Winchester Apartments
9 Unit Apartment Building | $1,075,000 ($119,444/Unit) | 7.54% Cap Rate | Westminster, MD 21157
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,075,000
- Property Type
-
Multifamily
- Square Feet
- 7,918 SF
Listing Contacts
Justin Verner
Verified Profile
Brooks Healy
Verified Profile
Tom Wohlgemuth
Verified Profile
- Property Info
Property Overview
Harbor Stone Advisors is pleased to present the unique opportunity to acquire Winchester Apartments, a fully occupied multifamily asset located in Westminster, MD. The property features 9 units with a mix of (1) Efficiency, (3) 1 Br-1 Ba, (1) 2 Br-1 Ba, and (4) 2 Br-1 Townhomes. Typical unit features consist of white/stainless steel appliances, formica/resurfaced countertops, wood cabinets, and plank/tile/carpet flooring. There are also (8) 1 car garages on-site that are fully leased.
Current ownership has lightly upgraded some of the units over the last few years and fully renovated 2 units with new appliances, resurfaced countertops, updated bathrooms, and flooring. The opportunity exists for a new owner to renovate the remaining units to further increase rents. Comparable properties nearby are achieving rents at least $200 higher on average than the Subject property. There is also the ability for a new owner to convert unit 88-9 to a 3 Br-2 Ba. Unit 88-9 was originally two units, but these were combined to create a 2 bedroom unit. The bathroom and kitchen of one of the original units is currently closed off, giving the opportunity to a new owner to renovate the bathroom and gut the kitchen to create an additional bedroom.
Current ownership has lightly upgraded some of the units over the last few years and fully renovated 2 units with new appliances, resurfaced countertops, updated bathrooms, and flooring. The opportunity exists for a new owner to renovate the remaining units to further increase rents. Comparable properties nearby are achieving rents at least $200 higher on average than the Subject property. There is also the ability for a new owner to convert unit 88-9 to a 3 Br-2 Ba. Unit 88-9 was originally two units, but these were combined to create a 2 bedroom unit. The bathroom and kitchen of one of the original units is currently closed off, giving the opportunity to a new owner to renovate the bathroom and gut the kitchen to create an additional bedroom.
Property Details
- Class
- C
- Year Built/Renovated
- 1875/2020
- Stories
- 3
- Lot Size (sq. ft)
- 15,682 SF
- Units
- 9
Highlights
- Unique Opportunity to Acquire a Fully Occupied Multifamily Asset in Carroll County
- Ability to Increase Rents Via Renovation
- Excellent Location in Westminster; 5 Minute Drive to McDaniel College
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