A nearly block-long row of apartments on Biddle Street sold at auction on Tuesday for $3.445 million.
The online auction by Alex Cooper Auctioneers was for a fully-leased, 36-unit rental complex called Apartments on Biddle. It includes 35 apartments and one commercial space (Pillion Tea) in four-story buildings at 38, 40, 42, 44, 46 and 50 W. Biddle Street, plus 12 off street parking spaces.
Bidding began on Nov. 5 and ended shortly after noon on Tuesday. The top bid was $3.25 million plus a buyer’s premium, which brought the total to $3.445 million. The figure works out to less than $100,000 per unit.
There was a flurry of bidding in the final minutes of the auction. The buildings are in a local historic district and any exterior changes, up to and including demolition, would have to be approved by Baltimore’s preservation commission before work could begin.
Alex Cooper conducted the sale in cooperation with Justin Verner of Harbor Stone Advisors. Auctioneer Paul Cooper declined to disclose the identity of the purchaser, since the property hasn’t settled yet.
A nearby property up for sale, 705-707 N. Howard Street, did not sell at auction on Tuesday, Cooper said.
