868, West Lombard Street, Hollins Market, Sowebo, Baltimore, Maryland, 21201, United States
SOLD COMP
$290,000 $275,000
Property ID :
RH-27370-property
Situated mere blocks away from the University of Maryland’s five graduate schools and the UMB BioPark, this Hollins Market Duplex presents a unique opportunity. With a growing demand for student housing due to the limited on-campus options and an expanding school system, the neighborhood is experiencing significant growth. Adding to the excitement, Baltimore’s historic Hollins Market is currently undergoing a remarkable $2.1 million transformation, generating eager anticipation among local residents.
Apartment 1 comprises the entire first floor. This generational tenant has wall-to-wall carpeting throughout the living areas and a pressed tin ceiling in living room and kitchen. The kitchen has laminate cabinets and laminate counters. The tenant recently purchased their own gas range and refrigerator. The bathroom has a modern vanity, steel tub and ceramic tile-tub surround. Apartment 2, with entry on Parkin Street, encompasses the second and third floors. Parquet flooring adds charm to the space, and the ceilings have modern trim work. The eat-in style kitchen features modern wood shaker cabinets, laminate counters, a 5-burner gas range, stainless sink, disposal and dishwasher and tenants appreciate easy-to-maintain ceramic tile flooring. All bathrooms have marble tile and tub-surrounds, in addition to modern vanities. This apartment also has a stacked washer and dryer for added convenience.
Apartment 1 features wood windows, while Apartment 2 boasts energy-efficient double-hung vinyl replacement windows. Both apartments are individually metered for gas and electric, offering the convenience for tenants to manage their own utility bills. For climate control, separate Rheem gas-fired furnaces and central air conditioning systems are in place, ensuring comfortable living conditions year-round. Hot water is efficiently provided by separate G&E 40-gallon, gas-fired water heaters. All visible water supply lines have been upgraded to C-PVC, and observable drain lines are made of durable PVC, minimizing the potential for plumbing issues. Additionally, the eastern wall is covered in stucco, providing an added layer of protection to the brick of this end-of-group rowhome.
Tenants in this Hollins Market duplex enjoy living in “one of the most convenient areas of the City,” according to LiveBaltimore.com. Martin Luther King Jr Boulevard provides access to most major connections for traveling in and around the Baltimore metro area. BWI Airport and Penn Station can both be accessed within a 20 minute drive. The B&O Railroad Museum, a popular tourist destination and event venue, is 3 blocks southwest.
Investors find this area attractive due to the continually expanding educational facilities and the high demand for housing that brings along.
$275,000
$137,500 Per Unit
$136 Per Sq. Ft.
9.9 Times Actual Rents (GRM)
8.6 Times Market Rents (GRM)
8.53% Cap Rate
8.0% 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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Suze Orman