Address: 3911 25th Ave., Hillcrest Heights, Maryland, US
Created date: February 29, 2024
Date last updated: April 28, 2024
- Opportunity to Acquire a Value-Add Townhome Community in Prince George's County
- • Features 86 bi-level 2 Br-1 Ba townhome units, one leasing office, and two surface parking lots with 64 spaces.
- • Typical unit features will include white or black appliances, granite or formica countertops, varied wood cabinets, and carpet flooring or vinyl flooring.
- • Current ownership has progressively updated roughly 70% of the unit interiors upon turnover as well as replaced roughly 90% of the roofs starting in 2017.
- • All units are supplied with 120 amps of power providing several available upgrades for a new owner.
- Ability to Increase Rents at Least 25%
- • Currently, rents are on average $450/mo lower than directly competing properties in the neighborhood.
- • A new owner has the option to complete ongoing interior renovations on all units with a suggested scope of stainless steel appliances, granite countertops and updated bathrooms.
- • Additional value-add opportunities include the addition of in-unit washers and dryers, and adding amenity spaces such as a dog park or picnic area.
- 15-Minute Commute to Washington D.C.
- • Within a 1 mile radius of several Metro stations which a high percentage of the tenant base uses.
- • Conveniently located in between I-495 and I-695; within walking distance to numerous retail and shopping centers.
- • Most tenants commute to D.C. for work; major employers nearby include Joint Base Andrews, I.R.S., and the Census Bureau.
Property Description
3911 25th Ave. | Hillcrest Heights, MD 20748Harbor Stone Advisors is pleased to present the opportunity to acquire Colebrook Manor Townhomes, a value-add townhome community in Prince George’s County Maryland. Competing properties within the same neighborhood are achieving an average of $450/mo more in rents, providing a new owner the opportunity to capitalize on nearly 25% rent growth through interior renovations.Colebrook Manor features 86 townhome style 2 Br-1Ba units plus one leasing office. All units are bi-level and have similar layouts with separate entrances. There are also two separate parking lots with 64 spaces for tenant use. Current ownership has replaced roughly 90% of the roofs starting in 2018, as well as light interior renovations on roughly 25% of the units starting in 2021. Typical upgrades include new white or black appliances, resurfaced countertops, carpet/vinyl flooring, and updated bathrooms. Units are separately metered and serviced by 100-120 amps of power, presenting the option to install in-unit washers and dryers as well as upgrading to full HVAC throughout. The opportunity exists for a new owner to complete or expand upon the interior renovations and bring rents to market, as there is a significant delta between both renovated and non-renovated units when compared to the immediate competition. Further value-add potential exists via exterior improvements such as repainting and landscaping around the buildings and adding amenities such as dog parks and playgrounds.