For Auction
Asset Snapshot
Investment Highlights
Offering Summary
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.
Due Diligence
Location
Windsor House Apartments fronts Park Heights Avenue (MD-140) between Bancroft Road and Fords Lane in Northwest Baltimore. Giant, The Home Depot and Burlington anchor retail near Clarks Lane, and the city's $400M Pimlico Revitalization will rebuild the historic racetrack with about 500 jobs. BWI Marshall is roughly 30 minutes away, and Washington, D.C. is about 45 miles southwest.
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Disclaimers
The information being provided herein is for informational purposes only. No representation or warranty is made as to the accuracy or completeness of any information contained herein, including, without limitation, any information regarding the condition of the Property, the condition of title or Property descriptions. Any documents and/or pictures posted herein or elsewhere on the RealINSIGHT Marketplace (the "Website") are for informational purposes only, and may not represent the current condition of the Property or the condition of the Property at the time of sale. The posting of pictures herein or elsewhere on the Website does not constitute a guarantee that any items represented in the pictures will be present when the buyer takes possession of the Property. You are encouraged to conduct your own due diligence and investigate all matters relating to the Property. It is recommended that you seek independent advice, including legal advice, to perform your due diligence and that you use good faith efforts in determining that the content of all information provided to or obtained by you is accurate.
