Real Estate Auction

MT. VERNON
HISTORIC DISTRICT


APARTMENT BUILDING
8 Units & Parking

$69,000 Projected Gross Annual Income
Based on Current Monthly Rent Roll
100% Occupied


Photos of auction property
FRONT VIEW      REAR VIEW

Sale On Premises
1202 ST. PAUL STREET
At E. Biddle Street, Baltimore, MD 21202

WEDNESDAY, OCTOBER 11, 2006
AT 2:00 P.M.


       NOTE: The information contained herein has been obtained from sources deemed reliable and believed to be accurate. However, no express or implied warranty is made as to the accuracy of these representations. Prospective purchasers are encouraged to consult with the appropriate government authorities regarding the permitted uses of the property and perform their own due diligence in advance of the auction. All dimensions and acreage contained herein are more or less.

LOCATION:

1202 St. Paul Street is located in the Midtown Belvedere neighborhood of Downtown Baltimore, within the Mount Vernon National Historic District. The auction properties provide an opportunity for immediate cash flow, renovation or condominium conversion. Designation as a national historic district may provide an opportunity for historic tax credits. Mount Vernon 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/

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LOCATION MAP

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BUILDING:

Four-story inside-group brick apartment building. According to public tax records, the building was constructed in 1900 and contains 5,200 square feet of living area. Exterior features include 2-4 car rear parking lot, steel fire escape built-up roof, and replacement windows. Interior finishes include a terrazzo entry foyer, carpeting, parquet and vinyl flooring, insulated metal hallway doors, plaster and drywall. The structure has a security intercom system, gas steam heat, separate electric and circuit breakers for each apartment and two gas water heaters (approximately 2 years old). All units are registered with the MDE as lead safe.

The building contains 8 apartments, consisting of 6 one-bedroom units, a two-bedroom unit with central air and a three-bedroom unit with central air. The one bedroom units typically have individual window air conditioning units. Rents range from $600 to $950 per month. The units appear to be well maintained.
Photos of auction property
STAIRWAY      DINING/KITCHEN      KITCHEN #2      BATH

FINANCIALS:

A current rent roll and annual expense numbers are available. Please complete and return the: Confidentiality Waiver.

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SITE:

Rectangular lot 20' x 102'
BLOCK PLAT

TITLE:

In fee simple. The property is sold free and clear of liens. Deed reference Liber 3442, folio 96.

TERMS OF SALE:

A $25,000 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 properties 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 existing tenants. 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.

Broker participation is invited.
BROKER REGISTRATION FORM