** BEING SOLD ONLY AS AN ENTIRETY WITH 2427 LAKEVIEW AVENUE ** LIST PRICE IS OPENING BID FOR BOTH PROPERTIES AS AN ENTIRETY ** TIMED ONLINE AUCTION! Pre-Auction offers will be considered. ** Upcoming Guided Tour: Thursday, April 21st promptly at 12:00pm. ** Auction registration & bidding begins Friday, April 22nd @ 2:00pm and ends Wednesday, April 27th @ 2:00pm. $20,000 Deposit in order to participate in the auction and a Deposit of 10% of the Purchase Price is due from the winning Bidder within ONE BUSINESS DAY of the conclusion of the auction. Exceptional opportunity to purchase two three-story, twelve unit, garden style apartment buildings with on-site parking in the rear. The buildings are conveniently located in the historic "Reservoir Hill" community of Baltimore City and are both MDE Certified Limited Lead-Free. Both buildings were substantially renovated in 2005. Recent improvements include the roof of each building was silver coated in 2021 and the interior common areas and portions of the exteriors of both buildings were recently repainted in 2022. Highlights of the properties include: -Sprinkler Systems -On-site parking in the rear -Front units include balconies -Updated Electric Service -Updated Plumbing -Replacement Windows. The units are all self-contained and separately metered for gas and electric which are paid by the individual tenants. Each unit has its own HVAC system with central A/C and forced air heat as well as its own water heater. The Landlord pays for common area electric, sewer and cold water. Typical finishes for the units include ceramic tile and wood floors along with replacement windows. Many of the units also contain granite counter tops and dishwashers. Each building contains a full, unfinished basement where the respective electric and gas meters as well as the sprinkler system control units are located. Each building's basement also contains coin-operated washers and dryers, which are not currently operational. Both buildings were previously issued Multi-Family Dwelling Licenses by Baltimore City for twelve units each (the expired MFD Licenses are available for review and download in the auctioneer's "Documents" section). The owner is in the process of having the buildings re-licensed by Baltimore City and is endeavoring to have the MFD Licenses in place by closing. Both buildings have undergone Baltimore City Rental License Inspections and all of the units have passed (the inspection reports are available for review and download in the auctioneer's "Documents" section). The buildings currently contain a mix of market and subsidized tenants. Eleven of the twenty-four units are vacant as-of March 22, 2022. ** 2431 Lakeview Avenue (12 Units) ** The unit mix consists of eleven 2-bedroom units and one 1-bedroom unit. Seven of the units are occupied and five of the units are vacant in this building. Gross Scheduled Monthly Rent = $6,156/month and Gross Scheduled Annual Rent = $73,872/year. Gross Potential Monthly Rent = $10,200/month (Based on full occupancy and a market rent of $850 for each of the twelve units) and Gross Potential Annual Rent = $122,400/year (Based on full occupancy and a market rent of $850 for each of the twelve units). DILIGENCE DOCUMENTS: A copy of the rent roll as of 03/22/2022, select annual expenses, limited lead-free lead certificates, Baltimore City Rental License Inspection Forms, available leases and/or lease addenda, expired MFD Licenses and the purchase and sale agreement including assorted addenda are available for review on the auctioneer's website.
Courtesy of: Alex Cooper Auctioneers, Inc. Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 8th August, 2022 12:26 AM (UTC)
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