Address: 2906–2910 Reisterstown Road, Baltimore
Listing price: Auction
Contact: Matthew Cooper, Alex Cooper Auctioneers Inc.
Nick Luciani, Alex Cooper Auctioneers Inc.
This property overlooking scenic Druid Hill Park in Baltimore offers interested investors an excellent opportunity for return on investment, the broker says.
The 45-unit Parkside Manor, at 2906–2910 Reisterstown Road, presents a gross potential annual rent of about $440,000.
“I definitely think that an experienced operator can get more cash out of this place depending on who they rent it to etc.,” Matthew Cooper, broker at Alex Cooper Auctioneers said.
The makeup of the units includes six three-bedroom units with more than 770 square feet of living space, 22 two-bedroom units with some units in excess of 880 square feet of living space and 17 one-bedroom units with between 575 square feet and more than 770 square feet of living space.
Currently, 39 of the 45 units, which were redone in 2008, are occupied. The lead-free building also features a new roof, sprinkler fire alarm system and vertical plumbing pipes.
The seller, 2910 Reisterstown LLC, in conjunction with the staff of Blue Ocean Realty LLC took over the management of the complex about six months ago.
“They do a great job. Again, this just doesn’t fit their portfolio, really in regards to size. This is the first building that they did, and so there’s a lot of TLC, this place was done right,” Cooper said.
The building is set for auction on April 21 and an open house is scheduled for April 12.