5801 Narcissus Avenue, Baltimore, MD 21215

Property Description

5801 Narcissus Ave is a well-maintained six-unit multifamily property located in a quiet residential neighborhood of Baltimore. Built in 1938, this fully electric property offers tenants modern convenience with separate BGE metering for each unit, ensuring operational efficiency for landlords. Each unit features in-unit washers and dryers, providing added convenience for tenants, while private balconies enhance the overall living experience. The property’s central HVAC system, with all units’ systems under 10 years old, ensures year-round comfort and cost-effective maintenance. Exterior improvements, including new exterior paint and tree removal, enhance curb appeal. The property also offers front and back yard space, a unique feature in urban settings. Financial Highlights The property also offers additional income potential through a storage unit in the back, creating an opportunity to maximize revenue streams. Market comparables indicate renovated rents averaging $1,439/month, presenting a 55% increase from current rental rates. A pro forma analysis suggests potential revenue growth through strategic lease adjustments, with the possibility of achieving just under an 8% cap rate by the end of Year 2. The property is professionally managed with an 8% management fee, ensuring smooth operations and cost efficiency. Investors can expect stable income with appreciation potential in a demand-driven rental market. Location Highlights The property benefits from proximity to major commuter routes such as Reisterstown Road and I-83, providing easy access to surrounding job centers and city hubs. Public transit options, including the Reisterstown Plaza Metro Station, are just a short distance away. For shopping and daily conveniences, Reisterstown Road Plaza (0.6 miles) and Northwest Plaza (1 mile) provide multiple retail and grocery options, including The Home Depot and ShopRite. Residents also have access to quality education institutions, with Baltimore City Community College (1.5 miles) and Coppin State University (2.8 miles) nearby. Healthcare needs are met by Sinai Hospital, located just 1.7 miles from the property. This property represents an excellent investment with strong rental performance, efficient operations, and an attractive location that offers tenants both convenience and accessibility.