Sale On Premises
TUESDAY, MAY 23, 2006


AT 1:00 P.M.
216-218 W. MADISON STREET
14 Apartment Units & 2-Car Garage

Photos of auction property
FRONT VIEW      STREET VIEW

SITE:

Located two blocks west of Baltimore's Washington Monument, between Park Avenue and Howard Street, the corner property fronts 44'11" on W. Madison Street by 97' on Tyson Street.

BLOCK PLAT

BUILDING:

Two interconnected three-story brick townhouses feature two entrances with granite steps, double hung windows, built-up roof, two front basement entrances, steel fire escape, storm windows. The building is currently configured for 14 apartments. Ten units are self-contained with separate gas forced hot air heat , central air conditioning and utility meters. Two other units have central air and the remaining two do not. There is a 2-car garage and a laundry room with recently installed coin operated machines. The building requires some renovation, but has original millwork, hardwood floors and large rooms with high ceilings.
Photos of auction property
Interior:   PHOTO #1    PHOTO #2    PHOTO #3    PHOTO #4

Only 5 units are currently rented, ranging from $450 to $715 per month; all month-to-month tenancies.

ZONING:

B-5-1, commercial; registered for 13 dwelling units, 1 room and 1 other

TAXES:

Tax year 2005 - $4,438.36

TITLE:

In fee simple. The property will be sold free and clear of liens.

NOTE:

Units are not registered in the MDE lead program.

FINANCIALS:

Please return the Confidentiality Waiver form below. Upon receipt, we will forward the current rent roll, unit breakdown, income and expense data.
CONFIDENTIALITY WAIVER FORM

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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. 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 property will be sold in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Dimensions contained herein are more or less. 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. A 5% buyers premium shall be added to the final bid price.

Buyer acknowledges that it is the intention of the Seller to create an IRS Section 1031 Tax Deferred Exchange (the "Exchange") and that the Seller's rights and obligations under this Contract may be assigned to a qualified intermediary (the "Intermediary") to be designated by the Seller to facilitate such Exchange. Buyer agrees to fully cooperate with the Seller and Intermediary, at no additional cost of liability to the Buyer, to enable Seller to utilize the contemplated Exchange.


Links To: MAIN AUCTION DETAILS

AT 11:00 A.M.: 107-109 W. MONUMENT STREET

12:00 NOON: 218 W. MONUMENT STREET

AT 2:00 P.M.: 12 E. MADISON STREET