Owner Transferred to Japan:
REAL ESTATE AUCTION

UPPER PARK HEIGHTS
Cross Country Neighborhood

BRICK GARDEN
APARTMENT BUILDING

13 Self-Contained Units - 1,536 to 3,072 Square Feet±
100% Occupied

$123,216 Gross Annual Income
Based On Current Rent Roll

Tremendous Potential for Rental
Increase or Condo. Conversion!

Photo of

Sale On Premises
"Clarks Lane Luxury Apartments"
3501 CLARKS LANE
Off 6600 Park Heights Avenue, Baltimore, Maryland 21215

THURSDAY, NOVEMBER 15, 2007
AT 3:00 P.M.

       NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less.

LOCATION:

3501 Clarks Lane is located east of Park Heights Avenue and west of Cross Country Boulevard, in the "Cross County" neighborhood of northwest Baltimore. The surrounding area is a mixture of well maintained single family homes, townhomes, garden and mid-rise rental and condominium apartment properties. The site is approximately two miles south of Beltway (I-695) Exit 21. Public transportation is one block west. The neighborhood is very well established with a highly qualified workforce and is considered to be one of Baltimore's strongest homeowner areas and a proven rental market.

Photos of auction property
STREET SCENE #1     STREET SCENE #2     LOCATION MAP

For directions from your location, visit:
http://www.mapquest.com/directions/main.adp

SITE:

0.748 acre
Fronting 96.84' along the south side of Clarks Lane by 277'3" along Wallis Avenue (a 10' lane at the subject property)
The property is fairly level and landscaped
Asphalt paved parking lot for 16 cars at the front of the building and an additional rear parking lot.
Utilities - public water, sanitary sewer, gas, electricity, telephone, cable

BLOCK PLAT

BUILDING:

Two story brick garden apartment building circa 1969

Photos of auction property
FRONT OF BUILDING    END OF BUILDING    REAR OF BUILDING

Exterior
Vinyl clad replacement windows and sliding doors
Low-maintenance exterior
Built-up roof
3 - Entrance lobbies with security intercom system

Interior
Interior finishes are drywall, carpeting and ceramic tile baths.
12 two-bedroom/two bath units with balconies (approx. 1,536 sq. ft.)
  1  four-bedroom/four bath unit with balcony (approx. 3,072 sq. ft.)
13


The four-bedroom unit is currently occupied by a former owner of the property and could potentially be converted into 2 - two-bedroom units. Each unit has a separate gas furnace, central air conditioning and utility meters. Tenants pay their own utilities and their prorated portion of the water bill.

On-site laundry facilities

OCCUPANCY:

The building is fully occupied. Tenants are on a month-to-month basis. Rents appear to be slightly below market based on the size of the units.

INCOME &
EXPENSES:

For rent roll and expense information complete the Confidentiality Waiver below and return by mail, email or fax:
CONFIDENTIALITY WAIVER (pdf)

Available Information:

  • Rent Roll
  • Property Management Report - American Utility Management
  • LLC Registration
  • Laundry Lease Agreement
  • Insurance Declaration & Premium
  • MDE Lead Free Certificate
  • Sample Lease

TAXES:

Real property taxes for tax year 2008 - $14,439.46

ZONING:

R5, residential

TITLE:

In fee simple. Deed Liber 8244, folio 212. The property will be sold free and clear of liens. The property is owned by Liberty Building Services, LLC, which may be available as a stock transfer.

ASSUMABLE FINANCING IS AVAILABLE:

Existing mortgage loan of $800,000 original principal balance, 10 year term, 6.62% interest, originating September 2006, may be assumed by a qualified borrower for a 1% assumption fee. Interested parties should contact Joseph E. Dulaney at Washington Mutual Bank, telephone (703) 448-4219 or email joseph.delaney at wamu.net.

NOTE:

Additional information will be posted shortly. Please check back for updates.

TERMS OF SALE:

A $75,000 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 subject to the rights of the tenants in possession, if any, including the lease to Mildred A. Blumenthal, dated June 28, 1977 and recorded among the Land Records of Baltimore City in Liber 3503, page 496. Security deposits to be transferred to the purchaser at settlement. 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, transfer taxes and all costs incidental to settlement to be paid by the purchaser. Time is of the essence.

NO BUYER'S PREMIUM.

Broker participation is invited.
BROKER REGISTRATION FORM