16-unit apartment in Baltimore County 21206
Multifamily | 16 Units | $100,000/unit
Marketing description
Location Highlights
10–14 E Overlea Ave. is a 16-unit multifamily asset in Baltimore County positioned along the Belair Road corridor, providing direct access to retail and public transit. The property is within 0.3–0.5 miles of Overlea Shopping Center, Overlea Plaza, and Taylor Plaza, offering walkable access to grocery stores, pharmacies, and national retailers, with direct transit connectivity into Downtown Baltimore. The asset is supported by strong nearby demand drivers, including MedStar Franklin Square Medical Center (3.5 miles / ~7 minutes), MedStar Good Samaritan Hospital (4.2 miles / ~10 minutes), CCBC Essex (3.5 miles / ~8 minutes), and Morgan State University (4.2 miles / ~11 minutes), supporting consistent rental demand.
Financial Highlights
The property offers a clear path to increased income, with in-place rents below market comparables. Recent comps indicate average rents of approximately $1,172 for studios, $1,306 for one-bedroom units, $1,483 for two-bedroom units, and $1,655 for three-bedroom units, highlighting a gap between current performance and achievable market levels. Based on these figures, there is an opportunity to capture approximately $90,000+ in additional annual income through rent alignment and improved operations, whether through a light-touch approach or a more structured value-add strategy, further supported by onsite laundry income.
Property Highlights
10 E Overlea Ave features individual boiler systems for heat and one hot water heater per unit, with a master electric meter and separately metered gas. The roof was replaced in 2020, and the property includes approximately one parking space per unit, along with front and rear green space and balconies on select units. Interiors consist of hardwood, carpet, and partial LVT flooring. 14 E Overlea Ave features separately metered gas and electric, individual hot water heaters for each unit, and baseboard electric heat, with all hot water heaters replaced. The building includes two sets of coin-operated washers and dryers in the basement, balconies on select units, and interiors with a mix of LVT, carpet, and linoleum flooring, with one unit including a dishwasher
Investment highlights
16-unit multifamily property located along the Belair Road corridor in Baltimore County
Within 0.3–0.5 miles of Overlea Shopping Center, Overlea Plaza, and Taylor Plaza
Public transit access directly along Belair Road with routes to Downtown Baltimore
Located 3.5 miles from MedStar Franklin Square Medical Center and 4.2 miles from MedStar Good Samaritan Hospital
Nearby educational institutions include CCBC Essex (3.5 miles) and Morgan State University (4.2 miles)
Average market rents in the area are approximately $1,172 (studio), $1,306 (1BR), $1,483 (2BR), and $1,655 (3BR)
Potential rent growth of approximately $90,899 annually10 E Overlea features a roof replaced in 2020,and one parking space per unit
14 E Overlea includes separately metered utilities, individual updated hot water heaters, and coin-operated laundry in the basement
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