113 Kinship Rd
- Middle-Market Investment Opportunity in Dundalk
- Ability to Create Exponential Value Through In-Unit Washer/Dryer Installations
- Excellent Location in Baltimore County
Property Description
Harbor Stone Advisors is pleased to present Liberty Springs Apartments, a unique middle-market investment opportunity located in Dundalk, MD. The property consists of (152) 1 Br-1 Ba apartments, and there are laundry facilities on-site as well as surface parking. Current ownership has completed more than $2,000,000 in capital improvements over the last few years including roof, gutter, and downspout replacements, 40 unit renovations, and converted a 2 Br-1 Ba unit into two 1 Br-1 Ba units. Between 2016 and 2017, prior ownership completed a comprehensive gut renovation across all units, with 63 units (Orioles floorplan) receiving a premium finish that includes stainless steel appliances, granite countertops, modern cabinetry, and hardwood/tile flooring. An incoming investor has immediate avenues to drive revenue: installing washer/dryers in 58 of those premium units will capture up to $200 monthly rental premiums. Furthermore, current ownership has already renovated 40 units (Ravens floorplan), leaving a clear path to finish the remaining 49 units. With nearby comparable properties achieving rents at least 18% higher than the Subject, a new owner is perfectly positioned to complete the modernization program and realize significant mark-to-market rent growth. There is also an ability to create 44 2 Br-2 Ba units on the Ravens floorplan units. Each entrance has two units (one on the top floor and one on the bottom), and a new owner can create townhome-style units which could achieve rents up to $2,200 via voucher.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 152 |
| Year Built: | 1941 |
| Lot Size: | 4.76 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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