnership:
REAL ESTATE AUCTION

"UPPER FELLS POINT"
APARTMENT BUILDING

10 Self-Contained Units
$9,100 Current Monthly Rent Roll


Photos of auction property
FRONT VIEW      REAR VIEW      LEFT CORNER      RIGHT CORNER

Sale On Premises
1901 E. LOMBARD STREET
Corner S. Wolfe StreetBaltimore, MD 21231

THURSDAY, APRIL 6, 2006
AT 2:00 P.M.


LOCATION:

1901 E. Lombard Street is a well-established East Baltimore neighborhood, amid Fells Point, Butcher's Hill and Canton. Being in close proximity to waterfront attractions, shopping and nightlife, Upper Fells Point's location near I-95 and I-83 make it convenient to employment centers throughout the region. Downtown Baltimore is less than two miles west.

LOCATION MAP

For a neighborhood description, visit:
http://www.livebaltimore.com/nb/list/upflspt/

Photo of

SITE:

Comprising the southeast corner, the site fronts 70' along E. Lombard Street by 83' along S. Wolfe Street. The improvements are oriented towards S. Wolfe Street. A side-entry courtyard leading from E. Lombard Street provides a serene setting and access to the current building entry. Formerly the Convent of the Sisters of Notre Dame, the property is enclosed by a brick wall. The site was formerly known as 1901-1911 E. Lombard Street and 101-103 S. Wolfe Street.

Public water, sanitary sewer, natural gas, electricity, telephone and cable television service are in the property.

BLOCK PLAT

BUILDING:

Four-story brick freestanding building, formerly a convent, was renovated and converted to apartments in about 1990. The building is listed on the National Register of Historic Places. Features include an ornate wraught iron porch, steel fire escape, composition shingle roof and carriage house. The property contains 10 apartment units, each with separate heat pump, central air conditioning, electric water heater and electric meter. The building has a large entry foyer with curved banisters, pressed tin ceiling, gas forced hot air heat, a basement level coin-operated laundry room, remote intercom entry and master key system.

Photos of auction property
COURTYARD: PHOTO #1      COURTYARD: PHOTO #2
PORCH: PHOTO #1      PORCH: PHOTO #2

Interior ceiling heights range up to 11'. Finishes include pine flooring, carpeting, ceramic tile, plaster, drywall, updated white laminate and oak kitchen cabinets, fiberglass bathtub enclosures and ceramic tile bath floors. Kitchen appliances include range/ovens, refrigerators, disposals and some dishwashers.

Photos of auction property
ENRTY FOYER      STAIRWAY
KITCHEN      HARDWOOD FLOORS

Unit Number
Location
Type of Unit Monthly Rental
#1
Basement
One-Bedroom $        850.00
#2
Basement
One-Bedroom 850.00
#3
First Floor
One-Bedroom 990.00
#4
First Floor
One-Bedroom 990.00
#5
Second Floor
One-Bedroom 810.00
#6
Second Floor
Two-Bedroom 1,050.00
#7
Third Floor
Two-Bedroom 945.00
#8
Third Floor
Loft Bedroom 915.00
#9
Fourth Floor
Large Studio with Downtown Skyline View 900.00
#10
Carriage House
Two-Story Unit One-Bedroom and Bath with 2 Skylights 800.00
Total Current
Monthly Rentals
  9,100.00
Projected Annual Rentals   $ 109,200.00

Coin operated laundry income was approximately $800 in 2005.

Current leases are for one year, becoming month-to-month. Tenants pay for their own utilities (separate meters) and water (prorated). Units are lead registered with the Maryland Department of the Environment (MDE). The building is currently self-managed at a very low vacancy rate.

Leases and lead certificates are available for inspection at the office of the auctioneer. Call 410-752-8440 to make an appointment.

INSPECTION:

12:30 p.m. on the day of the auction

TAXES:

2005 tax year - $9,413.52

INSURANCE:

2006 (as provided by owner) - $3,600

COMMON AREA
UTILITIES:

2005 (as provided by owner) - $2,400 for common area electricity and gas hallway heat

ZONING:

R8, residential

TITLE:

In fee simple. Deed Liber 2144, Page 350. The property is sold free and clear of all liens.

TERMS OF SALE:

A $50,000 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. 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. 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. Time is of the essence.

NO BUYER'S PREMIUM.

BROKER
PARTICIPATION:

Broker participation is invited. See our:
BROKER REGISTRATION FORM