The Asset and Amenities: Built in 1930, gutted and fully remodeled in 2006, Elgin Woods is a mid-rise apartment building located at 3308 Elgin Avenue in Northwest Baltimore. The Property consists of 5 two bedroom-one bathroom units and 3 three bedroom-one bathroom units.
• Coin-Operated laundry in the basement. Unit 3A and Unit BA have an in-unit washer/dryer hook ups
• Updated ceramic tile bathrooms, recently replaced windows, new hardwood floors
• The Property contains Central AC/Heat in the units and updated electricals throughout the Property
• Average rents for the two-bedroom units are $829 and three-bedroom units are $812. Units of similar vintage, quality, and size are typically leased at market levels of $950–$1,150 per month in the submarket
Stabilized Revenue Producing Asset with Upside: Elgin Woods presents investors with consistent reliable cash flow with room to improve income and reduce operating expenses. Future ownership can increase rents by installing new countertops and black appliances for a modern refresh. There is flexibility to reduce operating expenses by introducing a fixed flat fee for water based on number of occupants or unit size. The owner can also begin a reimbursement program for the trash service. The Property contains a coin-operated washer/dryer system in the basement providing additional income.
