Windsor House Apartments | 61 Units | $696K In-Place NOI | $732K Projected NOI

Highlights:

• 58 Residential Units Over Three Retail Suites: Unit mix of 14 one-bedroom, 43 two-bedroom and one three-bedroom unit on a 1.73-acre site.
• Full Occupancy Across Residential and Retail: Current NOI of $696,119 on $1,166,821 in combined EGI, with expenses at 40.3% of CEGI.
• 7.9% Loss-to-Lease Against Market Rents: Two-bedrooms average $1,462 against $1,577 market, with $89,200 in potential monthly rent.
• More Than $600,000 in Recent Capital Work: Roof, windows, HVAC and a $300,000 elevator upgrade to 2019 Maryland code limit near-term capex.
• Retail Suites Add $92,280 in Annual Base Rent: Three tenants also reimburse $96,989 in utilities; the largest suite, 2,317 SF, is month-to-month.
• No New Multifamily Supply in the Submarket: No new apartment construction is underway in the immediate Northwest Baltimore submarket.

Description:

For more information visit:
https://rimarketplace.com/auction/3490/multifamily/baltimore/md?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=november18_2026&utm_content=multifamily_3490

Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, 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.

Location
Windsor House Apartments fronts Park Heights Avenue (MD-140) between Bancroft Road and Fords Lane in Northwest Baltimore. Giant, The Home Depot and Burlington anchor retail near Clarks Lane, and the city's $400M Pimlico Revitalization will rebuild the historic racetrack with about 500 jobs. BWI Marshall is roughly 30 minutes away, and Washington, D.C. is about 45 miles southwest.


Bidding Opens
Nov 17 1:00 AM
Bidding Closes
Nov 19 1:00 AM

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