Townhome-Style Multifamily
For Sale
Contact for pricing
638 South Paca Street, Baltimore, MD 21230
Multifamily property with 16 units, including 3 two-bedroom units and 12 townhome-style three-bedroom units, plus on-site parking and laundry.
Property Size17,088 SF
Price / SF$172.34
Days on Market116
Property Features for 638 South Paca Street
General Information
Standard status
Active
Size
17,088 SF
Total Parking Spaces
6
Property subtype
Multifamily
Zoning
R-8
Investment Type
Value Add
Additional Details
Multifamily Units
16
Amenities
laundry facility
Building Details
Year Built
1982
Units
6
Listing Agency:
Harbor Stone Advisors
Listed By:
Kevin Landolphi · License #5019982
Source:
Crexi
Added: Apr 29
Changed: Aug 7
Last Checked: Aug 21 at 11:08PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harbor Stone Advisors
Investment Insights
Based on property information with market context.
This multifamily property features a mix of 1-bedroom and townhome-style units, including one 1 Br-1 Ba, three 2 Br-1 Ba units, and twelve townhome-style 3 Br-1.5 Ba units. Units are described as having white/black appliances, wood cabinets, formica countertops, and carpet/tile/vinyl flooring. Behind the building is a surface lot with 6 parking spaces, and an on-site coin-operated laundry facility is planned to be in place effective May 1.
Ridgely’s Row is located at 638 South Paca Street in Baltimore, and is described as about a 10-minute walk from the University of Maryland, Baltimore and the University of Maryland Medical Center (UMMC). The majority of units are leased to voucher tenants.
For new ownership, the property is positioned as a value-add opportunity, with the option to renovate all units or pursue organic rent increases. A suggested renovation scope includes updated appliances, resurfaced countertops, new cabinets, updated bathrooms, and LVP flooring throughout.
Ridgely’s Row is located at 638 South Paca Street in Baltimore, and is described as about a 10-minute walk from the University of Maryland, Baltimore and the University of Maryland Medical Center (UMMC). The majority of units are leased to voucher tenants.
For new ownership, the property is positioned as a value-add opportunity, with the option to renovate all units or pursue organic rent increases. A suggested renovation scope includes updated appliances, resurfaced countertops, new cabinets, updated bathrooms, and LVP flooring throughout.
Key Highlights
- Multifamily with 16 total units: three 2BR/1BA units and twelve townhome‑style 3BR/1.5BA units
- Townhome‑style unit mix offers 3BR layouts with 1.5BA, plus shared property amenities including on‑site parking and laundry
- Surface lot behind the building includes 6 parking spaces
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$222,629
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.56%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,452,580
$4.5M
Cap Rate 7%
$3,180,414
$3.2M
Cap Rate 9%
$2,473,656
$2.5M
Market Conditions
NOI Build-Up for 17,088 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$430.6K $25.20/SF
− Vacancy
−$25.8K −$1.51/SF
EGI
$404.8K $23.69/SF
− OpEx
−$182.2K −$10.66/SF
NOI
$222.6K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$4,452,580
Cap Rate 7%
$3,180,414
Cap Rate 9%
$2,473,656
Alternative Uses
Best Use
Apartment 5plus
$3.18M
$2.78M – $3.71M
NOI $222,629 @ 7.0% cap · market cap 7.56%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$4.09M
$3.58M – $4.78M
NOI $286,567 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
16
Residential units
Location Intelligence
Trade Area within ½ mile
6,668
Businesses Nearby
Explore this area
Business Placement
Demographics for 21230, MD
36,660
Population
18,070
Households
2
Avg Household Size
33
Median Age
59%
College-Educated
88%
High-School Grad
6.3 sq mi
ZIP Area
5,819
Density / Sq Mi
$94,164
Median Household Income
$69,973
Median Earnings
$1,771
Median Rent
$327,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with 16 units, including 3 two-bedroom units and 12 townhome-style three-bedroom units, plus on-site parking and laundry.
Where is this apartment building located?
The property is located at 638 South Paca Street Baltimore, MD.
What is the asking price?
The asking price for this property is $2,945,000.
What are key features of this property?
This property features: Multifamily with 16 total units: three 2BR/1BA units and twelve townhome‑style 3BR/1.5BA units; Townhome‑style unit mix offers 3BR layouts with 1.5BA, plus shared property amenities including on‑site parking and laundry; Surface lot behind the building includes 6 parking spaces
