Under Contract

Roslyn Apartments

Baltimore, MD

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The Offering

Offering Details

Price $890,000
Price/Unit $74,167
Cap Rate 9.02%
# of Units 12
Avg. Rent $941
Year Built/Renovated 1930/2014

2210 Roslyn Ave. | Baltimore, MD 21216

Harbor Stone Advisors is pleased to present the opportunity to acquire Roslyn Apartments, a well-maintained multifamily asset located in Northwest Baltimore City. The property consists of 12 units with a mix of (6) 1 Br-1 Ba and (6) 2 Br-1 Ba. 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 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 Roslyn 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.

Offering Highlights

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

• Consists of 12 units with a mix of (6) 1 Br-1 Ba and (6) 2 Br-1 Ba

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

• Some units have balconies and 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 Mt. Holly Area of NW Baltimore City

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

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

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