Ridgely's Delight Apartments
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Ridgely's Delight Apartments
3 Multifamily Properties in Baltimore, MD
Investment Highlights
- Prime Value-Add Opportunity Near University of Maryland Medical Center and Graduate School Campus
- Prime Baltimore Location
- Ability to Increase Rents Via Renovation Program
Executive Summary
Harbor Stone Advisors is pleased to present Ridgely’s Delight Apartments, a value-add opportunity located a 6 minute walk away from the University of Maryland, Baltimore and University of Maryland Medical Center (UMMC).
Ridgely’s Delight Apartments features 25 large units with a mix of (2) 1 Bedrooms, (17) 2 Bedrooms, and (6) 3 Bedrooms. Prior ownership completed a gut renovation of the buildings in 2010 which included apartment upgrades. Typical unit features include stainless steel appliances, wood cabinets, formica/laminate countertops, carpet/hardwood/plank/tile flooring, and in-unit washer/dryers.
Current ownership renovated 8 units in 2024 with a scope of updated appliances, resurfaced countertops, updated cabinets, new paint, and LVT flooring throughout. The opportunity exists for a new owner to continue this scope on the remaining 17 units. A new owner can also evaluate renting by the bed as the majority of units are 2 and 3 bedrooms. In addition to unit renovations, current ownership has completed various other capital improvements including roof, hot water and HVAC replacements and security camera installation.
Ridgely’s Delight Apartments features 25 large units with a mix of (2) 1 Bedrooms, (17) 2 Bedrooms, and (6) 3 Bedrooms. Prior ownership completed a gut renovation of the buildings in 2010 which included apartment upgrades. Typical unit features include stainless steel appliances, wood cabinets, formica/laminate countertops, carpet/hardwood/plank/tile flooring, and in-unit washer/dryers.
Current ownership renovated 8 units in 2024 with a scope of updated appliances, resurfaced countertops, updated cabinets, new paint, and LVT flooring throughout. The opportunity exists for a new owner to continue this scope on the remaining 17 units. A new owner can also evaluate renting by the bed as the majority of units are 2 and 3 bedrooms. In addition to unit renovations, current ownership has completed various other capital improvements including roof, hot water and HVAC replacements and security camera installation.
Property Facts
| Cap Rate | 7.50% | Individually For Sale | 0 |
| Sale Type | Investment | Total Building Size | 21,477 SF |
| Status | Active | Total Land Area | 0.17 AC |
| Number of Properties | 3 |
| Cap Rate | 7.50% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 3 |
| Individually For Sale | 0 |
| Total Building Size | 21,477 SF |
| Total Land Area | 0.17 AC |
Properties
| Property Name / Address | Property Type | Size | Year Built | Individual Price |
|---|---|---|---|---|
| 515 Warner St, Baltimore, MD 21230 | Multifamily | 8,820 SF | 1880 | - |
|
The Sail Cloth Factory Apartments
333-335 S Fremont Ave, Baltimore, MD 21230 |
Multifamily | 7,356 SF | 1880 | - |
| 321 S Fremont Ave, Baltimore, MD 21230 | Multifamily | 5,301 SF | 1880 | - |
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Ridgely's Delight Apartments
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