Ridgely's Delight Apartments
Prime Value-Add Opportunity to Acquire 25 Spacious Units in Ridgely’s Delight, Steps from University of Maryland Medical Center and Graduate Campus
Deal Type: Acquisition
Risk Profiles: Value-Add
Property Types: Multifamily
RIDGELY'S DELIGHT
APARTMENTS
Baltimore, MD 21230
Prime Value-Add Opportunity to Acquire 25 Spacious Units in Ridgely’s Delight,
Steps from University of Maryland Medical Center and Graduate Campus
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.
INVESTMENT HIGHLIGHTS
Prime Value-Add Opportunity Near University of Maryland Medical Center and Graduate School Campus
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Typical unit features include stainless steel appliances, wood cabinets, formica/laminate countertops, carpet/hardwood/plank/tile flooring, and in-unit washer/dryers
- Prior ownership completed a gut renovation of the buildings in 2010
- Typical unit features include stainless steel appliances, wood cabinets, formica countertops, carpet/hardwood/plank/tile flooring, and in-unit washer/dryers
Ability to Increase Rents Via Renovation Program
- Current ownership renovated 8 units in 2024 with a scope of updated appliances, resurfaced countertops, updated cabinets, new paint, and LVT flooring throughout
- 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
Prime Baltimore Location
- Minutes away from Downtown Baltimore staples such as Camden Yards, M&T Bank Stadium, and the Inner Harbor
- Easily walkable to dining, retail, and nightlife, ranked a Walker’s Paradise by Walk Score
- Abundant transportation options nearby as well as easy access to I-95
- Major area employers nearby: University of Maryland Medical Center (UMMC), University of Maryland, Baltimore, Horseshoe Casino
LOCATION HIGHLIGHTS
Residents of Ridgely’s Delight Apartments enjoy easy access to many of the city’s biggest attractions and employers, such as University of Maryland, Baltimore and Oriole Park at Camden Yards. Residents who work outside of the city benefit from seamless access to major throughfares, as well as ample public transportation via a MARC commuter station less than one-half mile away. Within the neighborhood, residents enjoy a tight-knit community feel, complimented by several local bars and restaurants, as well as two community parks. The area's appeal to renters is evident, as over 75% of households in the neighborhood are renter-occupied.
UNIT MIX
PHOTO GALLERY
RENOVATED UNITS
CLASSIC UNITS
EXTERIORS
Contacts
