List price to be opening bid at online only auction. Bidding begins on Saturday, February 3rd, and ends on Thursday, February 8, 2024 at 11:00am. Exceptional opportunity to purchase a brick end-of row Apartment building with 5-units located in the "Bromo Arts District" of Baltimore City. There is a 2-bedroom unit on the 4 above grade levels, and a large studio unit in the lower level. Each tenant has a current yearly lease. The Multifamily License is for 5-units and there is a Lead Certificate. $4,750 Potential Gross Monthly Rental Income Based on Current Occupancy** $57,000 Potential Gross Annual Rental Income Based on Current Occupancy** $3,750 Actual Gross Monthly Rental Income Based on Current Occupancy** $45,000 Actual Gross Annual Rental Income Based on Current Occupancy**
Per the seller: there was a new roof installed in 2023. Within the last 2 years, many updates were made in order to get the Multifamily license. Owner pays taxes, insurance, water and sewer. The owner also pays electric and is being reimbursed $75 per month by 3 of the 4 current tenants. **This reimbursement is in addition to the signed lease and is not included in the above gross monthly and annual rental income figures. Each unit has a hot water heater, and mini-splitter for heat and cooling. Unit 4 is currently vacant. The seller is in the process of renting this unit for $1,000 per month, with a signed yearly lease. There is currently a delay in them moving in. This potential tenant also signed an addendum to pay $75 per month for electric. Location: The property has a convenient location near Downtown Baltimore. There is plenty of dining, shopping, schools, recreational facilities, and access to transportation routes. The Bromo Arts District is located in close proximity to M&T Bank Stadium, Oriole Park at Camden Yards, the Convention Center, Inner Harbor, Hippodrome, CFG Bank Arena, Lexington Market & more. Per the 'Baltimore Office of Promotion & the Arts' website (the External Link to the site is included above) : "The Bromo Arts District was established in 2012 to encourage and support a thriving downtown arts neighborhood. With a continually growing art scene, our 117 acre district is home to over 30 cultural organizations and hundreds of artists and those employed through the arts."