Under Contract

Windsor Apartments

Baltimore, MD

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The Offering

Property Summary

Price $990,000
Price/Unit $66,000
# of Units 15
Avg. Rent $858
Year Built/Renovated 1930/2014

2826 Windsor Ave. | Baltimore, MD 21216

Harbor Stone Advisors is pleased to present the opportunity to acquire Windsor Apartments, a well-maintained multifamily asset located in Northwest Baltimore City. The property consists of (15) spacious 1 Br-1 Ba units. Current ownership completed a gut renovation of the property in 2014 which included apartment renovations. Typical unit features include white appliances, wood cabinets, laminate countertops, and tile/wood laminate flooring. In addition to apartment renovations, ownership also replaced the roof, windows, and doors, updated all mechanical systems, refreshed the common area, and performed exterior brickwork.

The opportunity exists for a new owner to organically increase rents, as rents at Windsor Apartments are under market. Comparable properties in the area are achieving rents at least $200 higher on average than the Subject property. Additionally, a new owner can also lease to Section 8 tenants, providing a certainty of rental income. There is also an ability for a new owner to rebid the trash contract as it is higher than what is typical for a property of this size.

Offering Highlights

Opportunity to Acquire a Well-Maintained Multifamily Asset in Northwest Baltimore City

• Consists of (15) spacious 1 Br-1 Ba units

• Typical unit features include white appliances, wood cabinets, laminate countertops, and tile/wood laminate flooring

• All tenants reimburse for water

Minimal Deferred Maintenance and Ability to Substantially Increase Rents

• Current ownership completed a gut renovation of the property in 2014 which included apartment renovations, roof, window, and door replacements, update of mechanical systems, refresh of the common area, and exterior brickwork

• Opportunity exists for a new owner to organically increase rents; comparable properties in the area are achieving rents at least $200 higher on average than the Subject property

• A new owner can also lease to Section 8 tenants, providing a certainty of rental income

Located in Walbrook Area of NW Baltimore City

• Easy access to major highways and multiple bus stops are located near the property

• Major area employers nearby: Social Security Administration, Coppin State University, Sinai Hospital

• Major area colleges nearby: Coppin State University, Baltimore City Community College