500 Park Ave Immeuble residentiel 5 lots 790 110 € (158 022 €/Lot) Taux de capitalisation 6,40 % Towson, MD 21204

Global Real Estate Advisors (GREA) extends to qualified investors the unique opportunity to acquire the fee simple interest in 500 Park Avenue Apartments, a charming property located in the desirable community of West Towson, Maryland. A sought-after suburb in Baltimore County, West Towson offers residents an eclectic Downtown District, proximity to nearby job opportunities, access to two major hospitals and a university, and good schools. Home prices average $660,000 with a competitive market due to limited supply and space for new development. 500 Park consists of (4) two-bedroom units, (4) garages, and a studio apartment in the basement of the building.
500 Park Avenue presents a compelling investment opportunity with strong value-add potential. This well-maintained, all-brick, four-unit apartment building features spacious 2-bedroom/1-bath units and a studio apartment in the basement that is not currently permitted or in use. The property also includes four garages, a private driveway, and ample street parking, enhancing its desirability for residents. Current ownership has completed numerous capital improvement projects since acquisition, such as new double-paned windows, a new water main line, a new roof, new gutters and downspouts, and new garage doors. This brings an opportunity for a new owner to renovate the units to increase rents. The average rent is currently $1300 in a market where 2-bedroom units are renting at least 20% higher. Additionally, the current owners are not leasing out the garages at the Property, hence another opportunity to push the income at the property. Lastly, a new owner could bring in additional rental income for the studio apartment conversion in the basement of the building by bringing the unit up to code and obtaining a rental license through the municipality.
Residents of 500 Park are within minutes of Downtown Towson. Further, the Property is close to numerous retailers and shopping centers such as Towson Place, The Shops at Kenilworth, and Towson Square. In addition, Towson University and Goucher College are less than two miles from the Property, providing educational and employment opportunities. Lastly, the Property sits across the street from West Towson Neighborhood Park, allowing residents easy accessibility to the local playground.
500 Park Avenue provides a generational opportunity for investors to enter a high-barrier-to-entry market, being the county seat of Baltimore County. Through hands-on management and value-add improvements to the interior of the units, there is a clear path to long-term growth. With its prime location and strong rental demand, 500 Park Avenue is a trophy asset with a plethora of upside.