4618 College Ave - The Alhambra 8 Unit Apartment Building Offered at $1,995,000 at a 6.50% Cap Rate College Park, MD 20740

eXp Commercial is pleased to exclusively represent the owner of 4618 College Avenue , a fully leased student housing investment property in the heart of College Park, Maryland. The Alhambra is a rare, permitted rooming house generating approximately $150,000 in annual rental income at a 6.5% cap rate. With tenants paying all utilities, the asset offers investors a stabilized, high-yield income stream with low operating expenses. The property is secured by an in-place lease through August 2027, with a scheduled rental increase in August 2026, providing built-in income growth and the ability to achieve a 7.0%+ pro forma cap rate. Current tenants have expressed interest in extending occupancy beyond the current lease term, supporting continued stability.
The three-story asset is situated on a 10,000 SF lot and totals 3,558 SF, featuring eight (8) bedrooms, including two double-occupancy units. The property includes a kitchen on each floor and a brand new LG washer and dryer located in the basement. Additionally, the asset features five (5) parking spaces in the rear and a storage shed. The parking spaces provide an attractive value-add opportunity through the implementation of paid parking during future lease terms.
Originally constructed in 1927 as a Sears Craftsman Home Kit (Alhambra model), the property is a rare historic asset that seamlessly blends architectural character with modern luxury upgrades. Fully renovated in 2025, the property features extensive capital improvements including a new commercial grade water heater, waterproof vinyl flooring with a lifetime warranty, quartz countertops, hardwood cabinetry with soft-close drawers, ceramic tile finishes in the basement, and updated lighting throughout. The Alhambra is equipped with a three-tier HVAC system, stainless steel GE appliances, and high-end interior finishes throughout, creating a true turnkey investment opportunity. In addition, the property has upgraded electrical service from 200 amps to 400 amps. Gas service is available; however, all interior systems are currently electric. Each bedroom is outfitted with smart door locks, allowing for remote access and efficient keyless management via mobile devices. The building also includes a ramp providing ADA accessibility. While renovated with luxury finishes throughout, the property has preserved its historic charm and original layout, including pine wood trim additions stained to match the original historic look.
The Alhambra is perfectly located with convenient access to I-495 and Route 193, and is located in close proximity to parks, trails, restaurants, grocery stores, cafes, gyms, and other everyday amenities. The asset is also within walking distance of the University of Maryland and the College Park Metro Station, providing exceptional connectivity throughout the Washington, D.C. metropolitan area. With continued regional investment and major transit improvements such as the upcoming Purple Line, College Park continues to experience strong growth and sustained rental demand supported by a deep tenant pool of students, faculty, and young professionals. The Alhambra presents an ideal opportunity for an investor or 1031 exchange buyer seeking a fully renovated, fully leased, turnkey student housing asset in one of Maryland’s most sought-after rental markets.