1433 W. Lombard: Renovated 4-Unit across from Union Square Park

1433 W. Lombard: Renovated 4-Unit across from Union Square Park

1433 W. Lombard: Renovated 4-Unit across from Union Square Park

1433 W Lombard St, Baltimore, MD 21223, USA

SOLD COMP

$320,000

Property ID :

 Lombard1433

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Units
4
Bathrooms
4
Sq Ft.
3510

Description

Excellent cash flow returns await your bank account when you own this totally renovated and fully leased 4-unit property just minutes from Downtown Baltimore, including University of Maryland Shock Trauma and professional schools.  Steeped in History (the H.L. Mencken House is on the other side of the park) Union Square Historic District provides a gracious living environment among committed neighbors in older, larger historic properties.

Renovated in 2013, 1433 West Lombard Street offers the opportunity to own a low-maintenance easy-to-manage property since it has all new electric, all new plumbing, separate heat pump with central air conditioning for each apartment, separate water heater for each apartment, new kitchens, new ceramic tile bathrooms, and a new rubber roof.

The first-floor two-bedroom apartment has its own washer-dryer in the unit and access to a rear deck and tree-shaded back yard.  The other apartments utilize coin laundry machines in the first-floor hall.  The other three apartments are one-bedroom each, with the second floor rear apartment being a two-story unit with a rear deck and a spiral stair leading to a loft bedroom.

With a 92 Walking Score, this property is located in a very convenient neighborhood.  A 66 transit score means there is good public transportation and a 66 biking score means the area is flat and downtown is an easy, short bike ride.  Being in West Baltimore, crime in this area is higher than usual.

INVESTMENT SUMMARY:
$320,000  investment
$80,000 per unit
7   times gross rent
9.3  cap rate
14% cash-on-cash return-on-investment

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