REAL ESTATE AUCTION

FEDERAL HILL
National Historic District

- Income Producing -
BRICK STOREFRONT
With Bi-Level Apartment

More Than $31,000 Per Year
Gross Potential Income

Photos of auction property
FRONT VIEW      REAR VIEW
STREET SCENE      AERIAL PHOTO

Sale On Premises
16 E. CROSS STREET
Off 1100 S. Charles Street
OPPOSITE CROSS STREET MARKET
Baltimore, Maryland 21230

WEDNESDAY, AUGUST 22, 2007
AT 12:30 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 and square footage contained herein are approximate and more or less. Prospective Purchasers are encouraged to perform their own due diligence regarding the permitted uses of the site.

LOCATION:

The property is located in the "Federal Hill Historic District" of the National Registry of Historic Places and in a designated Baltimore City Enterprise Zone. Federal Hill is a Georgetown-type community featuring boutiques, retail stores, bars, nightclubs, restaurants, renovated homes and offices. Public transportation one half block walk, along northbound Charles Street or southbound Light Street. The property is convenient to I-395, I-95, MD-295 and I-83, providing easy access to employment centers throughout the Baltimore-Washington region. The MARC railroad station at Camden Yards, a short walk to the west, is the primary commuter rail line between Washington and Baltimore. Oriole Park at Camden Yards and M&T Bank (Ravens) Stadium are adjacent to the rail line and also within walking distance. Public parking is availalable at nearby West Street municipal parking garage or at metered on-street spaces.

For a description of Federal Hill, visit:
http://www.livebaltimore.com/nb/list/fedhill/

Location Map

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

SITE:

Rectangular lot 14'6" x 73' with rear access from a 10' alley

BLOCK PLAT

BUILDING:

Three story brick inside-group storefront building. According to public tax records, the building was constructed in 1900 and contains 2,184 square feet above grade.

Interior Photos Coming Soon!

Store occupied by "Remember When"
Ladies' clothing store occupies entire first floor, including show room, fitting rooms, rest room and unfinished basement storage. The space is currently rented for $1,300/month under a lease expiring 8/31/2007. The Purchaser will have the option of negotiating with the tenant for renewal.

Bi-Level Apartment Unit
Large apartment unit is currently configured for one tenant, but could potentially be converted to two units. Second floor has foyer, living room with fireplace (inoperable), bedroom, full bath with ceramic tile floor, laundry closet and family room with small deck. Third floor comprises kitchen with white cabinets and ceramic tile floor, range/oven and refrigerator, dining room, den with small deck, bedroom and full bath with ceramic tile floor. The unit is currently vacant, but was previously rented for $1,300/month.

Mechanical
Separate gas forced hot air furnaces with central air conditioning
Updated electrical service and plumbing
Separate electric meters
One gas meter - landlord currently furnishes gas

ZONING:

B-2-3, community business district

For more information, see the: Baltimore City Zoning Ordinance

TITLE:

In fee simple. Deed Liber 164, page 397. The property is sold free and clear of liens.

TAXES:

2007 annual real estate taxes $2,787.19

INSPECTION:

The property will be open 1 hour prior to the auction.

TERMS OF SALE:

A $20,000 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. Security deposit, if any, will 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