638 South Paca Street, Baltimore, MD 21230

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 10 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.