Under Contract

Cedar Hill Apartments

Baltimore, MD

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Executive Summary

Cedar Hill Executive Summary

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The Offering

Investment Highlights

Price: $2,600,000
# of Units: 20
Cap Rate: 7.23%
Avg. Rent: $1,383
Year Built: 1965
Lead Status: Lead Free

901-903 Woodson Rd. | Baltimore, MD 21212

Harbor Stone Advisors is pleased to present the opportunity to acquire Cedar Hill Apartments, a mid-sized garden complex located in North Baltimore City. The property consists of (20) large 2 Br-1 Ba units with every unit having a patio or balcony. Typical unit features include white appliances, wood cabinets, hard surface countertops, and tile/carpet flooring. Current ownership has completed multiple capital improvement projects after the last few years including replacement of the roof, new HVAC in 5 units, and updates to 5 units.

The opportunity exists for a new owner to perform a light renovation on all units with a suggested scope of stainless steel appliances and modern hardware and fixtures. Comparable properties nearby are currently achieving rents at least 10% higher on average than the Subject property. Additionally, a new owner can install in-unit washer/dryers for an additional premium and implement a utility reimbursement program upon renewal and/or new lease.

Offering Highlights

Opportunity to Acquire a Mid-Sized Garden Apartment Community in North Baltimore City

• Consists of (20) large 2 Br-1 Ba units and every unit has a patio or balcony

• Typical unit features include white appliances, wood cabinets, hard surface countertops, and tile/carpet flooring

• Current ownership has completed multiple capital improvement projects after the last few years including replacement of the roof, new HVAC in 5 units, and updates to 5 units

Ability to Create Additional Value and Increase Rents Via Renovation Program

• Opportunity exists for a new owner to perform a light renovation on all units with a suggested scope of stainless steel appliances and modern hardware and fixtures

• Comparable properties nearby are currently achieving rents at least 10% higher on average than the Subject property

• A new owner can also install in-unit washer/dryers for an additional premium and implement a utility reimbursement program upon renewal and/or new lease

Excellent Location in North Baltimore

• Easy access to Downtown Baltimore and other nearby areas like Towson and Parkville

• Major area employers nearby: MedStar Good Samaritan Hospital, University of Maryland St. Joseph Medical Center, Greater Baltimore Medical Center (GBMC)

• Major area colleges nearby: Towson University, Loyola University of Maryland, Goucher College