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Townhomes at River’s Crossing

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Address: 41 Stemmers Run Rd, Essex, MD 21221, USA

Washington DC

Created date: March 27, 2025

Date last updated: March 27, 2025

• Rare Middle-Market Opportunity to Acquire a Townhome Community in Essex

• Ability to Substantially Increase Rents at Least 15%

• In-Place Assumable Debt with an Interest Rate of 5.31%

• Excellent Location in Baltimore County

Property Description

Harbor Stone Advisors is pleased to present Townhomes at River’s Crossing, a rare middle-market investment opportunity located in Essex, MD. The property consists of (65) 2 Br-1 Ba townhomes and multiple amenities including a clubhouse with management office, fitness center, dog park, courtyard, laundry center, and on-site surface parking. Current ownership has renovated 72% of the units at Townhomes at River’s Crossing with a scope of stainless steel appliances, resurfaced countertops, updated cabinets, updated bathrooms, and vinyl plank flooring. In addition to renovations, the current owner has also updated the landscaping, refreshed the dog park, and added new property signage. The opportunity exists for a new owner to renovate the remaining 28% of classic units and increase rents. Similar properties in the area that have undergone renovations are achieving rents at least 15% higher on average. A new owner can also lease to more voucher tenants in order to generate even higher rents and certainty of rental income. Over the last few months, current ownership has leased renovated units to voucher tenants at rents $140 higher than those achieved by new market tenants. Townhomes at River’s Crossing has pre-existing debt that can be assumed. The current loan balance is $9,716,000 with an interest rate of 5.31%. The loan matures in 2030 and I/O through March 2026.

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Key Property Information

Listing Status:	Available
No. of Units:	65
Average Occupancy:	97
Year Built:	1971
Year Renovated:	2020
Building Size:	50,596 Sq ft
No. of Stories:	2
APN:	15-16000000304
Zoning Code:	DR-16, BL
Opportunity Zone:	No
Parking Spaces:	90
Property Website	Click Here

Address: 41 Stemmers Run Rd, Essex, MD 21221, USA

Additional contacts

Full name	Phone number	Email address
Justin Verner	4109603962	[email protected]
Brooks Healy	4435236865	[email protected]
Tom Wohlgemuth	2404444656	[email protected]
Kevin Landolphi	6313559725	[email protected]