1030 Hollins Street, Hollins Market, Baltimore, Maryland, 21223, United States of America
A prime opportunity to own a recently renovated, well maintained 3 unit building. The property sits in the heart of the up and coming Hollins Market district and 4 blocks from the rapidly expanding UMB BioPark.
The property is made up of 2 two bedroom apartments on the top two floors and a 1st level that is completely gutted. The C1 zoning allows the new owner to decide how to develop this space, either commercial or residential, while the fully leased apartments on the upper floors pay their mortgage. The 2 fully leased 2 bedroom apartments on the second and third floor were fully gut renovated in 2009. Both units have gleaming hardwood floors in the living and kitchen space and newly carpeted bedrooms. The kitchens each have 30″ electric ranges, stainless steel refrigerators, dishwashers and disposals. Both have wooden cabinets and laminate counter tops. The bathrooms have modern vanities with ceramic tile flooring and shower tub with ceramic surround. The 3rd floor bathroom was gutted and redone in 2017. Each unit has its own stack able washer/ dryer.
Mechanically, the building is solid and efficient for the owner. All new electric 200 Amp service to the building with 100 Amps going to each separately metered unit. Each unit has its own unit (2009) electric heat pump with central air. The roof was replaced in 2018 with a torch down rubber surface. The building is Certified Lead Free which removes the cost and hassle of yearly Lead Inspections. The tenants currently pay all utilities including the water bill,which they split.
The property is located across the street from the Hollins Market. This area is seeing major revitalization with numerous developers getting involved including War Horse Cities. ( Kevin Plank’s brothers real estate investment firm) War Horse Cities has bought more than 45 properties around Hollins Market and has begun renovations around the redeveloped Hollins Market. The property is also 4 short blocks away from the University of Maryland BioPark , which is planning a 10-story, 333,000 sq ft office and biotech building. In our current environment with money piling into medical research this will offer a supply of highly paid professional tenants.
This property represents a great opportunity to get into the up and coming Hollins Market area with a clean, recently renovated, income producing property with options.
Investment Summary: $239,000 $79667 Per Unit $89 Per Sq. Ft. 10.2 Times Actual Rent (GRM) 6.6 Times Market Rent (GRM) 11.44% Cap Rate 22.9% Cash-on-Cash Return