410-296-8440
www.ajbillig.com
6500 Falls Road, Baltimore, MD 21209
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Little Italy's "Boccaccio Restaurant" 9,000 Sq. Ft. Building, 20 Car Parking Lot Furniture, Fixtures & Equipment 7-Day Liquor License

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Listing Details

Sold Price
$1,450,000
Auction Date
Auction Time
11:00 AM
Address
923-937 Eastern Avenue & 506-508 S. Exeter Street, Baltimore, MD, 21202
County
Baltimore City
Neighborhood
Little Italy
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HEIR'S SALE AT PUBLIC AUCTION

- LITTLE ITALY -
"Boccaccio Restaurant"
One of Baltimore's Finest!
(Established in 1992)

 

REAL ESTATE
9,000± Sq. Ft. Building - 20 Car Parking Lot
0.318± Acre ● Zoned M-2-2

 

Fully Equipped
Furniture, Fixtures & Equipment
7-Day Liquor License


 TURN-KEY OPERATION

Sale On Premises
923-937 EASTERN AVENUE
& 506-508 S. EXETER STREET

Off 500 President Street
Baltimore, Maryland 21202

WEDNESDAY, FEBRUARY 17, 2010
AT 11:00 A.M.

LOCATION & DIRECTIONS:

"Boccaccio Restaurant" has been a Baltimore institution for over 17 years featuring Baltimore's finest northern Italian cuisine. The restaurant recently closed after the untimely passing of the owner. The property is situated in the heart of Baltimore's most exciting and vibrant redevelopment community. Billions of dollars have been pumped into the neighborhood within the surrounding blocks over the past five years.  Located at the southern end of Baltimore's famous Little Italy, the "Harbor East" complex of office, retail, condominium and apartment buildings are all within one block to the south of Boccaccio.  Immediately to the west is the Inner Harbor and immediately to the east is Historic Fells Point.  Little Italy is one of Baltimore's best known and well established neighborhoods.  It is the home of more than twenty five restaurants and cafes, well maintained single and multi-family townhomes, and newly renovated loft apartment buildings.  Harborplace, the National Aquarium, Maryland Science Center, Fells Point, marinas and shopping are all nearby.

   Harbor East Area

 

The auction presents an unique opportunity to purchase a well established "turn-key" restaurant, with excellent redevelopment potential, in Downtown Baltimore's most desirable location.

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


For more information on Little Italy, visit:

http://www.livebaltimore.com/neighborhoods/list/littleitaly

http://www.littleitalymd.com


For more information on Baltimore's new "Harbor East" community, visit:
http://www.harboreast.com


For more information on Historic Fells Point, visit:
http://www.fellspoint.us/


For more information on Baltimore’s Inner Harbor, visit:

http://www.harborplace.com/  

http://www.powerplantlive.com

http://www.aqua.org/?gclid=CMvBkOSDlZ8CFY915QodwUp7lA

http://baltimore.org/baltimore-neighborhoods/inner-harbor

 

SITE AREA

Irregularly shaped parcel comprising 0.31 acre.  The lot fronts 125'10" along Eastern Avenue, 100'10" along S. Exeter Street and 149' along Duker Alley (in the rear).

 

 This spectacular lot is very unique to the area.  Situated on a prime corner with great zoning, it is rare to have a property with a  20 car parking lot.  The property is suitable for numerous alternative uses including offices and retail.

BLOCK PLAT (pdf)


Utilities include public water, public sewer, natural gas, telephone

 

IMPROVEMENTS

The entire first floor area features wall-to-wall carpeting, acoustical tile drop ceiling with exposed wood beams (8' to 9' ceiling height), recessed lighting, chair rail moldings, ceiling music speakers and lighted wall sconces in every room. There was an addition to the restaurant in 2004 which includes the spectacular glass walled wine room, two private dining rooms, two rest rooms and service station.  The second floor has three interior staircases (one in the front and two in the rear) and one exterior front staircase.  In addition to the kitchen equipment listed below, also included over 300 upholstered Queen Anne dining chairs, over 40 dining tables, Micros Point of Sale (POS) system (4 stations), telephone system, sound system, etc.


According to the Baltimore City Fire Department the maximum person capacity is 60 for the bar area, 140 for the first floor main dining rooms, 25 for the front private dining room, 12 for the rear private dining room and 120 for the second floor front room.


First Floor
Sketch of the First Floor (pdf)


Second Floor


Mechanical

 

ZONING

M-2-2, general industrial district. 
Zoning Code for M-2 Industrial District (pdf)


For additional zoning information, please 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

$23,443 annually

 

TITLE

In fee simple.  The property is being sold free and clear of all liens and encumbrances.

 

LIQUOR LICENSE

"Class B" 7-Day Liquor License, permitting the sale of sale beer, wine and liquor for consumption on the premises from 6:00 a.m. to 2:00 a.m. daily. The transfer of the liquor license is subject to the approval of the Baltimore City Liquor Board, as in the case of an original application and it shall be the sole responsibility of the purchaser  to obtain said approval. The license is being sold free and clear of all liens and encumbrances.  Note: the extensive wine and liquor inventory will be transferred on a dollar-cost basis at the option of the purchaser (not included with the entirety offering).

For more information on the Baltimore City Liquor Board, visit:
http://www.baltimorecity.gov/Government/BoardsandCommissions/LiquorBoard.aspx

 

INSPECTION TIME

Boccaccio is available for inspection by 10:00 a.m. on the day of the auction or by appointment only.  Contact auctioneers at 410-752-8440, or email info@ajbillig.com.

 

MANNER OF SALE

All the assets will be offered as an entirety only.

 

TERMS OF SALE

A $50,000 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, 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.  Purchaser assumes the risk of loss from the date of sale forward.  The purchaser waives and releases the Seller and 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 Auctioneers.  Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser.  Time is of the essence.  The transfer of the liquor license is subject to the approval of the Baltimore City Liquor Board, as in the case of an original application and it shall be the sole responsibility of the purchaser  to obtain said approval.  Personal property is subject to 6% Maryland Retail Sales Tax.


NO BUYER'S PREMIUM


Broker participation is invited.
BROKER REGISTRATION FORM (pdf)

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