847 PARK AVE Baltimore MD 21201-4934

Located in the Mount Vernon Historic District. in 2016 the owner performed a ground-up restoration of the property. Each unit is self-contained including water which is billed to the tenant monthly. The storefront has a 3-year lease. $2100/2300/,2500m. 2300/2024,

All units a a mix of 1-Br with 1 commercial storefront. Each unit is separately metered and totally self contained. All unit contain new kitchens, bathrooms, split unit heating and cooling, washers and dryers, stainless steel gas ranges and refrigerators and hardwood flooring and intercoms.

This is an easy property to operate as 1-BR units are highly sought after due to the colleges, institutions and hospitals. Mt Vernon’s the cultural center of Baltimore. Most all theaters, symphony halls, museums, restaurants and shopping are close at hand.

List price to be opening bid at online only auction. Bidding begins Friday, September 29 & Ends Wednesday, October 4, 2023 @ 11:00 AM.

For more information, documents and to register to bid please visit the auctioneer’s website by linking the link below:


CLICK HERE TO VIEW AUCTIONEER’S BIDDING PLATFORM

Location Description: Mid-Town Belvedere boasts stunning 19th century architecture and well kept parks. Being close to downtown, Mid-Town Belvedere is well-served by public transit and is blocks from Light Rail. The neighborhood is home to a mix of institutions, including the Peabody Conservatory, Walters Art Museum, University of Baltimore, Maryland Historical Society, Maryland Institute College of Art, Joseph Meyerhoff Symphony Hall, Baltimore School for the Arts, Lyric Opera House, Center Stage & much more!

Property Description: The property is an irregular shaped lot comprising 1,699 sq. ft. or 0.04 acre. It is improved by a completely renovated (2017-2018) 7 unit, 4-story corner building.

The ground level contains a commercial unit. The upper three levels contain 5 one-bedroom units and an efficiency. Each residential unit has a renovated kitchen with granite counters, a full appliance package, renovated bathroom, washer/dryer, split units providing heat and air conditioning, drywall walls/ceilings, engineered wood floors, LED lights, hot water heater, etc. The commercial unit has a forced air heating and air conditioning system and a hot water heater.

The entire building is sprinklered with an alarm system. The main entrance has an intercom system for access to each residential unit. As part of the renovation, the roof and windows are new as of 5-6 years ago. Tenants pay all utilities.

Features Include:

• Fully Renovated Building
• Annual Real Estate Taxes for 2023/2024 are only approx. $2,222 based on an existing CHAP Credit.
• Low expense ratio based on tenants paying all utilities, everything renovated/replaced 5-6 years ago, and low real estate taxes.
• Lead-Free Limited Certificate with Interior Lead Free.

Financial Information:

The Rent Roll for 7 units is $9,385/monthly at full tenancy.

Unit #3 which was leased for $1,300/month is vacant as of 8/31/2023 and is in the process of finding a new tenant.

Unit #4 is in arrears and will either be evicted or have the rent paid by a City program.

Diligence Package: Copy purchase and sale agreement with assorted addenda are located in the documents section. In order to gain access, you must create a free account as well as accept a non-disclosure agreement.

Auction Notes: Online Auction Only! Bidding begins Friday, September 29 & Ends Wednesday, October 4, 2023 @ 11:00 AM.

Online Bidding Notes: The initial deposit must be made via credit card, wire transfer or by Cashier's Check. Please review the online bidding terms and deposit transmittal form in the Documents Section for more details.