235 W Read St
Baltimore, MD 21201
Michaelangelo`s Pizza · Retail Property For Sale

Auction to be held on the premises and online simulcast Friday, October 19th @ 12:00pm. **OPENING BID $175,000** Fully Leased and Updated Mixed Use Building Located in the Heart of Desirable "Mount Vernon" ** Gross Scheduled Annual Rent: $36,977.64 ** ** Guided Tour/Open House to take place on: Tuesday, October 16th, promptly @ 12:00pm ** Location Description: Mount Vernon cultural district is designated a National Landmark Historic District and a city Cultural District. It boasts stunning 19th century architecture and well kept parks. Being close to downtown, Mount Vernon 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: 3-Story, brick building with 2,070 +/- square feet of above grade area. The lot size is approximately 28' x 30'. Unit 1- Scheduled Monthly Rent: $1,921.47 • Retail unit occupied by Michelangelo's Pizzeria • Tenant pays 50% of Annual Real Estate Tax and Insurance for the entire building • Tenant Pays Water & Sewer Bill for entire building except for a $100 annual credit from landlord • April of 2022 rent will increase to $1,959.90/month with annual increases of 2% thereafter • Lease Expires: March of 2028 • Tenant Move-in date: 2008 Unit 2 (2nd & 3rd Floor) - Scheduled Monthly Rent: $1,160 • 2 bedrooms, 2 full bathrooms • Two-level apartment unit • Laundry Room • Walk-in closet • Exposed brick • Full size eat-in kitchen with island • Tenant Move-in date: 2010 Current Gross Scheduled Monthly Rent: $3,081.47 Current Gross Scheduled Annual Rent: $36,977.64 Diligence Package: The rent roll, select expenses, leases, lead certificate for the residential unit and purchase and sale agreement along with assorted addenda are available in the documents section of the auctioneers website, link below. In order to gain access, you must create a free account as well as accept a non-disclosure agreement. 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. Online bidding only available using a desktop web browser. Online bidding WILL NOT work using mobile devices and tablets running iOS or Android.