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Midwood Apartments 5001 Midwood Ave 28 Unit Apartment Building $3,983,788 CAD ($142,278 CAD/Unit) Baltimore, MD 21212
Investment Highlights
- Opportunity to Acquire a Stabilized Garden Asset
- Excellent Location in Northeast Baltimore City
- Ability to Increase Rents Via Renovations
Executive Summary
Harbor Stone Advisors is pleased to present Midwood Apartments, a stabilized garden asset. Located in Northeast Baltimore City, the property offers 28 spacious 2 Br-1 Ba units. Typical unit features include black appliances, formica countertops, wood cabinets, and carpet/tile/LVP flooring. Residents benefit from on-site amenities, including free public WiFi, a laundry room and a surface parking lot with 22 spaces.
Midwood Apartments underwent a comprehensive gut renovation by the previous owner in 2013. This included major upgrades to the electrical systems, plumbing, and HVAC, as well as new windows and a roof. The renovation also involved the build-out of a dedicated laundry room and interior unit updates.
There is a significant opportunity for a new owner to enhance the units further with premium interior finishes, such as granite countertops, white cabinets, and LVP flooring. The local rental market strongly supports higher-end renovations; comparable properties nearby are currently achieving average rents $160 higher than the Subject property. A new owner can further boost income by strategically increasing the proportion of voucher tenants. This approach offers the benefit of guaranteed rental income and allows for higher rental rates. Specifically, the addition of microwaves, dishwashers, and in-unit washer/dryers could generate an additional $100 in voucher rent. Furthermore, the current owner has begun raising the water reimbursement for new tenants to $49/month. A new owner can continue this rollout to renewing tenants, providing another avenue to increase property income.
Midwood Apartments underwent a comprehensive gut renovation by the previous owner in 2013. This included major upgrades to the electrical systems, plumbing, and HVAC, as well as new windows and a roof. The renovation also involved the build-out of a dedicated laundry room and interior unit updates.
There is a significant opportunity for a new owner to enhance the units further with premium interior finishes, such as granite countertops, white cabinets, and LVP flooring. The local rental market strongly supports higher-end renovations; comparable properties nearby are currently achieving average rents $160 higher than the Subject property. A new owner can further boost income by strategically increasing the proportion of voucher tenants. This approach offers the benefit of guaranteed rental income and allows for higher rental rates. Specifically, the addition of microwaves, dishwashers, and in-unit washer/dryers could generate an additional $100 in voucher rent. Furthermore, the current owner has begun raising the water reimbursement for new tenants to $49/month. A new owner can continue this rollout to renewing tenants, providing another avenue to increase property income.
Property Facts
| Price | $3,983,788 CAD | Building Class | C |
| Price Per Unit | $142,278 CAD | Lot Size | 1.51 AC |
| Sale Type | Investment | Building Size | 35,000 SF |
| No. Units | 28 | Average Occupancy | 96% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built/Renovated | 1964/2013 |
| Apartment Style | Low-Rise | Parking Ratio | 0.63/1,000 SF |
| Zoning | R-4 | ||
| Price | $3,983,788 CAD |
| Price Per Unit | $142,278 CAD |
| Sale Type | Investment |
| No. Units | 28 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 1.51 AC |
| Building Size | 35,000 SF |
| Average Occupancy | 96% |
| No. Stories | 3 |
| Year Built/Renovated | 1964/2013 |
| Parking Ratio | 0.63/1,000 SF |
| Zoning | R-4 |
Amenities
Unit Amenities
- Disposal
- Heating
- Kitchen
- Tub/Shower
- Carpet
- Double Pane Windows
Site Amenities
- Laundry Facilities
- Community-Wide WiFi
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Moderately walkable
70/100
Fairly drivable
50/100
Some public transit
40/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 5183C-014 | Improvements Assessment | $0 CAD |
| Land Assessment | $0 CAD | Total Assessment | $1,967,809 CAD |
Property Taxes
Parcel Number
5183C-014
Land Assessment
$0 CAD
Improvements Assessment
$0 CAD
Total Assessment
$1,967,809 CAD
Contacts
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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Midwood Apartments | 5001 Midwood Ave
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