873 W Lombard St - Hollins Market Triplex 3 Unit Apartment Building Offered at $375,000 at a 8.46% Cap Rate Baltimore, MD 21201

873 West Lombard Street presents a performing Hollins Market triplex in a central Baltimore location just two blocks from the University of Maryland graduate schools and close to UMMC, the University of Maryland BioPark, downtown Baltimore, and Martin Luther King Jr. Boulevard. The property offers investors a straightforward 3-unit acquisition with performing in-place income, existing rents close to market, and projected returns of an 8.46% cap rate and 9.24% cash-on-cash return at the asking price.
The building includes two two-bedroom apartments and one one-bedroom apartment. Kitchens include wood cabinetry, laminate countertops, 30” gas ranges, and stainless-steel sinks. Bathrooms include modern vanities and steel tubs, with two ceramic tile surrounds and one fiberglass surround. Living areas and kitchens are mostly finished with laminate flooring; Unit 1 includes some carpeting, and bathrooms have either ceramic tile or laminate flooring. A coin-operated laundry room is located on the first floor.
Each apartment has its own gas-fired forced-air furnace. Units 1 and 2 are served by a central 40-gallon gas-fired water heater installed in 2017, while Unit 3 has its own 29-gallon gas-fired water heater. The building has four electric meters, 300 amps of total electric service, and three gas meters. Observable plumbing includes copper supply lines and PVC drain lines. Water reimbursement is partially in place, giving a new owner the opportunity to standardize reimbursement language at renewal or turnover.
Hollins Market is one of Baltimore’s most convenient west-side neighborhoods, with access to nearby institutional, medical, educational, cultural, and employment anchors. Recent Census data shows 85% of occupied housing units in the surrounding area are renter-occupied, reinforcing the rental-heavy profile of the location. The property’s proximity to the University of Maryland corridor, UMMC, the BioPark, downtown Baltimore, and the B&O Railroad Museum helps support consistent rental demand for small multifamily housing in this part of the city.
Offered at $375,000, 873 West Lombard Street gives investors the opportunity to acquire a licensed 3-unit apartment building with performing income, durable rental demand, and manageable value-creation opportunities in a central Baltimore location.