1810 Landrake RdTimonium, MD 21093

Property Details for 1810 Landrake Rd

Year built

1902

Property size (Sq ft)

8,132 SF

Property type

Healthcare properties

Property subtype

Retirement homes

Description

Exceptional investment opportunity: a 16-unit assisted living facility nestled on 1.4 acres in Timonium, Maryland. This historic mansion, listed on the Baltimore County Historic Register, boasts 8,132 square feet and underwent extensive renovations in 2020. The property, originally built in 1902, retains its original charm with features including a sunroom, great room, library, carriage house, four fireplaces, hardwood floors, and an elevator. Recent upgrades encompass electrical work, HVAC, hot water systems, driveway, and roof. The property also includes a separate "man cave" building. Currently operating as an assisted living facility with 16 bedrooms and 11 bathrooms, this business offers a recession-proof investment in a high-demand sector. The property's current NOI is $100,000, with a pro-forma NOI of $150,000, resulting in a current cap rate of 4.55% and a pro-forma cap rate of 6.82%. The asking price is $2,200,000, translating to a price per square foot of $270.54. The permitted zoning is R. Note that potential buyers should have approximately $500,000 readily available to facilitate SBA lending for the remaining balance. This is an absentee ownership operation. Appointments for viewings are required in advance to avoid disturbing residents and staff.

Location Insight

City

Timonium

County

Baltimore

State

Maryland

Latitude

39.4159

Longitude

-76.6498

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