List price to be opening bid. Online Registration and Bidding Opens On Saturday November 6th, 2021 at 1pm EDT and ends on Thursday November 11th, 2021 at 1pm EDT. Fully Leased 31 Unit Apartment Complex on 5.195 +/- Acres Known as "Melrose East" Located in a Desirable Encalve of the "Bellona-Gittings" Area of Baltimore City ** Gross Scheduled Annual Rental Income of $695,520 ** ** Guided Tour to take place on: Friday, November 5th, promptly @ 12pm ** Exceptional opportunity to purchase an apartment complex comprised of nine buildings totaling 31 units, with tremendous upside potential. The lot size is 5.195 +/- acres. The Property has been owned by the same family since its construction in the early 1960’s. Location Description: The Melrose East Apartments are located in the “Bellona-Gittings” neighborhood of Baltimore City. It is adjacent to the Elkridge Club (private club and golf course), and the neighborhoods of Homeland, The Orchards, Cedarcroft and Lake Evesham. The neighborhood generally contains detached single family homes that sell in the $400,000 to $800,000 price range. It is highly sought after for its convenient location near well-regarded eateries, fine-dining, shopping, schools, recreational facilities, and access to transportation routes. Value Added – Take advantage of higher density development. The property is located in an R-5 residential zone. Minimum lot area requirements in the R-5 zone are 2,500 sq. ft. for multi-family, townhouse and semi-detached townhouses, and 3,000 sq. ft. for detached single family homes. Based on the lot size of 5.19 acres and the existing 31 multi-family units, the site is underutilized and could be further developed with the proper Governmental approvals. The existing improvements are constructed along the property’s exterior perimeter with open space in the center and along the road front. Review the above link for the Baltimore City Zoning Guide and refer to the following sections and pages: 9-201 (page 176), 12-1001 (page 231), 13-202 (page 243), 16-602 (page 344), table 9-301 (pages 425-426) and table 9-401 (pages 427-429).Rental Income: Gross Scheduled Monthly Rent: $57,960. Gross Scheduled Annual Rent: $695,520. Property Description:• 7 - 3-bedroom/2.5-bathroom units • 12 - 3-bedroom/2-bathroom units (second floor) • 12 - 2-bedroom/2-bathroom units (ground floor). Melrose East is a garden style and townhouse apartment community with ample on-site parking and on-site laundry facilities. Each apartment unit includes a separate storage unit. The townhouses have attic storage space. All units have individually controlled central air conditioning and heating as well as working fireplaces. The rooms are large and have abundant closet space. The kitchens are fully equipped with modern stoves, wall ovens, microwaves, dishwashers, disposals and refrigerators. Floors are oak parquet or wall-to-wall carpets, or a combination of both. They are cable ready and the apartments have intercoms to the locked front door. Outdoors can be enjoyed on either an individual patio or balcony. All units are heated with individual gas fired forced air systems and cooled with central air conditioning systems. Hot water for the complex is provided by three gas fired hot water heaters. All units are separately metered for electric, which is paid by the respective tenant(s). The landlord pays for all natural gas (cooking stoves, hot water and heat), common area electric (public service meter) and cold water/sewer.
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: 25th January, 2022 1:44 PM