The Walbrook Apartments is a well maintained, stabilized garden apartment asset in NW Baltimore. Built in 1969, it sits on a 1.12 acre parcel and consists of thirty four (34) units; eight (8) one-bedroom and one-bathroom units, twenty-three (23) two-bedroom and one-bathroom units, one (1) two-bedroom and two-bathroom unit, and two (2) three-bedroom and one-bathroom units. The property has undergone significant upgrades under current ownership. 30 of the 34 units have been completely renovated at an average cost of $25k per unit, for a total of $750k in upgrades. The remaining four units could use kitchen and/or bathroom upgrades, though they are currently occupied and fully functional. The boiler has also been replaced two years ago. The roof is approximately 10 years old and remains in good condition. Cosmetic touch-ups of the property exterior have also been conducted. Typical unit amenities include a balcony, central air heating and cooling, and replacement windows. Property amenities include a large parking lot behind the building and on-site laundry. The property is 100% lead-free.
Other features of the property include a pitched, shingle roof, a central hot water heater, and a sign on the property generates supplemental income. With frontage along the highly traveled Gwynns Falls Parkway, it is one block to mass transit, two blocks to Walbrook Junction Shopping Center, and provides easy access to Route 40 and I-695.
Major CapEx:
- 30 of 34 units completely renovated at average cost of $25k/unit, or $750k total.
- Boiler 2 years old.
- Roof 10 years old.
- Cosmetic touch-ups of property exterior.
