Yorkewood Apartments — 1101 1/2, Ramblewood Rd, Baltimore
Multifamily | $77,448/unit | 286-Unit Distressed Value-Add Multifamily
Marketing description
Yorkewood Apartments offers a rare opportunity to acquire a 286-unit value-add community in Northeast Baltimore with upside driven by lease-up and operational improvements.
With a ~$215 rent gap between in-place and market rents, investors can drive revenue while remaining below competing assets. Stabilization over 24 months supports a projected 10.35% pro forma cap rate.
Ownership has invested $3.5M ($19K/unit) into renovations, positioning the next owner to focus on leasing vacancy rather than heavy CapEx. Additional upside includes the potential to convert ~25 lower-level spaces into new units and implement energy efficiency improvements.
The property is located near Morgan State University, Towson University, Loyola University Maryland, Johns Hopkins University, and MedStar Good Samaritan Hospital, along with nearby retail l and convenient access to MTA bus routes.
Investment highlights
- 286-Unit Value-Add Opportunity | ~10% Unlevered Stabilized Yield
- Large-scale multifamily community with centralized on-site leasing, driving operational efficiency and lower per-unit costs.
- Prime Northeast Baltimore Location
- Minutes from Morgan State University, Towson University, Loyola University Maryland, Johns Hopkins University, and MedStar Good Samaritan Hospital, with nearby retail and access to bus routes.
- Immediate Lease-Up Upside | 91 Vacant Units
- 73 renovated rent-ready units and 18 heavy turns, offering a clear path to materially increase occupancy and revenue.
- $215/Unit Rent Gap to Market
- Ability to raise rents while remaining below competing assets, supporting faster absorption and strong performance.
- $3.5M Invested | 154 Units Renovated
- Significant CapEx already completed (~$19K/unit), reducing near-term capital needs and allowing focus on lease-up.
- Path to ~10% Stabilized Cap Rate
- 24-month execution plan centered on occupancy and operational improvements.
- Additional Unit Creation | ~25 Units
- Potential to convert lower-level spaces, increasing density and overall income.
- Energy Efficiency Upside | Grant Potential
- Opportunity to implement upgrades with potential access to grant funding, minimizing out-of-pocket costs.
- Established Amenities & Income Streams
- On-site laundry, 28 rentable garages, and playground areas enhance tenant appeal and ancillary revenue.
- Limited Lead-Free Certification
- Reduced regulatory burden and smoother leasing compared to fully lead-regulated assets.
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