"East Baltimore - Collington Square Park" Mixed-Use Building - Gross Annual Income: $41,100

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Listing Details

Sold Price
$102,000
Auction Date
Auction Time
12:30 PM
Address
2251 E. Preston Street, Baltimore, MD, 21213
County
Baltimore City
Neighborhood
East Baltimore, Collington Square Park,
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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REAL ESTATE AUCTION

 MIXED-USE BUILDING
Gross Annual Income of $41,100

 

EAST BALTIMORE
- Collington Square Park -

Sale on Premises
2251 E. PRESTON STREET
Corner Patterson Park Avenue
"Broadway East" Neighborhood
BALTIMORE CITY, MARYLAND 21213

THURSDAY, MAY 27, 2010
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. 

 

LOCATION & GENERAL INFORMATION:

2251 E. Preston Street is located in east Baltimore in the "Broadway East" neighborhood. The property sits at the corner of Patterson Park Avenue, and overlooks Collington Square Park. The Park offers walking paths, a ball field and basketball courts. The area is well established and desirable due to its proximity to Downtown employment centers, notably Johns Hopkins Hospital, and public transportation.


2251 E. Preston Street has been a corner-stone of the neighborhood, with the barber-shop contained in the property having been in service to the community for over 60 years. In addition to many of the local neighbors, the "Preston-Patterson" barber-shop has been frequented by civic leaders, including City Councilmen, business leaders and local religious figures. Commendations have been received from the Mayor and City Council of Baltimore.

For directions from your location, visit: maps.google.com

 

SITE AREA

Corner lot fronting 14' on Preston Street, with depths of 71'9"' along Patterson Park Avenue.


All public utilities


BLOCK PLAT (pdf)

 

IMPROVEMENTS

Two story brick formstone-front end-of-group building is arranged for two commercial units and two residential apartments. The property features hardwood and vinyl floors, original tin ceiling, gas hot water heat, vinyl replacement windows and three gas and electric meters. Arranged as follows:


First Floor:

Front - "Preston-Patterson" Barbershop: Rented for approximately $1,200 per month. Rent collected on a per chair, per week basis. Two active barbers have been with the shop for a number of years.

 - Vinyl floor and original tin ceiling

 - 3 Barber Stations

 - Restroom


Rear - "Triza's" Beauty Salon - Rented for $1,600 per month, on a two-year lease (starting June 2009), with options for 2 year renewals. Tenant has been in the property since 2007, and has expressed an interest in continuing their lease.

 - Hardwood floor and original tin ceiling

 - 2 Barber Stations

 - 2 Wash Sinks

 - 3-4 Drying Stations

 - Restroom


Second Floor:

Front Apartment: Rented for $625 per month, on a two year lease (starting August 2009).

 - Contains a living room, kitchen, bath and bedroom.


Rear Apartment: Partially Complete

- Contains a living room, unfinished kitchen, unfinished bath and bedroom.


Leases, permits and other documents are available.  Please sign this WAIVER AND CONFIDENTIALIY FORM (pdf) and fax it to 410-385-1841 or email to rachel@ajbillig.com.  The information will be forwarded to you via email.

 

REAL ESTATE TAXES

2009 annual real estate taxes are $369, based on a full value assessment of $16,200.

 

TITLE

Annual $60 ground rent, due 5/1 and 11/1/.  The property is sold free and clear of liens.  Deed Liber FMC 8197, folio 411.

 

INSPECTION TIME

11:45 a.m. on the day of the auction.

 

TERMS OF SALE

A $5,000 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, rental income, 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 in "AS IS" condition, and subject to easements, agreements, restrictions or covenants of record affecting same, if any.  The property will be sold subject to the rights of tenants in possession, 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 BUYERS PREMIUM


Broker participation is invited.
BROKER REGISTRATION FORM (pdf)