828, West Lombard Street, Hollins Market, Baltimore, Maryland, 21201, United States of America
For Sale - Under Contract
A great opportunity to own a 5 unit multifamily property within walking distance to University of Maryland Hospital / Graduate School campus, Camden Yards and M&T Bank stadium.
828 West Lombard consists of 5 junior 1 bedroom / 1 bath apartments. The apartments offer full kitchens with wood cabinets with ample counter space. There is a small common area plus a full sized bedroom and bath. The units are fully functional but also offer a value add opportunity that would allow an investor/owner to raise rents and increase their investment returns.
Mechanically the building is sound. The torch down rubber roof was replaced in the last 10 years. This is an electric building with 400 Amp service. All units are separately metered with 100 Amp separate panels in the basement. Each unit has its own 40 gallon hot water heater. The free washer/dryer is located in the basement. This could be converted to coin-op for added revenue. The units all have electric base board heat. The building is certified Lead Free Limited and zoned R8 for 5 dwelling units.
The location of 828 West Lombard is great. The University of Maryland downtown campus is 1 block away with its 5 graduate schools. The grad schools do not offer housing leaving 6000 grad students looking for reasonable housing in the surrounding neighborhoods. Camden Yards and M&T Bank stadium are close by presenting the opportunity for VRBO rentals if the owner so choses. The location earns a Walk Score of 91, a Transit Score of 79 with a Crime Grade of A making it one of the safest neighborhoods in Baltimore.
828 West Lombard presents a great investment opportunity with a 9% Cap Rate and a 13.3% Cash on Cash return with the opportunity for value add to increase returns.
Investment Summary: $285,000 $57,000 Per Unit $65 Per Sq Ft 6.4 Times Market Rent (GRM) 8.98% Cap Rate 13.3% Projected 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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