637 South Paca Street: Ridgely’s Delight 3-Unit Investment Property

> Only a 7 Minute Walk to University of Maryland Baltimore Campus, Which Houses Six Distinct Graduate Schools & Does Not Offer Students On-Campus Housing, Creating High Rental Demand

> 250,000 Square Foot Addition to University of Maryland’s BioPark: Attracting 50 to 100 New Companies to Baltimore City & Encouraging Population Growth

> Self-Contained Apartments Are More Easily Manageable as Tenants Control Their Own Living Environment and Pay Their Own Utilities

> Affordable Entry Point into Ridgely’s Delight at Only $148,333 Per Unit

Ridgely’s Delight 3-Unit Details:

• 1 Two-Bedroom, Two-Bath Apartment
• 1 Two-Bedroom, One-Bath Apartment
• 1 Studio Apartment with Garage

Located on the west end of South Paca, this Ridgely’s Delight 3-unit dwelling is accessed through an airy breezeway. Apartment A spans three stories and features spacious bedrooms with en-suite bathrooms. The open kitchen and living area are bright, adorned with large wooden windows that overlook a quiet, tree-lined street.

Apartment B is spread across two stories and showcases a recently renovated kitchen, boasting cement countertops, stainless steel appliances, stone backsplash, and stylish wood-shaker cabinetry. Pressed tin ceilings add charm to the main floor living area.

The studio apartment occupies the top floor of the carriage house, situated atop a one-car garage. It is outfitted practically, with upgrades including new laminate flooring throughout. Each unit is equipped with its own washer and dryer, providing added convenience for tenants.

Property Specifics:

Apartments in the main building have gas-fired furnaces with central air conditioning. The carriage house has an electric heat pump with central air. Each apartment is served by its own 40-gallon electric-fired water heater. The main water supply line has been upgraded to copper, preventing a costly repair in the future. All observable interior water supply lines are copper or C-PVC. All observable drain lines are PVC. The landlord currently pays for water.

Why This Ridgely’s Delight 3-Unit Is Special:

Ridgely’s Delight is known for its beautiful and well-maintained rowhouses, many of which were built in the Federal style popular during the late 18th and early 19th centuries. The architecture reflects the neighborhood’s historic significance and adds to its charm.

With its proximity to the University of Maryland’s Baltimore Campus, graduate students demand quality housing within walking distance, which 637 South Paca proudly offers. Tenants can truly experience Baltimore City, with both the Orioles Stadium and Ravens Stadium close by, along with the popular restaurants and bars that host these die-hard fans. The University of Maryland’s BioPark is across the street and expected to be completed in late 2024. This project hopes to incentivize up to 100 new companies to move into the building, creating jobs, foot traffic, and increased retail.

Investment Summary:

• $445,000
• $148,333 Per Unit
• $228 Per Sq. Ft.
• 11.2 Times Actual Rent (GRM)
• 9.3 TImes Market Rent (GRM)
• 7.97% Cap Rate
• 6.6% Projected Cash-on-Cash Return

Call Will Cannon to Discuss How This Ridgely’s Delight 3-Unit is a Great Addition to Your Portfolio: 410-916-3331