Log In/Sign Up
Your email has been sent.
Ridgely's Row 638 S Paca St 16 Unit Apartment Building $2,975,000 ($185,938/Unit) Baltimore, MD 21230
Investment Highlights
- Opportunity to Acquire a Prime Value-Add Opportunity in SW Baltimore
- Excellent Ridgely's Delight Location; 5 Minute Walk Away from University of Maryland, Baltimore and UMMC
- Ability to Increase Rents Via Renovation Program
Executive Summary
Harbor Stone Advisors is pleased to present Ridgely's Row, a prime value-add opportunity located in the Ridgely's Delight neighborhood of Baltimore City. The property is a 5 minute walk away from University of Maryland, Baltimore and University of Maryland Medical Center (UMMC), two of Baltimore City's top employers.
Ridgely's Row features a mix of (1) 1 Br-1 Ba, (3) 2 Br-1 Ba and (12) townhome-style 3 Br-1.5 Ba units. There is also a surface lot behind the building with 6 parking spaces and effective May 1 there will be a coin operated laundry facility on-site. Typical unit features consist of white/black appliances, wood cabinets, formica countertops, and carpet/tile/vinyl flooring. The majority of units are leased to voucher tenants, providing a certainty of rental income.
The opportunity exists for a new owner to renovate all of the units with a suggested scope of black/stainless steel appliances, resurfaced countertops, new cabinets, updated bathrooms, and LVP flooring throughout. Properties nearby that have undergone renovations of a similar scope are achieving rents $100 higher on average. A new owner can also just organically increase the rents without having to perform renovations.
Ridgely's Row features a mix of (1) 1 Br-1 Ba, (3) 2 Br-1 Ba and (12) townhome-style 3 Br-1.5 Ba units. There is also a surface lot behind the building with 6 parking spaces and effective May 1 there will be a coin operated laundry facility on-site. Typical unit features consist of white/black appliances, wood cabinets, formica countertops, and carpet/tile/vinyl flooring. The majority of units are leased to voucher tenants, providing a certainty of rental income.
The opportunity exists for a new owner to renovate all of the units with a suggested scope of black/stainless steel appliances, resurfaced countertops, new cabinets, updated bathrooms, and LVP flooring throughout. Properties nearby that have undergone renovations of a similar scope are achieving rents $100 higher on average. A new owner can also just organically increase the rents without having to perform renovations.
Property Facts
| Price | $2,975,000 | Building Class | B |
| Price Per Unit | $185,938 | Lot Size | 0.25 AC |
| Sale Type | Investment | Building Size | 17,088 SF |
| No. Units | 16 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1982 |
| Property Subtype | Apartment | Cross Streets | Russell St |
| Apartment Style | Low-Rise | ||
| Zoning | R-8 - Multi Family Dwelling | ||
| Price | $2,975,000 |
| Price Per Unit | $185,938 |
| Sale Type | Investment |
| No. Units | 16 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | B |
| Lot Size | 0.25 AC |
| Building Size | 17,088 SF |
| No. Stories | 3 |
| Year Built | 1982 |
| Cross Streets | Russell St |
| Zoning | R-8 - Multi Family Dwelling |
Amenities
Unit Amenities
- Air Conditioning
- Heating
- Eat-in Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Carpet
Site Amenities
- 24 Hour Access
- Tenant Controlled HVAC
- Pet Play Area
- Walk-Up
- Smoke Detector
1 1
Very walkable
80/100
Moderately drivable
60/100
Strong public transit
80/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 0854-020 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,018,233 |
Property Taxes
Parcel Number
0854-020
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,018,233
Contacts
-
Brooks Healy -
Justin Verner -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
1 of 11
Videos
Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
1 of 1
Presented by
Ridgely's Row | 638 S Paca St
Already a member? Log In
Hmm, there seems to have been an error sending your message. Please try again.
Thanks! Your message was sent.