1725, East Lombard Street, Washington Hill, Baltimore, Maryland, 21231, United States
A great opportunity to own a recently gut rehabbed fully leased mixed use asset on two parcels consisting of 1 townhouse, 2 two bedroom/ two bath apartments and 1 restaurant in historic Upper Fells Point.
One parcel (1729 E Lombard) is a completely gut rehabbed (2019) townhouse. The 3 story townhouse has 2/3 bedrooms and 3 full baths and 2 full kitchens. A great setup for nearby Johns Hopkins employees/students. Both kitchens have 1 ft ceramic tile floors, granite countertops, stainless steel appliances, built in microwaves and 30 inch stainless steel sinks. The bathrooms have modern vanities, ceramic floors and ceramic tile surround stall showers. There is a washer/dryer in unit. The floors are gleaming new hardwood throughout.
The second parcel (1725 E Lombard) is a completely gut rehabbed (2015) property consisting of 2 two bedroom, two bath units and 1 restaurant. The apartment kitchens have 30 inch stainless steel sinks, ,stainless steel appliances, granite countertops, built in microwaves. The bathrooms have modern vanities, ceramic tile floors and ceramic tile tub/shower surrounds. There are washer/ dryers in both units. The restaurant is a locally well known Indian cuisine establishment called Tandav. The restaurant has a strong local following and has a pleasant spacious interior space with bar.
Mechanically both parcels are fantastic. The roofs are torch down rubber (2015). 1725 E Lombard has a new 2″ copper water main that has been brought in from the street. The electric service is new (2015) has 800 Amps into 1725 and 200 Amps into 1729. All units are separately metered. All units have central air with a mix of mini split and gas fired forced hot air. Two of the units have tankless hot water heaters and two of the units have 40 gallon hot water heaters. All new PVC plumbing throughout.
The location of 1725/1729 E. Lombard St is ideal. It earns a Walk Score of 94. ” a walkers paradise”. Daily errands do not require a car. Johns Hopkins medical campus is a 10 minute walk to the north, Patterson Park is a 10 minute walk to the west and the waterfront of Fells Point is a 10 minute walk to the south.
1725/1729 presents a great opportunity to own a recently gut rehabbed mixed use property in a great location.
Investment Summary: $940,000.00 $235000.00 per unit $147.00 per square foot 9.5 times market rent (GRM) 7.51% Cap Rate 9.20% Cash on Cash return
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
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