Go Back TuesdayMarch 28, 2017 — 11:00am
PUBLIC AUCTION SALE
27 Co-op units with Parking known as "The Gilman" Located in Charles Village near the Johns Hopkins Homewood Campus ** Gross Potential Annual Rent of $415,920 **
3025-3043 N. Calvert Street, Baltimore, MD 21218
Location: On the Premises
** Open House: Tuesday, March 21st promptly @ 11:00am **
Rarely available assemblage of twenty-seven co-op units in 5 buildings with parking for eighteen vehicles and a service alley in the rear. The complex is located in the heart of Charles Village, minutes from the Johns Hopkins University Homewood Campus.
The site is .70 +/- acres of land which is served by public water and public sewer and according to the Baltimore City Tax Records, the buildings include 34,464 +/- sq. ft. of above grade living space.
The unit mix consists of:
- 26 - Two-bedroom units
- 1 - One-bedroom unit
- New boiler in 2015
- New gutters and downspouts in 2016
- Five units completely renovated in 2005/2006
- Replacement windows throughout
- Updated electric service
Heat for the site is provided by a central gas-fired steam radiator system. Cooling for five of the apartments, which were substantially renovated, is provided by individual central air conditioning units, while the remaining apartments are cooled by window a/c units.
Hot water for the complex is provided by two gas fired hot water heaters.
The complex also includes a community laundry room which includes 5 coin-operated washers and 5 coin-operated dryers.
Typical finishes for the units include: wood, ceramic and vinyl tile floors; plaster and drywall walls; plaster and drywall ceilings; track and recessed lighting; ceiling fans; replacement windows.
The landlord pays for common area lighting, hot and cold water and heat. Tenants have the choice of paying a higher rent which includes their share of the natural gas and water bills or being billed retroactively by the landlord for their pro-rated share of each.
Please Note: The building is set-up as a Co-Op with the sellers owning twenty-seven of the thirty-one Co-Op units (87% ownership). As a result, the new owner should be able to encumber the property as collateral for financing as opposed to encumbering only the Co-Op stock. Please be sure to discuss this possibility with your lender(s) as it could offer more favorable financing terms and/or opportunities.
A potential exit strategy for the new owner is to renovate the existing apartments into luxury units and market them for re-sale to homeowners.
Ground Rent: Fee Simple
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 $100,000 is due at the time and place of sale. The difference to bring the deposit up to 10% is due 2 business days after the sale in the auctioneer's office. Settlement is 60 days from the sale date. 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. 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.
Click Here For The Full Sale Terms In PDF Format
This property is part of a 2-day auction sale assemblage.
Click on the links below to view the properties which are to be auctioned.
3025-3043 N. Calvert Street, Baltimore, MD 21218 - Rarely Available 27 Unit Apartment Complex in "Charles Village"
3026 Saint Paul Street, Baltimore, MD 21218 – Fully Leased 7 Unit Apartment Building with Parking in the Rear and a Detached Garage in "Charles Village"
3002 Saint Paul Street, Baltimore, MD 21218 - Well-Maintained 6 Unit Apartment Building in "Charles Village"
2834 N. Calvert Street, Baltimore, MD 21218 - Well-Maintained 5 Unit Apartment Building in "Charles Village"
3401 Keswick Avenue, Baltimore, MD 21211 - Fully Leased 6 Unit Mixed-Use End-of-Group Building in "Hampden"
4301 Buchanan Avenue, Baltimore MD 21211 & 1333-1339 Roland Heights Avenue, Baltimore, MD 21211 - MDE Certified Lead-Free & Fully Leased 12 Unit Apartment Complex in "Medfield"
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.