820 W Lombard St, Baltimore, MD 21201, USA
Just a few steps away from University of Maryland, Downtown Baltimore Campus, with its Medical School, Nursing School, Pharmacy School, Dental School, and Law School, makes this an ideal property to capture this lucrative market. In addition to the 8 apartments, all of which have recently updated kitchens and baths, there is a vacant shell of a carriage house in the rear that could be rehabbed and rented, or sold off as a separate parcel, and there is a small one-room office in the front that is ideally suited to house your real estate operations, or rent to a local small business person.
This property was totally renovated in ~1988, thus it has 100 Amp electric service to each apartment, copper water pipes, separate heat pump with air conditioning for each apartment, separate electric water heater for each apartment, plus the property is Lead-Free Limited, making for easy and fast turnovers.
The unit mix includes 1 studio apartment, 4 one-bedroom apartments, and 3 two-bedroom apartments. The property offers a concrete parking pad in the rear for 4 off-street parking spaces plus a laundry room in the basement.
All of this adds up to an easy to manage cash flowing investment opportunity in a block with consistent rental demand.
$63,750 per unit
$79 per square foot
6.8 Times Gross Annual Rent
9.8% Cap Rate
13% Cash-on-Cash Return-on-Investment