For Sale Contact for pricing
Property Type Other
Units 86
Date Updated Apr 18, 2024
Website colebrookmanortownhomes.sharplaunch.com

3911 25^th Ave. | Hillcrest Heights, MD 20748

Harbor 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.

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Attachments

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Highlights

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.