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Main > Commercial & Industrial > "Loyola-Notre Dame" 12- Brand New Townhomes & New 2-Story Commercial/Office Building
REAL ESTATE AUCTION 12 - BRAND NEW TOWNHOMES NEW, TWO STORY
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Sale On Premises THURSDAY, JANUARY 10, 2008 - 11:00 A.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. Financial projections are for illustrative purposes only. Dimensions, square footage and acreage contained herein are more or less.
PROJECT: Donnelly Manor is a newly constructed residential and commercial development located in north Baltimore, approximately 0.3 mile east of Loyola College in Maryland and College of Notre Dame of Maryland. Completed in November 2007, Donnelly Manor consists of 12 three-story townhomes, each separately metered and containing four bedrooms, two baths and garage, and a two-story commercial/office building comprising two self-contained units. The project was built to meet the strong demand for off-campus housing for the two nearby universities. Interest from prospective tenants has been strong throughout the construction period at the projected rental of $2,800 per month. Lease terms for similar housing typically run for one year, from June 1 to May 31, and may include separate agreements with each tenant and/or parent. SAMPLE RESIDENTIAL LEASE (pdf) Though designed for student housing, the units are very well appointed and will appeal to all tenants and home buyers. The commercial space, fronting along York Road (MD-45), is consistent with Baltimore City's desire for the ongoing redevelopment of the York Road corridor. Donnelly Manor is located about four blocks south of the rejuvenated Belvedere Square and historic Senator Theater. Shopping and restaurants are within walking distance. Public bus transportation is along York Road. Housing in the area is a mixture of turn-of-the-century cottages, townhomes, custom and subdivision-type houses and high-rise apartment units. Link for neighborhood description: THE AUCTION PRESENTS AN OUTSTANDING OPPORTUNITY TO PURCHASE A SINGLE UNIT, SEVERAL, OR THE ENTIRE PROJECT.
LOCATION & DIRECTIONS:
For directions from your location, visit: MAPQUEST SITE AREA: Rectangular lot, fronting 48' on York Road in the front, 48' on Crowson Avenue in the rear, by a depth of approximately 295', comprising approximately 0.33 acre. The lot is level and landscaped. Access to the residential portion is from Crowson Avenue. From the 5200 block of York Road, turn west on Homeland Avenue one-half block to Crowson Avenue and left to property. Residential units will be known as 5225-5247 Crowson Avenue. The commercial unit is known as 5230 York Road. Public utilities are in the site. IMPROVEMENTS: 12 - TOWNHOUSES Each townhome is three stories, constructed over a two-car garage. Each home contains approximately 1,680 square feet of gross living area. The homes were built by A&G Development from Excel Homes pre-engineered materials. Exterior 2-Car Garage First Floor Entry Foyer Living/Dining Room - sliding doors to Deck Kitchen - breakfast bar, oak cabinets, laminate counters, GE appliances - refrigerator/freezer, dishwasher, range/oven, disposal, microwave oven Second Floor 2 - Bedrooms - double closets Full Bath - double sink vanity Utility Closet Third Floor 2 - Bedrooms - double closets Full bath - double sink vanity Laundry Closet - GE washer and dryer
End-of-group two-story building constructed on grade, features separate front entrances along York Road. The building comprises approximately 817 square feet per floor or a total of 1,634 square feet of gross building area. Exterior Interior Mechanical ZONING: Front - B-2-2, community business district Rear - R5, residential For more information, see the: Baltimore City Zoning Code (pdf). CONDOMINIUM/HOMEOWNER ASSOC.: The condominium regime for Donnelly Manor establishes 13 condominium units - the 12 townhomes and one commercial unit. The condominium documents and budget are available for review. TITLE: In fee simple. Title is vested in A&G Development, LLC ("the LLC"), by virtue of the Deed recorded among the Land Records of Baltimore City in Liber 7867, folio 294. Donnelly Manor is the only asset of the LLC. If sold as an entirety, the sellers are willing to transfer their stock interest in the LLC to the purchaser, at no additional cost to the seller, potentially saving significant transfer taxes. MANNER OF SALE: The twelve townhouses and one commercial unit will be offered individually and the bids reserved. Then, all thirteen units will be offered as an entirety and sold in the manner producing the greater amount. PURCHASE A SINGLE UNIT, SEVERAL, OR THE ENTIRE PROJECT. TERMS OF SALE: A $10,000 deposit on each unit, or $130,000 if sold as an entirety, 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, 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, and subject to the Declaration and Bylaws of the Donnelly Manor condominium regime. Purchaser assumes the risk of loss from the date of sale forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. Purchaser agrees to waive the right-of-rescission under Maryland Condominium 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
FINANCING: FINANCING IS AVAILABLE: 80% of the purchase price, 25-year amortization, 5-year rate lock, flexible terms. For information, contact Mike Irwin at BankAnnapolis - telephone 410-224-4455 or email mirwin@bankannapolis.com.
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5230 YORK ROAD
