"Harlem Park - West Baltimore City" 10 Fully Renovated Rental Properties 2 Properties Offered Absolute To The Highest Bidder

15966_bennett905etc_aerial.jpg

Listing Details

Sold Price
$145,000
Auction Date
Auction Time
11:00 AM
Address
905, 907, 916, 917, 919, 922, 928, 932, 939 & 949 Bennett Place, Baltimore, MD, 21223
County
Baltimore City
Neighborhood
Harlem Park
Scroll down for Complete Details, including: property description and Terms of Sale.

REAL ESTATE AUCTION

Unique Opportunity In
HARLEM PARK
- West Baltimore City -

 

10 FULLY RENOVATED
RENTAL PROPERTIES ON ONE BLOCK
$83,760 Gross Scheduled Annual Rent
at 80% Occupancy

 

Two Properties Offered:
ABSOLUTE TO THE HIGHEST BIDDER
REGARDLESS OF PRICE

Sales On Premises:
905, 907, 916, 917, 919,
922, 928, 932, 939 & 949
BENNETT PLACE
KNOWN AS RENAISSANCE ROW
Off 500 Block N. Fremont Avenue
Baltimore, Maryland 21223

FRIDAY, NOVEMBER 8, 2013
AT 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.  Dimensions, square footage and acreage contained herein are more or less.  Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.

LOCATION & DIRECTIONS:

The properties, known as the Renaissance Row Phase I development, are located on the 900 block of Bennett Place in the Harlem Park neighborhood in west Baltimore. Harlem Park is located along the US-40 corridor just west of Downtown Baltimore. The 900 block of Bennett Place sits immediately north of US-40, and is approximately three blocks west of Martin Luther King, Jr. Boulevard. The area is well known for its proximity to major employers, including the University of Maryland at Baltimore complex, as well as the Maryland State Center complex. The block sits just west of a newer residential development known as Heritage Crossing. The area offers easy commuter options, with I-83, I-395 and I-95 easily accessible via Martin Luther King, Jr. Boulevard and alternative routes.


The Renaissance Row Phase I development comprises 10 residential townhomes. The 4 and 5 bedroom townhomes have been fully gut renovated to include brand new HVAC, plumbing, electric, kitchen appliances and much more. Nine of the ten units are rented, with the tenth unit vacant and requiring some cosmetic work. Developer provided materials below offer an in-depth look at the project, as well as detailed property information. Please see below for information about obtaining a developer marketing package.


The auction presents an excellent opportunity to purchase between one and ten rental properties at your price at public auction (after the hard work has already been done). Please see below for an explanation as to how the properties will be offered.


For more information about the Harlem Park neighborhood, please visit:
http://livebaltimore.com/neighborhoods/harlem-park/#.UlWdZdKbND0

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

 

SITE AREA

Each lot comprises a rectangular lot with dimensions as specified below. The properties feature fenced rear yards and patios, most with parking potential. All public utilities, including gas, are in each property.


Lot Sizes:
905 - 14' x 75'
907 - 14' x 74'9"
916 - 14' x 75'
917 - 14' x 74'9"
919 - 14' x 74'9"
922 - 14' x 75'
928 - 14' x 75'
932 - 14' x 75'
939 - 14' x 75'
949 - 14' x 75'


BLOCK PLAT (pdf)


Aerial Photo:
Photos of auction property

 

IMPROVEMENTS

Each property comprises a three story brick inside-group townhome featuring vinyl replacement windows, new electric wiring and breaker boxes, new plumbing, new forced air heat and CAC, renovated kitchens with new appliances, new flooring and other finishes. Units are rented to market rate tenants at the rates stated below. Most tenants executed one year leases which have, or are soon set to expire, and accordingly are on a month-to-month basis. Occupancy and rental information has been provided by the seller of the property. Any updates to occupancy, rental amounts or current nature of the rents will be announced at the time of sale. Current gross scheduled monthly rent is $6,980, or $83,760 annually.


905 - 4 bedrooms and 1.5 baths. Rented for $900 per month.
907 - 4 bedrooms and 1.5 baths. Rented for $750 per month.
916 - 5 bedrooms and 2 baths. Rented for $1,100 per month.
917 - 4 bedrooms and 1.5 baths. Rented for $780 per month.
919 - 5 bedrooms and 2 baths. Rented for $1,000 per month.
922 - 4 bedrooms and 1.5 baths. Rented for $900 per month.
928 - 4 bedrooms and 1.5 baths. Rented for $650 per month.
932 - 4 bedrooms and 1.5 baths. Vacant.
939 - 4 bedrooms and 1.5 baths. Rented for $900 per month.
949 - 5 bedrooms and 2 baths. Vacant. Requires some cosmetic repairs.


Exterior Photos
Photos of auction property
905    907    916    917    919    922    928    932    939    949
Example Rear Photo


Example Interior Photos

 


 


Renaissance Row Development - Developer Supplied Materials
This package includes a project summary, development overview, market overview, operating statement, 2013 scheduled rent roll, development plan, property appraisal, architectural drawings, sample leases, lead certificates and additional property information. Please fill out the confidentiality waiver form provided below, and return to info@ajbillig.com or 6500 Falls Road, Baltimore, MD 21209. Once your waiver has been received, a package can be emailed or made available for pick-up at our office.


WAIVER AND CONFIDENTIALITY FORM (pdf)

 

REAL ESTATE TAXES

The real estate taxes for the 2013-2014 are $826 for each property, based on full value tax assessments of $35,000 apiece. Tax information is provided from the baltimorecity.gov real property search application. Purchasers may petition for a reduction in the assessment of their property in conjunction with a purchase price substantially less than the currently assessed value of the property.  Purchasers are encouraged to contact the Maryland State Department of Assessments & Taxation concerning the appeals process, and may see the following link for helpful information - http://www.dat.state.md.us/sdatweb/appeal.html

 

TITLE

Properties are sold subject to the annual ground rents as noted below, due on semi-annual installments or unregistered as indicated. The properties will be sold free and clear of all liens.


Ground Rents
905 - $60 (unregistered)
907 - $60 (unregistered)
916 - $42 (unregistered)
917 - $60 (unregistered)
919 - $42 (unregistered)
922 - $42 (due 4/1 & 10/1)
928 - $42 (unregistered)
932 - $60 (due 6/17 & 12/17)
939 - $42 (unregistered)
949 - $42 (due 4/1 & 10/1)

 

INSPECTION TIME

At 10:00 a.m. on the day of the auction only.

 

MANNER OF SALE

The properties located at 905 and 949 Bennett Place will be offered individually, absolute to the highest bidder regardless of price, and the highest bids will be reserved. The properties at 907, 916, 917, 919, 922, 928, 932 and 939 will then be offered individually, subject to confidential minimum prices, and the highest bids will be reserved. The properties will then be offered as an entirety starting at the total of the individual bids. The properties will be sold in the manner producing the greatest result, subject to the confidential minimum prices previously mentioned.

 

TERMS OF SALE

A $2,500 deposit for each property, or $25,000 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 by Monday, November 11, 2013 at 11:00 a.m. at the Auctioneer's office.  Balance to be paid in cash at settlement, which shall take place within 45 days.  If payment of the deposit or 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, 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 settlement and assumed thereafter by the Purchaser.  The property will be sold in "AS IS" condition, and subject to the rights of the existing tenants, Baltimore City violation notices, 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, 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.   The purchaser agrees to waive the right of inspection for lead paint as provided under current Federal and State Law. Cost of all recordation, transfer taxes and any other costs incident to settlement to be paid by the purchaser except where otherwise mandated by local, State or Federal law. TIME IS OF THE ESSENCE.


NO BUYER'S PREMIUM!

 

FINANCING

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