** BANKRUPTCY SALE ** BEING SOLD ONLY AS AN ENTIRETY ALONG WITH 4610-4614 WALLINGTON AVENUE ** LIST PRICE IS OPENING BID FOR THE ENTIRETY ** TIMED ONLINE AUCTION! Pre-Auction offers may be considered. ** Upcoming Guided Tour: Friday, February 10th promptly at 12:00pm. ** Auction registration & bidding begins Saturday, February 11th @ 2:00pm and ends Thursday, February 16th @ 2pm. $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. Excellent opportunity to purchase an MDE Certified Lead-Free apartment complex comprised of 42 units which is conveniently located in the "Dolfield" Community of Baltimore City. The multi-building garden style assemblage includes ample on-site parking and contains seven buildings split between two tax accounts. 4610-4614 Wallington Avenue was issued a Multi-Family Dwelling License by Baltimore City for eighteen units on January 23, 2023. 3915-3921 Belvieu Avenue was previously issued a Multi-Family Dwelling License by Baltimore City for twenty-four units which has expired. The purchaser will be responsible for applying to Baltimore City for the issuance of a new license and for any necessary renovations and repairs. 3917 Belvieu Avenue has been condemned by Baltimore City. (Please refer to CODE VIOLATION NOTICE AND ORDER - Notice Number: 2192637A.) The building sustained considerable damage due to a recent fire which took place in 2022. The owner is working with their insurance company, but they are not planning to renovate any units or repair any damage to the building. The purchaser will be responsible for all necessary renovations and repairs. The buildings contain both market and subsidized tenants and the unit mix consists of: 3 - One-bedroom units (575 +/- sq. ft.) 18 - One-bedroom plus Den units (732 +/- sq. ft.) 21 - Two-bedroom units (732 +/- sq. ft.) Twenty-four of the forty-two units were vacant as of January 20, 2023. * Gross Scheduled Monthly Rent = $14,225/month (Based on the Rent Roll as of January 20, 2023) * Gross Scheduled Annual Rent = $170,700/year (Based on the Rent Roll as of January 20, 2023) * Gross Potential Monthly Rent = $35,700/month (Based on full occupancy and a market rent of $850/month for each of the forty-two units) * Gross Potential Annual Rent = $428,400/year (Based on full occupancy and a market rent of $850/month for each of the forty-two units) The units are self-contained and separately metered for gas and electricity which are paid by the individual tenants. Each unit contains it's own gas fired forced air system and central A/C system. Hot water to the units is provided by central gas fired hot water heaters. The landlord pays for common area lighting, water/sewer and natural gas for the central hot water heaters. The buildings underwent extensive renovations in 2010/2011 which were undertaken by the previous owner. DILIGENCE DOCUMENTS: A copy of the rent roll as of 01/20/2023, active and expired MFD Licenses, Code Violation Notice and Order - Notice Number: 2192637A, select annual expenses for 2022, a lead-free lead certificate, any available leases and/or lease addenda, a Property Registration Confirmation Letter from Baltimore City DHCD and the purchase and sale agreement including assorted addenda are available for review at the auctioneer's website. There are also a large number of additional photos available for viewing. Please reach out to the Listing Agent for more information. Thank you.
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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: 26th March, 2023 3:10 AM (UTC)