INGLESIDE RIDGE 1627 Ingleside Ave 40 Unit Apartment Building For Sale Baltimore, MD 21207

Harbor Stone Advisors is pleased to present the opportunity to acquire Ingleside Ridge, a mid-sized garden apartment community located in the Woodlawn area of Baltimore County, Maryland. This prime location offers residents unparalleled connectivity throughout the dynamic Washington, D.C.-Maryland-Virginia (DMV) metropolitan area, with convenient access to I-70. Furthermore, Ingleside Ridge benefits from its strategic proximity to major employment hubs, being less than a mile from the Social Security Administration headquarters.
The property consists of 40 units with a mix of (16) 1 Br-1 Ba and (24) 2 Br-1 Ba, with many units having private balconies or patios. There is also a laundry facility on-site, a surface parking lot, and an outdoor picnic area. Prior ownership initiated a comprehensive renovation program in 2018, upgrading 75% of the units. This extensive scope included the installation of new appliances, modern cabinets, resurfaced countertops, updated bathrooms, and contemporary plank flooring. Current ownership has skillfully built upon this foundation, further enhancing 20 units with new cabinet and countertop finishes, modernized bathrooms, the installation of LVP flooring throughout, and updated hardware and fixtures, ensuring a premium living environment. Beyond interior unit upgrades, the current owner has proactively addressed critical infrastructure and common areas, completing significant projects such as roof replacements, resurfacing of the parking lots, essential plumbing line work, and aesthetic and functional upgrades to common areas, all contributing to the property’s long-term value and appeal.
Ingleside Ridge presents a compelling opportunity for a new owner to capitalize on existing momentum and unlock significant value. A clear path exists to continue the proven renovation strategy on the remaining 20 units, bringing them to the same high standard as the recently upgraded units and commanding higher rental rates. Furthermore, an immediate and impactful value-add opportunity lies in the ability to install in-unit washer/dryer hookups in the units without, a highly sought-after amenity that will generate additional rental premiums and enhance resident satisfaction. The local market demonstrates strong acceptance for higher-end renovations, with comparable properties in the vicinity currently achieving rental rates at least 10% higher on average than Ingleside Ridge, underscoring the substantial upside potential. Beyond physical improvements, there is an immediate opportunity to optimize utility reimbursements by strategically increasing monthly charges to tenants to more fully cover these expenses.