664, Portland Street, Ridgely's Delight, Sowebo, Baltimore, Maryland, 21230, United States
SOLD COMP
$375,000 $375,000
Property ID :
RH-27800-property
In less than five minutes, tenants can walk to a baseball game at Oriole Park at Camden Yards or enjoy a refreshing beer at Pickle’s Pub, the renowned spot for game-day excitement. The University of Maryland Baltimore is also conveniently within walking distance, housing six distinct graduate schools, none of which provide on-campus housing. This all-electric building is fully occupied and easy to manage, thanks to its separate utility systems.
This Ridgeley’s Delight apartment building has been updated with modern finishes. Kitchens feature durable laminate counters and wood cabinets, along with 30″ electric ranges and over-the-range microwaves. Tenants will appreciate the convenience of dishwashers and garbage disposals for easy clean-up. Apartment A includes a half-bath on the main floor with a modern vanity and wall-mounted sink. Full bathrooms in both apartments feature a modern vanity and a fiberglass tub with a ceramic tile tub surround. Both apartments come with in-unit, stacked washers and dryers for added convenience. Apartment A boasts pressed tin ceilings in good condition. Walls are a mix of plaster and drywall. Flooring varies throughout, with rooms featuring LVT, carpet, ceramic tile and laminate. Apartment A is rented by the room; Apartment B is on a standard yearly lease agreement.
This property features separate electric meters for each unit, allowing residents to manage their own utilities. Each unit is equipped with its own HVAC system and water heater for individual comfort. The building is all-electric, using individually controlled heat pumps and central air conditioning so tenants maintain a comfortable living environment year-round. The interior water supply and drain lines have been updated as needed, with a mix of steel and/or PVC/CPVC. As Apartment A is three stories, there is a steel fire escape in the rear of the building.
LiveBaltimore states that 65% of residents in Ridgely’s Delight rent, keeping the demand for quality rental housing strong. With easy access to I-95, as well as the Light Rail station being two blocks away, residents who don’t work in the immediate area enjoy easy commutes. The Inner Harbor is walkable and hosts festivals year-round. University of Maryland Baltimore boasts that it offers 97 doctoral, master’s, baccalaureate, and certificate programs and confers most of the professional practice doctoral degrees awarded in Maryland. With over 6,500 students, rental housing in the immediate area is absolutely necessary, as no on-campus housing is offered. This apartment building is a sound investment to add to or start your investment property portfolio.
$375,000
$187,500 Per Unit
$168 Per Sq. Ft.
9.7 Times Actual Rents (GRM)
9.0 Times Market Rents (GRM)
7.33% Cap Rate
5.2% Projected Cash-on-Cash Return
Unless and until there is a written Buyer-Broker Agency Agreement signed with a prospective Buyer, then Ben Frederick Realty, Inc., Ben Frederick Realty, Inc. represents the Seller. Please click here to download the Maryland Real Estate Commission form “Understanding Whom Real Estate Agents Represent”.
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