503 Radnor Avenue

Description

Top Four Reasons to Buy: 1. Long-term tenant retention, ensuring consistent cash flow; 2. Opportunity to organically increase below-market rent; 3.Licensed for 6 dwelling units, with the opportunity to convert the basement into a livable 6th unit for added rental income (value add); 4. Prime location for car-free living, featuring a Walk Score of 86, access to the CityLink RED bus, and proximity to the Waverly Farmers Market and the Baltimore City/County line! The kitchens feature laminate countertops, wood cabinets, and stainless-steel sinks, providing tenants with functional, low-maintenance spaces. Most apartments are equipped with 30 gas or electric ranges (Apartment 2 includes a smaller 24 gas range). The laminate and ceramic tile kitchen floors are durable and easy to clean, minimizing upkeep for tenants and reducing wear during turnovers. These large two-bedroom units offer ample space, and some apartments include both living and dining rooms. Bathrooms offer modern vanities and a mix of steel and cast-iron tubs with vinyl enclosures. Ceramic tile or laminate floors in the bathrooms are built for longevity and simple maintenance. Apartment 2 includes a private sun porch, and Apartment 4 showcases wood-paneled, floor-to-ceiling windows in the dining room, adding charm and natural light.The property also includes an expansive unfinished basement with plenty of space and potential for development. Importantly, while built out as 5 apartments, 503 Radnor is already licensed for 6 apartments, allowing for an immediate opportunity to convert the basement into a 6th apartment. This space features multiple areas and open layouts, making it a flexible option for a future renovation project. Converting the basement into an additional unit would maximize the buildings footprint and provide added rental income and long-term value for the next owner. Each apartment has its own heating system, with either a gas-fired furnace or electric heat pump, and all units have central air conditioning for year-round comfort. Apartments 1 and 3 have individual water heaters, while the other units share a water heater. The property has 400 amps of electrical service with 100 amps allocated to each apartment. The building features a slate roof on the original structure, a rubber roof on the rear addition, and an asphalt shingle roof on the front porch. Additionally, four off-street parking spaces in the front are leased, providing additional monthly rental income. LiveBaltimore describes Northwood as a quaint neighborhood with tree-lined streets, where many residents have lived their entire lives. The average length of tenancy at 503 Radnor is 2 years and 3 months, highlighting strong tenant retention for this affordable Baltimore multi-family. Tenants can easily rely on public transportation, with the CityLink RED bus offering convenient access along York Road. With a Walk Score of 86, this location promotes affordable, car-free living in a transit-friendly community. Just 1.5 miles to the south, the Waverly Arts District offers access to the year-round Waverly Farmers Market, providing fresh, local food. Just one mile north is the Baltimore City/County line, offering tenants mobility to points in Towson/Lutherville and south (downtown Baltimore) for all lifestyle needs.At a great entry-level price per door for the cash flow it generates, 503 Radnor is ideal for new investors looking to dip their toes into the market; it also appeals to those seeking stability with a creative side, offering room for future renovations, such as finishing the basement into a livable 6th unit. Schedule your showing today and explore the possibilities this property has to offer.