Property ID : Lombard869
For Sale $250,000.00 - Apartment Building, Townhouse
Clean, well maintained 3-unit with off-street parking just one block from University of Maryland Downtown Campus. Mix: 1 Studio, 2 Two-Bedroom apartments. Updates include new windows, new roof, updated kitchens and bathrooms, all separate electric with 100-Amp service to each apartment. Tenants pay all of their own utilities, including electric baseboard heat, electric stoves. One tenant pays the electric for the hot water, while the other pays the electric for the washer-dryer, and the studio pays the electric for the hallway lights.
Tenants are offered the use of a free washer-dryer in the laundry room, which is just inside the main entrance door.
The first floor apartment features two bedrooms, one bathroom and has just been updated with vinyl laminate floor to give the look of a hardwood floor. The second floor rear is a studio/efficiency with carpeted living/sleeping room, a full service kitchen, and a bathroom with a vinyl shower stall and modern vanity. The other two-bedroom apartment is a two-story unit with a full sized kitchen and large living room with exposed brick wall in the second floor front with steps leading up to the third floor where the tenants can enjoy two bedrooms and a full bathroom with steel shower-tub and modern vanity. This apartment has wall-to-wall carpet in the living areas and vinyl tile flooring in the kitchen and bath.
The basement is just in the front of the building, with access via a Bilco door on the side of the building. The basement has a dirt floor and the building has a brick foundation.
The property is located on the corner of Parkin Street and West Lombard. The entrance is on the side of the building. While the legal address is 869 West Lombard Street, the mailing address for the tenants in known as 103 S. Parkin Street.
$83,333 per unit
$107 per sq.ft.
107 Times Monthly Rent
7.7 Cap Rate
9.8% Cash-on-Cash Return-on-Investment