Leithwalk Apartments

Leithwalk Apartments

1213-1251 E Northern Pkwy. Baltimore, MD 21239

ONLINE AUCTION ONLY: to be held on the auctioneers website

• Registration and Bidding Begins: Thursday, November 13 at 11am
• Initial Bid Deposit: $20,000
• Guided Tour Opportunity: Thursday, November 13 at 1:30pm
• Timed Auction Closes: Tuesday, November 18 at 11am

Price: Auction Sale

# of Units: 20

Avg. Rent: $1,073

Year Built: 1962

Harbor Stone Advisors, in collaboration with Alex Cooper Auctioneers, is pleased to introduce Leithwalk Apartments, a compelling investment opportunity located in North Baltimore City. This mid-sized garden apartment complex, boasting significant value-add potential, is being offered to the market for the first time after being proudly owned and managed by two generations of the same family.

Strategically positioned near the Baltimore County line, Leithwalk Apartments benefits from its proximity to a robust employment hub. Major institutions and top employers, including Towson University, MedStar Good Samaritan Hospital, Greater Baltimore Medical Center (GBMC), and University of Maryland St. Joseph Medical Center, are all within easy reach, contributing to a strong tenant pool and consistent demand for housing.

The property features 20 spacious units, with a mix of (10) 1 Br-1 Ba, and (10) 2 Br-1 Ba. Property amenities include a surface parking lot, a balcony or patio for all units, and an on-site laundry facility. Typical unit features consist of white/stainless steel appliances, formica countertops, wood cabinets, and tile/parquet/hardwood flooring. Current ownership has performed numerous capital improvements over the years, including the replacement of all roofs.

The opportunity exists for a new owner to renovate all of the units at Leithwalk Apartments with a suggested scope of black/stainless steel appliances, updated cabinets, resurfaced countertops, and updated bathrooms. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents at least 15% higher than the Subject property. Additional income streams can be generated through a water reimbursement program upon renewal or new lease, and by monetizing the storage units.

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

• Features 20 spacious units, with a mix of (10) 1 Br-1 Ba, and (10) 2 Br-1 Ba.
• Property amenities include a surface parking lot, a balcony or patio for all units, and an on-site laundry facility.
• Typical unit features consist of white/stainless steel appliances, formica countertops, wood cabinets, and tile/parquet/hardwood flooring.
• Current ownership has performed numerous capital improvements over the years, including the replacement of all roofs.

Ability to Create Additional Value and Increase Rents Via Renovation Program

• Opportunity exists for a new owner to renovate all of the units with a suggested scope of black/stainless steel appliances, updated cabinets, resurfaced countertops, and updated bathrooms.
• Comparable properties nearby are currently achieving rents at least 15% higher on average than the Subject property.
• Additional income streams can be generated through a water reimbursement program upon renewal or new lease, and by monetizing the storage units.

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

Leithwalk Apartments is located in North Baltimore City, just south of the Baltimore County line. The properties are 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 properties benefit from their 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 are 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.