New Listing
885 W Lombard St,BALTIMORE, MD 21201
BALTIMORE, MD 21201
Description
New Price: $395,000. 885 West Lombard Street is a licensed four-unit Hollins Market apartment building with three occupied apartments generating $2,820 per month and one vacant apartment. An investor can lease the vacant apartment and increase below-market rents, while an owner-occupant can live in the vacant unit and use the existing rental income to offset the monthly mortgage payment. Offered at $98,750 per unit with a 14.3% projected cash-on-cash return. University of Maryland Location: Just two blocks from the University of Maryland graduate and professional schools, which do not offer on-campus housing. Two-Car Garage: Provides valuable off-street parking in a dense, walkable neighborhood. The property also passes the FHA self-sufficiency test, supporting owner-occupant financing with as little as 3.5% down. At the new $395,000 price and an illustrative 6.50% interest rate, estimated monthly PITI and mortgage insurance is $3,545. With estimated rents of $2,950 from the remaining three apartments, an owner occupying Apartment 1 could have a net monthly housing cost of $595. *Ask us for details!Apartments feature wood kitchen cabinetry, laminate countertops, stainless-steel sinks, modern bathroom vanities, and durable laminate or ceramic flooring. Three apartments have individual gas-fired furnaces, while the fourth has an electric wall unit providing heat and air conditioning. The property has five electric meters and three gas meters. Located near UMMC, the University of Maryland BioPark, downtown Baltimore, and Martin Luther King Jr. Boulevard. Garage parking for two cars and potential tenant reimbursement of common-area electric and water expenses provide additional opportunities to increase monthly cash flow.
Details
| MLS # | MDBA2236376 |
|---|---|
| Listing Type | For Sale |
| Sub-Type | Resale |
| Status | Active-bright |
| Year | 1890 |
| Days On Site | 6 |
| Listing Provided By | Ben Frederick Realty, Inc. | Will A Cannon III |
Features
| SQ Feet | 3,705 |
|---|---|
| Garage | 2 |
| Basement | Y |
| Units | 4 |
| Zoning | R-8 |
| Acreage | 0.05 |
Interior
| Cooling | Central A/C, Window Unit(s), Wall Unit |
|---|---|
| Heating Yes / No | Yes |
| Heating | Forced Air, Wall Unit |
Exterior
| Construction Materials | Brick |
|---|---|
| Foundation Details | Brick/Mortar |
Parking
| Garage Yes / No | Yes |
|---|
Taxes
| Tax Annual Amount | 6818 |
|---|
Area Information
| State | MD |
|---|---|
| County | BALTIMORE CITY MD |
| City | BALTIMORE |
| Zip Code | 21201 |
| Area | BALTIMORE CITY MD |
| Community Name | HOLLINS MARKET |
| School District | BALTIMORE CITY PUBLIC SCHOOLS |
| Listing VS Median (in HOLLINS MARKET) | |
Price: $395,000 low | high Med: $176,054 sqft: 3,705 low | high Med: 2,236 $ / sqft: $107 low | high Med: $80 On site: 6 low | high Med: 143.5 | |
Market Activity 21201
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Learn More About This Property
| State | MD |
|---|---|
| County | BALTIMORE CITY MD |
| City | BALTIMORE |
| Zip Code | 21201 |
| Area | BALTIMORE CITY MD |
| Community Name | HOLLINS MARKET |
| School District | BALTIMORE CITY PUBLIC SCHOOLS |
| Listing VS Median (in HOLLINS MARKET) | |
Price: $395,000 low | high Med: $176,054 sqft: 3,705 low | high Med: 2,236 $ / sqft: $107 low | high Med: $80 On site: 6 low | high Med: 143.5 | |
