Investment Overview

Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3490 Windsor House Apartments at 6503 Park Heights Avenue is a five-story, 61-unit mixed-use community in Northwest Baltimore, Maryland. Built in 1972 on 1.73 acres, the 66,444 SF building contains 58 residential units, predominantly two-bedroom, two-bath layouts averaging 1,155 SF, over three ground-floor retail suites totaling 3,679 SF. The asset is 100% occupied and produces $696,119 in current NOI on $1.17M of combined effective gross income. In-place residential rents trail market by 7.9%, with 1BR units averaging $1,259 against $1,395 market and 2BR units $1,462 against $1,577, supporting a Year 1 NOI of $732,116 as leases roll. Ownership has invested more than $600,000 in recent capital improvements, including a full roof replacement, new windows and patio doors, new HVAC equipment, updated appliances, complete unit renovations and a $300,000 elevator modernization to 2019 Maryland code, limiting near-term capital needs. Retail tenancy contributes $92,280 in annual base rent plus $96,989 in utility reimbursements, though the largest suite is month-to-month. Year 1 underwriting also increases the management fee from 1.9% to 4.0% of EGI. The property sits within a submarket with no new multifamily construction underway and within roughly 30 minutes of BWI Marshall.