Windsor House Apartments | 61 Units | $696K NOI
- Unit mix of 14 one-bedroom, 43 two-bedroom and one three-bedroom unit on a 1.73-acre site.
- Current NOI of $696,119 on $1,166,821 in combined EGI, with expenses at 40.3% of CEGI.
- Two-bedrooms average $1,462 against $1,577 market, with $89,200 in potential monthly rent.
- Roof, windows, HVAC and a $300,000 elevator upgrade to 2019 Maryland code limit near-term capex.
- Three tenants also reimburse $96,989 in utilities; the largest suite, 2,317 SF, is month-to-month.
- No new apartment construction is underway in the immediate Northwest Baltimore submarket.
Property Description
Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, Windsor House Apartments at 6503 Park Heights Avenue is a five-story, 61-unit mixed-use community in Northwest Baltimore, Maryland. Built in 1972 on 1.73 acres, the 66,444 SF building contains 58 residential units, predominantly two-bedroom, two-bath layouts averaging 1,155 SF, over three ground-floor retail suites totaling 3,679 SF. The asset is 100% occupied and produces $696,119 in current NOI on $1.17M of combined effective gross income. In-place residential rents trail market by 7.9%, with 1BR units averaging $1,259 against $1,395 market and 2BR units $1,462 against $1,577, supporting a Year 1 NOI of $732,116 as leases roll. Ownership has invested more than $600,000 in recent capital improvements, including a full roof replacement, new windows and patio doors, new HVAC equipment, updated appliances, complete unit renovations and a $300,000 elevator modernization to 2019 Maryland code, limiting near-term capital needs. Retail tenancy contributes $92,280 in annual base rent plus $96,989 in utility reimbursements, though the largest suite is month-to-month. Year 1 underwriting also increases the management fee from 1.9% to 4.0% of EGI. The property sits within a submarket with no new multifamily construction underway and within roughly 30 minutes of BWI Marshall.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Auction |
| Property Types: | Apartment Buildings |
| Price: | $3,000,000 |
| No. of Units: | 58 |
| Average Occupancy: | 100 |
| Year Built: | 1972 |
| Lot Size: | 1.73 Acres |
| No. of Stories: | 5 |
| Opportunity Zone: | No |
| Price per unit: | $51,724 |
| Property Website | Click Here |
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