Midwood Apartments
Midwood Apartments
Deal Type: Acquisition
Risk Profiles: Core Plus
Property Types: Multifamily
5001 MIDWOOD AVE. | BALTIMORE, MD 21212
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.
INVESTMENT HIGHLIGHTS
Opportunity to Acquire a Stabilized Garden Asset
• 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
• Prior gut renovation in 2013
Ability to Increase Rents Via Renovations
Excellent Location in Northeast Baltimore City
• Easy access to major highways, Downtown Baltimore, and Baltimore County
• Close proximity to area shopping centers such as Northwood Commons and Belvedere Square
• Major area employers nearby: MedStar Good Samaritan Hospital, Greater Baltimore Medical Center (GBMC), MedStar Union Memorial Hospital, University of Maryland St. Joseph Medical Center
• Major area colleges nearby: Morgan State University, Loyola University, Notre Dame of Maryland University, Towson University
VALUE-ADD OPPORTUNITY
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.
CURRENT INTERIOR SCOPE:
- Black Appliances
- Brown Wood Cabinets
- Formica Countertops
- Carpet/Tile/LVP Flooring
SUGGESTED UPGRADES:
- Granite Countertops
- White Wood Cabinets
- LVP Flooring Throughout
NEIGHBORHOOD SPOTLIGHT: NORTHEAST BALTIMORE
Midwood Apartments is located in Northeast Baltimore City, just south of the Baltimore County line. The property is on tree-lined streets in a suburban area. The property is a 10 minute drive to Towson and a 20 minute commute to downtown Baltimore, with close proximity to I-83. The property is within minutes of a plethora of retail and grocery stores, restaurants, and additional services.
The apartment is less than 10 minutes away from Morgan State University, one of the state’s premier public universities. Several other top colleges and universities are nearby, including Johns Hopkins University and Loyola University Maryland. The property benefits from its proximity to Baltimore County, with easy access to Towson and White Marsh and top employers like Towson University, GMBC Healthcare, University of Maryland St. Joseph Medical Center, and Stanley Black and Decker.
The property is close to other high-end shopping areas, including Belvedere Square, which encompasses more than 110,000 square feet of boutique shops and national retail tenants. The square provides an array of eateries, fitness, and entertainment options, drawing in nearly 10,000 visitors weekly. The area has abundant entertainment, with easy access to walking and biking trails at Lake Montebello or Lake Roland, both only a 15 minute drive from the property. Residents can also access two of the city’s best public golf courses, Mount Pleasant and Clifton Park.
The property is a couple blocks away from several stops on the MTA BaltimoreLink, the primary public bus service in Baltimore. This provides easy access to all neighborhoods in downtown Baltimore.
PHOTO GALLERY
CONTACTS