871 Hollins St, BALTIMORE

The Hollins Market neighborhood is booming, thanks to two major developments driving growth and increasing rental demand. The University of Maryland BioPark's 4MLK expansion adds 250,000 sq. ft. of new lab and office space, attracting biotech companies and over 1,000 highly educated professionals looking for nearby housing. At the same time, the $2.1 million renovation of Hollins Market has revitalized Baltimore’s oldest public market, turning it into a bustling food and retail hub. A recent viral review from TikTok critic Keith Lee skyrocketed business for local vendors, bringing national attention to the neighborhood. With increasing foot traffic, economic investment, and redevelopment projects, Hollins Market is positioned for long-term appreciation—making this 3-unit property a prime investment opportunity.

This fully leased triplex includes a three-bedroom, two-bathroom apartment, a one-bedroom, one-bathroom apartment, and a studio unit. The first-floor unit spans two stories, featuring a spiral staircase, dual access points, and an in-unit washer and dryer, making it highly desirable for professionals seeking housing near the University of Maryland. Kitchens in all units are equipped with 30” stoves, laminate countertops, and wood cabinets, while bathrooms feature modern vanities and either steel or fiberglass tubs with vinyl or fiberglass surrounds.

The building’s updated infrastructure provides ease of ownership and strong operational efficiency. The first-floor unit has a gas-fired furnace with central air, while the upper units use electric baseboard heat (tenants supply their own A/C units). A 2021 Rheem 30-gallon gas-fired water heater supplies the building. All observable plumbing is copper (supply lines) and PVC (drain lines). The landlord currently covers heating, water, and sewer expenses, but implementing a utility bill-back system could significantly improve cash flow.

At $374,500 ($124,967 per unit, $113 per sq. ft.), this property offers a solid 8.72% cap rate and a 9.4% projected cash-on-cash return. With its prime location, strong rental demand, and proximity to major redevelopment projects, this Hollins Market triplex is an exceptional value-add investment with long-term upside.