List price to be opening bid. Timed Online Auction will begin Saturday, April 17th @ 12:00pm and end Thursday, April 22nd @ 12:00pm. THERE WILL BE A GUIDED TOUR OF THE PROPERTY ON FRIDAY, APRIL 16TH @ 12PM PROMPTLY. PLEASE ARRIVE 5-10 MINUTES EARLY TO REGISTER. MASKS ARE MANDATORY. Fully Leased 2-Building Apartment Assemblage Totaling 15 Residential Units and 1 Commercial Unit in the Station North Arts and Entertainment District of Baltimore City Known as "The Royalton" **Annual Gross Scheduled Rent Of $190,332** Current Gross Monthly Rent: $15,861. Exceptional opportunity to purchase an updated, fully leased, lead free and well maintained fifteen unit apartment assemblage along with a vacant "value add" commercial unit with retail frontage on North Avenue in the Station North Arts and Entertainment District. The complex is comprised of two buildings: A 4-story brick building which contains twelve residential apartment units along with a ground floor commercial unit and a 3-story masonry building which contains three residential units. The small commercial unit has been fully renovated and is currently occupied by an office tenant. Landlord pays for water/sewer and public service meter. The buildings contain:• 8- Two bedroom / One full bath units• 6- Two bedroom / One full bath + half bath units• 1- One bedroom / One full bath unit• 1- Ground floor Commercial Unit. Mechanicals:• Self contained residential units with separate meters for electric and gas• Each residential unit has an HVAC unit with gas furnace• AC compressors located on the roof• Each residential unit has a gas hot water heater• Water and sewer paid for by landlord • Sprinkler system and fire alarm system. Typical Finishes:• Plank style vinyl, Parquet and carpet floors in bedrooms/common areas• Ceramic or plank style vinyl tile floors in kitchens/baths• Gas stove/oven• Most of the residential floor plans have an entry foyer, living room, 2 bedrooms, kitchen and full bath • Several residential units have a bonus half bath• Many residential units have an additional small bonus room and large closet• Mixture of fluorescent and incandescent lighting fixtures • Replacement windows throughout building. Rental information: This property is subject to, and will not be sold free and clear of, (i) an Extended Low income Housing Covenant (see generally, 11 U.S.C. § 42) and (ii) a recorded Deed and Agreement with the Mayor and City Council of Baltimore that contains restrictive covenants. The Covenant and Deed are recorded in the Land Records of Baltimore City, and can be reviewed in the Documents section of this site. Without limitation the Covenant and Agreement (a) restrict the amount of rent that can be charged and (b) require that tenants meet certain low-income criteria. In addition, there are record keeping and reporting requirements. You are cautioned to read these documents and seek legal or other professional advice before purchasing this property.
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