7710 Maple Avenue

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Address: 7710 Maple Ave, Takoma Park, MD 20912, USA

Washington DC + Apartment Buildings

Created date: November 22, 2024

Date last updated: December 2, 2024

Property Description

THE OPPORUNITY: The Maple View Apartments is an 11-story mid-rise property consisting of 120 market-rate units in the City of Takoma Park. The Property has an attractive unit mix consisting of 22 studio units, 47 one-bedroom units, and 51 two-bedroom units, and boasts a large 2.6 acre lot with over 120 surface level parking spaces. The opportunity is suited for both affordable housing developers and market- rate owners, as there is significant opportunity to improve operational efficiency and to capitalize on accretive financing options for naturally occurring affordable housing under the 40% AMI rent threshold. VALUE-ADD OPPORUNITY: Currently, only 118 of the 120 units at the Maple View are revenue producing, as two units are currently being used as storage areas for management. Through renovating and bringing these units back online, there are real revenue growth opportunities upon acquisition. Additionally, there are five very spacious storage/management spaces on the first floor, which can easily be converted to amenity spaces for residents; or, subject to Takoma Park City approval, converted into additional units. REVENUE ENHANCEMENT THROUGH MANAGEMENT EFFICIENCIES: The Maple View currently operates at an 85% expense-to-income ratio, leaving future ownership with the opportunity to reduce management and operational expenses, make capital improvements to mitigate repairs and maintenance expenses, and apply for exemptions on real estate taxes through the Montgomery County PILOT program. Various large ticket capital expenses have been addressed, including new hot water heaters and newly replaced elevator systems—so new ownership can focus their efforts on addressing immediate revenue-producing items. RARE ACQUISITION OPPORTUNITY: The Maple View represents one of only nine buildings over 100 units in the Takoma Park area, offering a unique opportunity to acquire units at mass in a low transaction velocity submarket. There has been only one other multifamily investment opportunity of more than 100 units closed in Takoma Park in the last four years, making this an ideal opportunity for investors looking to break into Montgomery County at an attractive basis. TRANSIT-ORIENTED ASSET: Though the Maple View boasts an extensive parking pad which easily provides parking for all residents at the asset, there are a variety of different transportation options that exist within close proximity to the asset of which residents can take advantage: • Metro Stations • Takoma Metro Station (Red Line): 1.5 miles away • Silver Spring Metro Station (Red Line): 2 miles away • Bus Services • Metrobus routes: K6, K9, F4, 18, and others nearby • Ride On Montgomery County Buses: Routes 12, 13, 14, 16, 17, and 18 • Takoma Park Shuttle: Local shuttle services available on select routes • Bike Share & Scooters • Capital Bikeshare Stations: Available within Takoma Park and surrounding areas • Electric Scooters: Various companies operate in the area (e.g., Lime, Bird) • Major Roads & Highways • Access to New Hampshire Avenue (MD-650), Eastern Avenue, Piney Branch Road, and University Boulevard for regional connectivity • Walking & Biking Trails • Sligo Creek Trail: Multi-use trail for walking, jogging, and biking nearby • Metropolitan Branch Trail: Connects to the D.C. area, accessible from the Takoma Park area

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	120
Lot Size:	2.56 Sq ft
Opportunity Zone:	No
Property Website	Click Here