Absolute Auction Above $150,000 "Charles Village District" Commercial Center 3 Retail Spaces, Warehouse, Apartment - Income Producing -

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Listing Details

Sold Price
$190,000
Auction Date
Auction Time
2:00 PM
Address
3040-3044 Greenmount Avenue, Baltimore, MD, 21218
County
Baltimore City
Neighborhood
Charles Village District
Scroll down for Complete Details, including: property description, additional photos, and Terms of Sale.

Additional Photos

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 ABSOLUTE AUCTION
To The Highest Bidder Above $150,000

 

- Charles Village District -
COMMERCIAL CENTER
3 Retail Spaces ✦ Warehouse ✦ Apartment
- Income Producing -
8,350 Sq. Ft. ✦ On Site Parking ✦ Zoned B-2-3

 

Sale On Premises
3040-3044 GREENMOUNT AVENUE
Baltimore, MD 21218

THURSDAY, JUNE 13, 2013
AT 2:00 P.M.


      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.  ALL DIMENSIONS AND ACREAGE CONTAINED HEREIN ARE MORE OR LESS. 


GENERAL INFORMATION

LOCATION & DIRECTIONS:

Prime retail location, just 4 blocks east of Johns Hopkins University Homewood Campus.  The property is situated just south of E. 31st Street.  Greenmount Avenue is the major commercial center for the area servicing the Abell, Charles Village, Better Waverly and Okenshawe neighborhoods.  MTA bus service is in front of the property.  The auction presents an excellent opportunity to purchase an income producing property with major potential.

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

 

SITE AREA

Mostly rectangularly shaped parcel with front and rear lot lines of 56'3", and depths of 152'2" and 154', more or less.


Paved 8+ vehicle rear parking lot (accessed from Vineyard Lane)


Serviced by public water, public sewer and natural gas


BLOCK PLAT (pdf)

 

IMPROVEMENTS

3-Interconnecting commercial buildings comprising 3 retail stores in the front, warehouse in the rear and a residential unit above (interconnecting through all three buildings).

  • 3040 Greenmount Avenue
    Known as "Miliche", the space is currently rented as a clothing store for $650/month or $7,800/year  from 4/1/2013 to 3/31/2014.  There is a newly remodeled retail area, rest room and loft storage area.
    Photos of auction property
  • 3042 Greenmount Avenue
    The space is in the process of complete renovation and is reported to be used as a retail electronics/cell phone store.  The tenant just signed a 3 year lease as follows:  
    5/1/2013-4/30/2014 - $1,000/month or $12,000/year
    5/1/2014-4/30/2015 - $1,050/month or $12,600/year
    5/1/2015-4/30/2016 - $1,102.50/month or $13,230/year
     
     
  • 3044 Greenmount Avenue
    Known as the "International Barbershop", with the front portion used for hair cuts, with rear wash/storage room, private office and powder room.  The tenant has just signed a new 3 year lease (previously rented the space for the past 5 years) as follows: 
    5/1/2013-4/30/2014 - $850/month or $10,200/year
    5/1/2014-4/30/2015 - $875.50/month or $10,506/year
    5/1/2015-4/30/2016 - $901.77/month or $10,821.25/year
    Photos of auction property
     
  • 3040-3044 Greenmount Avenue "Rear"
    First Floor - Large open warehouse area and storage room
    Photos of auction property
    WAREHOUSE AREA - PHOTO #1    PHOTO #2

     
    Second Floor - Multi-tiered single apartment interconnecting through all three buildings and contains a living room, dining room, kitchen, family room with a built-in wall fish tank, multiple bedrooms and a very large "spa" bathroom.  The space is currently vacant, in need of complete renovation and may be configured for multiple units if zoning were to be approved.
    Photos of auction property

 

ZONING

B-2-3, community business (could be used as retail, offices and/or residential).  Check with the Baltimore City Office of Planning and Zoning for complete potential and permitted uses for the property (410-396-4126) or visit:
http://cityservices.baltimorecity.gov/charterandcodes/Code/Art%2000%20-%20Zoning.pdf 

 

REAL ESTATE TAXES

Annual Real Estate Taxes 2012-2013:  $5,224

 

TITLE

In fee simple; sold free and clear of all liens

 

INCOME POTENTIAL

Offers have been made to rent the rear portion first floor of 3040-3044 Greenmount Avenue between $1,500 to $1,800 per month.  The seller has elected not to pre-lease the space.   The second floor residential area can also be leased for various uses.


Leases are available to view. Please complete the Waiver and Confidentiality Agreement (pdf) and return it to the office of the Auctioneer by email: info@ajbillig.com or fax: 410-296-4420.

 

INSPECTION TIME

1:00 p.m. on the day of the auction

 

TERMS OF SALE

Deposit payable by certified or cashier's check of $15,000 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 office of the Auctioneers.  Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting 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.  Taxes and all other public charges and assessments, payable on an annual basis, including 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. Rents will be adjusted as of date of sale and will be collected by the seller until settlement.  The property will be sold in "AS IS" condition, without express or implied warranty as to the nature and description of the improvements as contained herein;  and subject to the rights of the existing tenants and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes 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.  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 Auctioneer.  Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser, except where otherwise mandated by local, State or Federal law.  Time is of the essence. NO BUYERS PREMIUM!

 

FINANCING

See our Financing Page for a list of auction-oriented lenders.