Colebrook Manor Townhomes
Hillcrest Heights, MD
The Offering
Offering Details
- Price Subject to Offer
- # of Units 86
- Year Built 1950
- # of Parking Spaces 64
3911 25th 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.