Partnership Liquidation:
REAL ESTATE AUCTION

5 - Downtown Baltimore
APARTMENT BUILDINGS


Located in
"MOUNT VERNON"
National Historic District


Sales On Premises
TUESDAY, APRIL 11, 2006
At The Following Times

LOCATION:

Five, fully occupied apartment buildings are in the Mount Vernon and Mid-Town Belvedere neighborhoods of Downtown Baltimore. The area is Baltimore's cultural arts hub, featuring theaters, concert halls, art museums, art galleries, restaurants and specialty shops. University of Baltimore and Peabody Conservatory of Music are in the neighborhood. University of Maryland hospital and professional campus are a short walk. Public transportation includes MTA light rail, subway and bus service. Pennsylvania Station (Amtrak and MARC trains) is also within walking distance. In addition to Downtown employment centers, the area is near I-83 (Jones Falls Expressway), I-395 leading to I-95 and US-40, providing excellent highway linkage to the Baltimore and Washington metropolitan areas.

Detailed neighborhood description:
http://www.livebaltimore.com/nb/list/mtvern/

LOCATION MAP (for all properties)

AT 11:00 A.M.
1309 N. CALVERT STREET

5 - Self-Contained Apartment Units
Photo of auction property

SITE:

Between Preston Street and Mt. Royal Avenue, the site is three blocks walk to Penn Station, two blocks to University of Baltimore. Rectangular corner lot 18'1.5" x 97'8".

BLOCK PLAT

BUILDING:

Three story stone-front and brick Victorian end-of-group townhome, contains 4 two-bedroom, two-bath apartments and one loft unit with deck. Building features drywall, carpeting, updated kitchens and baths; separate gas forced hot air heat, central air conditioning and utility meters for each unit.

Current Monthly Rent Roll - $4,045. See below for detailed Income and Expense information.

Photos of auction property
PHOTO #1      PHOTO #2      PHOTO #3

ZONING:

OR-4, office-residential


Immediately Thereafter
1321 N. CALVERT STREET
4 - Self-Contained Apartment Units
Photo of auction property

SITE:

Between Preston Street and Mt. Royal Avenue, the site is three blocks walk to Penn Station, two blocks to University of Baltimore. Rectangular lot 18' x 80'.

BLOCK PLAT

BUILDING:

Three story stone-front and brick townhome, contains 4 two-bedroom, two-bath apartments. Building features drywall, carpeting, updated kitchens and baths; separate electric heat pump, central air conditioning and utility meters for each unit.

Current Monthly Rent Roll - $3,379. See below for detailed Income and Expense information.

ZONING:

OR-4, office-residential

DEPOSIT:

Calvert Street - $25,000 on each building or $50,000 if sold together.


AT 12 NOON
202 W. MONUMENT STREET

6 - Self-Contained Apartment Units
Photo of auction property

SITE:

Opposite Maryland Historical Society, between Park Avenue and Howard Street. Rectangular lot 25' x 130'2".

BLOCK PLAT

BUILDING:

Three story inside-group brick townhome, contains 3 one-bedroom, 2 two-bedroom, two-bath apartments and one efficiency unit. Building features many original architectural details, including mosaic tile entry, plaster, hardwood, mouldings and fireplaces. Separate gas forced hot air heat, central air conditioning and utility meters for each unit.

Current Monthly Rent Roll - $4,275. See below for detailed Income and Expense information.

ZONING:

OR-3, office-residential


Immediately Thereafter
206 W. MONUMENT STREET
6 - Self-Contained Apartment Units
Photo of auction property

SITE:

Opposite Maryland Historical Society, between Park Avenue and Howard Street. Rectangular lot 27' x 130'2".

BLOCK PLAT

BUILDING:

Three story brownstone and brick end-of-group townhome, contains 5 one-bedroom and 1 two-bedroom, two-bath apartments. Building features many original architectural details, including iron balcony, wood paneled entry foyer with marble floor, high ceilings, inlaid hardwood, mouldings, exposed brick walls and fireplaces (each unit has one or more fireplace). Separate heat pump, central air conditioning and utility meters for each unit.

Current Monthly Rent Roll - $4,560. See below for detailed Income and Expense information.

Photos of auction property
PHOTO #1      PHOTO #2      PHOTO #3      PHOTO #4

ZONING:

OR-3, office-residential

DEPOSIT:

Monument Street - $25,000 on each building or $50,000 if sold together.


AT 1:00 P.M.
10 E. MADISON STREET

14 - Apartment Units & 5 Parking Spaces
Photos of auction property
FRONT VIEW      REAR VIEW

SITE:

Located between Charles and St. Paul Streets at the corner of Lovegrove Street. Rectangular lot 23'9" x 150'2".

BLOCK PLAT

BUILDING:

Three story brick end-of-group townhome, contains 5 one-bedroom and 2 one-bedroom and den and 7 efficiency apartments. Building has entry hall, some original mouldings and trim, fireplaces, laundry room and parking lot with 5 rental parking spaces. Landlord provides heat. There are separate electric meters for all but two units.

Current Monthly Rent Roll - $8,914. See below for detailed Income and Expense information.

Photos of auction property
PHOTO #1      PHOTO #2      PHOTO #3
PHOTO #4      PHOTO #5      PHOTO #6

ZONING:

OR-3, office-residential

DEPOSIT:

$50,000


ADDITIONAL INFORMATION

TITLE:

All properties are in fee simple and sold free and clear of liens. Sellers warrant that there are no building violation notices and have multiple dwelling licenses for each property.

M.D.E.:

All units are registered with the Maryland Department of the Environment's lead paint program.

INSPECTION:

One hour prior to each sale.

INCOME &
EXPENSES:

The buildings are nearly 100% occupied at all times. Leases are annual and cash flows are impressive. Please return the completed Confidentiality Waiver form below. Upon receipt, we will email the Current Rent Rolls and 2005 Income & Expense data provided by the property owners.

CONFIDENTIALITY AND WAIVER FORM

BROKERS:

Broker participation is invited. Please complete and return the broker participation form.

BROKER PARTICIPATION FORM

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 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. The properties 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.

NO BUYER'S PREMIUM.