Go Back WednesdayMarch 8, 2017 — 12:00pm
ESTATE AUCTION SALE
Fully Renovated 9 Unit Apartment Building Located in the "Reservoir Hill" Area of Baltimore City ** Gross Potential Annual Rent of $109,440 **
1100 Whitelock Street, Baltimore, MD 21217
Open House: Wednesday, March 1st promptly at 1:00pm
Location: On the Premises
** Open House: Wednesday March 1st @ 1pm **
Exceptional opportunity to purchase a fully renovated apartment building with on-site parking, conveniently located in the historic "Reservoir Hill" community of Baltimore City. The building is MDE Certified Limited Lead-Free.
Apartment Breakdown: Five - 3 Bedroom Units, Two - 2 Bedroom Units, One - 1 Bedroom Unit and One - Studio. Current Scheduled Gross Annual Rent $109,440:
- Apt. A: Currently rents for $950
- Apt. B: Currently rents for $1,400
- Apt. C1: Studio apartment**
- Apt. C2: Currently rents for $800
- Apt. D: Currently rents for $1,025
- Apt. E: Currently rents for $1,020
- Apt. F: Currently rents for $1,035
- Apt. G: Currently rents for $1,095
- Apt. H: Currently rents for $1,095
Total Monthly Scheduled Rents = $8,420/month
**Apt C1 is a studio apartment that is occupied by the current property manager. Market rent is $700.
If apartment C1 were to be leased at a market rent of $700, the Gross Potential Monthly Rent for the building would be $9,120 and the Gross Potential Annual Rent would be $109,440.
In 2005, the property was completely renovated in compliance with the neighborhood's historic regulations and has been maintained in excellent condition. On-site parking is available to tenants!
The units are all separately metered for electric. Landlord pays for cold water/hot water and heat. Heat is provided by 2 gas fired boilers which are located on the roof and which flow to radiators in the respective units.
- New roof in 2005 & re-coated in 2015
- Weil-McLain tank-less water heaters
- Sprinkler system
- Intercom system for each unit
- Washer/dryer in each unit
- New windows throughout in 2005
Ground Rent: Annual Ground Rent of $0.01
5% Buyers Premium Added To The Hammer Price
Summary of Terms of Sale: A deposit in the form of cash, cashier's check or certified check for $25,000 is due at the time and place of sale. The difference to bring the deposit up to 10% is due within 2 business days in the auctioneer's office. If payment of the additional deposit or the balance of the purchase price is not made within the specified periods, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Settlement is 60 days from the sale date. All expenses, including real estate taxes, sanitary and/or metropolitan district charges, special assessment and private utility charges are to be adjusted to date of settlement and assumed thereafter by the purchaser. Cost of all documentary stamps, settlement costs and transfer taxes to be paid by the purchaser. The property will be sold in "As is" condition without express or implied warranty as to the nature and description of the improvements. The property will be sold subject to easements, agreements, restrictions or covenants of record affecting the same, if any. Dimensions and acreage are more or less. Time is of the essence as to the terms of this contract.
NOTE: Alex Cooper Auctioneers is acting as agent for the Owner in this transaction. Alex Cooper Auctioneers is not acting as agent for the successful bidder. Any buyer-broker is acting as an agent for the successful bidder and is not a sub-agent of Alex Cooper Auctioneers.
** NOTICE TO BUYER: IF YOU ARE CONTEMPLATING FINANCING FOR THIS PURCHASE, APPLICATION MUST BE MADE WITH A LENDER AND TITLE COMPANY NO LATER THAN SEVEN (7) DAYS FROM THE DATE OF THIS SALE.
The information contained herein was obtained from sources deemed reliable, but is offered for informational purposes only. The Auctioneer, the Sellers, and their respective agents and representatives do not make any representations or warranties with respect to the accuracy of the information contained herein. Prospective purchasers are urged to make their own inspection.