638 S Paca St - Apartments FOR SALE


Baltimore, MD 21230- Ridgely's Delight
$2,975,000 USD
443-523-6865
638 S Paca St, Baltimore, MD for Sale
$2,975,000 USD
Apartments - FOR SALE
1/10
null | Request Cap Rate

638 S Paca St
Baltimore, MD 21230
Ridgely's Delight


HIGHLIGHTS

  • Opportunity to Acquire a Prime Value-Add Opportunity in SW Baltimore
  • Ability to Increase Rents Via Renovation Program
  • Excellent Ridgely's Delight Location; 5 Minute Walk Away from University of Maryland, Baltimore and UMMC

OVERVIEW

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.

FOR SALE DETAILS

PRICE

$2,975,000 USD

PRICE/SF

$174 USD /SF

# OF UNITS

16

PRICE/UNIT

$185,938

CAP RATE

Request Cap Rate

% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Ridgely's Row

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Low-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

3

YEAR BUILT

1982

PARKING SPACES

-

LAND DETAILS

LAND ACRES

0.25 AC

LAND SF

10,882 SF

ZONING

R-8

APN/PARCEL ID

0854-020

ASK ABOUT THIS PROPERTY

Brooks HealyHarbor Stone AdvisorsMore Info
443-523-6865

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Brooks HealyHarbor Stone AdvisorsMore Info
443-523-6865

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.