About 885 W Lombard St
● Owner-Occupant or Lease-Up Opportunity: Three occupied apartments generate $2,820 per month. Occupy the vacant fourth apartment or lease it at market rent to increase property income.
● 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.
885 West Lombard Street is a licensed four-unit apartment building in Hollins Market. The 3,705-square-foot property offers immediate income from three occupied apartments, one vacant apartment, below-market occupied rents, and projected market rents totaling $4,916 per month.
An owner-occupant could purchase the property with as little as 3.5% down and live in the vacant apartment. Using a 6.50% interest rate, estimated monthly PITI and mortgage insurance is $3,752. With estimated rents of $2,950 from the remaining three apartments, the owner’s net monthly housing cost would be $802.* Ask us for an illustrative example!
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.
