Andrea B. Gillespie, Attorney
40 York Road - Suite 300
Towson, MD 21204
REAL ESTATE AUCTION
TOWSON RETAIL DISTRICT
3 Storefronts & Second Floor Offices
9,480± S.F. Zoned BM-CT
Sale On Premises
501-503 YORK ROAD
Corner Pennsylvania Avenue
Baltimore County, MD 21204
THURSDAY, JANUARY 20, 2011
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.
Towson is the county seat of Baltimore County. 501-503 York Road is prominently located in the heart of the Downtown Towson renaissance, one block east of the County Office Building and Circuit Court, one block west of the District Court, opposite Towson Commons and one block south of Towson's main traffic circle. Towson Town Center, a regional shopping mall, is two blocks northeast of the site. The Baltimore Beltway (I-695), is about one mile north, providing access to the entire metropolitan area.
York Road is Towson's main traffic artery and retail shopping district, lined with restaurants, bars, stores and offices. A multi-million dollar pedestrian mall is under construction one block east of the site, which will divert even more traffic onto heavily traveled York Road. The auction provides an opportunity to purchase rarely available retail frontage in, perhaps, Baltimore County's best location.
For directions from your location, visit: maps.google.com
Rectangular lot, fronting 59' on the west side of York Road by 101' along the north side Pennsylvania Avenue, comprising 5,998 square feet of land or 0.1377 acre. The site comprises the northwest corner of York Road and Pennsylvania Avenue, is highly visible by pedestrian or motor vehicle from every direction.
Public utilities - water, sanitary sewer, gas, electricity, telephone are in the property.
Baltimore County Tax Map:
Two story masonry and stucco retail building, with second floor offices, known as the "Wagner Building". According to Baltimore County tax records, the building was constructed in 1920 and contains 9,480 square feet of gross building area. The property has been family owned for decades.
Decorative front awning
Separate public entrances for retail stores and office level
Separate electric meters for each tenant - 8 individual meters and one public meter
Separate gas meters for commercial tenants
501 York Road - First Floor
Double storefront, approximately 2,437 square feet
Former ice cream shop and restaurant
Acoustical tile ceiling with recessed lighting, vinyl floor, plaster and drywall
3 - rest rooms
Recently installed stainless steel walk-in cooler and 3-compartment sink
Gas forced air heat and central air conditioning
503 York Road - First Floor
Storefront, approximately 2,848 square feet
Vinyl flooring, acoustical tile ceilings, plaster walls
Showroom, rear storage room, rest room and basement
Gas hot water heat and central air conditioning
The space is occupied by Legend's gaming store at $2,000/month. Legends intends to vacate the space by early spring.
501-503 York Road - Second Floor
Separate entrance from York Road
Approximately 2,874 square feet
Interior finishes of paneling and plaster walls, acoustical tile ceilings, vinyl floors
Modern gas hot water boiler for second floor
30-gallon gas water heater
3 - tenant suites, storage room and utility room
One tenant suite is occupied by the law firm of Manelli and Block, under a month-to-month basis, at $780/month.
BM-CT: Business-Major, Commercial Town Center, permitting a wide variety of retail, office, general business and residential land uses.
Link for on-line zoning guide:
Published real estate taxes for 2010 are $13,808.02.
The property is in fee simple and will be sold free and clear of liens. Deed Liber 26355, folio 747.
Please click on the link and complete the: CONFIDENTIALITY AND WAIVER FORM (pdf). Upon receipt we will forward the current operating statement and historical information.
By appointment with the Auctioneers - email email@example.com or call 410-296-8440. The building will also be open for inspection one hour prior to the time 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, 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 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, 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.
No buyer's premium.
Broker participation is invited.
BROKER REGISTRATION FORM (pdf)