828 West Lombard: 5 Apartments in Hollins Market/ 1 Block from University of Maryland Grad Schools/ Value Add Opportunity

What Makes This Property Special?

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.

Here are the Details:

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.

Who Pays What Utilities?

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.

What is Nearby?

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.

Check out this short Video about the cool things in Hollins Market Neighborhood. Here is a video explaining the University of Maryland Downtown Baltimore Campus.

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 Acquisition Price
$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