839 W Lombard St Baltimore MD
An outstanding value located in a great rental market, this property is a great addition to any portfolio and an easy-to-manage property for first-time investors. Located a half a block away from University of Maryland’s Downtown Baltimore Campus – which consists of all graduate schools: Law School, Medical School, Nursing School, Pharmacy School, and Dental School. University of Maryland wildly successful Bio-Technology Park is a half-block away on Baltimore Street. Oriole Park at Camden Yards is 4 blocks away; Ravens Stadium is 6 blocks. Camden Station, with MARC Commuter Rail Service to Washington DC only 4 blocks away.
This all-brick townhouse was totally gut-rehabbed circa 1992. At that time, all new copper plumbing, all new wiring, all new drywall, floors, etc, were installed. This house is probably lead-free. I am working on getting the property lead-tested in the next week or two.
The first floor front is classified as a “Rooming Unit” which means it cannot have a full kitchen with “cooking facilities” which is defined as a stove or range. It has a small counter-top with a bar sized sink, an under-counter refrigerator and a microwave oven. This unit has a living room and a separate bedroom. The bathroom is tight, with a vinyl shower stall. The first floor rear apartment, designated as 100B, features living space in the basement level, first floor, and second floor rear. Apartment 100-B has two bedrooms, plus a finished den (that could be a third bedroom) 2 full baths, a full size kitchen with lots of cabinet and counter space, dishwasher, and full size electric range. There are two full sized bathrooms, each with a shower-tub. Apartment 200 is located on the second floor front and third floor. It has exposed brick walls, vaulted ceilings, and a roof-top deck overlooking the stadiums and the downtown skyline. Apt 200 has a full size kitchen with dishwasher, 30″ electric range and plenty of cabinet and counter space. The bathroom has ceramic tile floor and a shower-tub with ceramic tile enclosure.
The owner provides a free washer and dryer for the tenants to use.
Each tenant pays their own utilities. 100A has electric baseboard heat while 100B and 200 each have an electric heat pump with central air conditioning. Each unit has its own electric water heater. The building was totally re-wired when it was renovated. The two 200-Amp service cables bring a total of 400 Amps to the building with 100 Amp service to each apartment. All water pipes were installed with new copper lines when the building was renovated. The roof is in average condition, with rolled roofing material on the front, main roof, and modified rubber on the rear lower roof. There is only a 3′ wide walk-way behind this building so there is only street parking.
$75,000 per unit
$111 per square foot
7.7 Gross Rent Multiplier
8.2 Cap Rate
12.7% Cash-on-cash return on investment