Go Back ThursdayMarch 23, 2017 — 12:00pm
Public Auction Sale
Commercial building with Prime Restaurant Space in the heart of Mt. Vernon adjacent to the Meyerhoff Symphony Hall, MICA Sculpture Museum and Cathedral Street Garage
1225 Cathedral St. Baltimore, MD 21201
Location: On the Premises
Located in the heart of Mt. Vernon this, commercial building has long term tenants in place. The primary tenant is Ryleigh's Oyster who occupies the first level and lower level. Ryleigh's is a well known restaurant with three Baltimore area locations. The upstairs is occupied by the Baltimore Theatre Project who has been in the building for over 15 years.
The lease for the restaurant space can be terminated by the new owner or the tenant with 90 day notice.
Recent Improvements from 2011 to present:
- Replaced (1) 7.5 ton heat pump, (1) 10 ton heat pump and (1) 4.5 ton split system in the Ryleigh’s space
- Removed old concrete pavers and installed new concrete patio
- New basement entrance with awning and handrails
- Installed new Bar on first floor with all new plumbing and electrical in Ryleigh's space
- New soda and beer dispensing equipment at bars in Ryleigh's space
- New carpet and wood flooring in Ryleigh's space
- New lights throughout Ryleigh’s space
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 $50,000 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.