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The Jennifer at Adelphi 9420-9424 Adelphi Rd 12 Unit Apartment Building For Sale Hyattsville, MD 20783
Investment Highlights
- Opportunity to Acquire a Mid-Sized Garden Asset in Hyattsville, MD
- Located Two Miles Away From University of Maryland, College Park and U.S. Food and Drug Administration
- Minimal Deferred Maintenance and Value-Add Possibilities for a New Owner
Executive Summary
Harbor Stone Advisors is pleased to present the opportunity to acquire The Jennifer at Adelphi, a stabilized garden asset in Hyattsville, MD. Located in Prince George’s County the property is less than a 10 minute drive away from University of Maryland, College Park and the U.S. Food and Drug Administration which are two of the top employers in the county.
The Jennifer at Adelphi features (12) 2 Br-1 Ba units, and property amenities include a surface parking lot and a laundry room. Prior ownership renovated 11 units with a scope of new appliances, granite countertops, new wood cabinets, updated bathrooms, recessed lighting, vinyl wood flooring in lower level units, refinished hardwood flooring, and new carpet in bedrooms. The current owner has elevated the kitchens in 4 units with a scope of quartz countertops, updated cabinetry, and tile backsplash. There is 1 classic unit remaining at the property. In addition to unit renovations, current ownership completed numerous capital projects such as a door access system installation, repaving the parking lot, and replacement of the roof and chimney.
The opportunity exists for a new owner to continue the elevated renovation on the remaining units. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents $180 higher on average than the Subject property. Other value-add opportunities include creating a grill/picnic area and implementing a parking fee.
The Jennifer at Adelphi features (12) 2 Br-1 Ba units, and property amenities include a surface parking lot and a laundry room. Prior ownership renovated 11 units with a scope of new appliances, granite countertops, new wood cabinets, updated bathrooms, recessed lighting, vinyl wood flooring in lower level units, refinished hardwood flooring, and new carpet in bedrooms. The current owner has elevated the kitchens in 4 units with a scope of quartz countertops, updated cabinetry, and tile backsplash. There is 1 classic unit remaining at the property. In addition to unit renovations, current ownership completed numerous capital projects such as a door access system installation, repaving the parking lot, and replacement of the roof and chimney.
The opportunity exists for a new owner to continue the elevated renovation on the remaining units. The market is accepting of higher-end renovations and comparable properties nearby are currently achieving rents $180 higher on average than the Subject property. Other value-add opportunities include creating a grill/picnic area and implementing a parking fee.
Property Facts
| Sale Type | Investment | Lot Size | 0.49 AC |
| No. Units | 12 | Building Size | 12,258 SF |
| Property Type | Multifamily | Average Occupancy | 92% |
| Property Subtype | Apartment | No. Stories | 2 |
| Apartment Style | Low-Rise | Year Built/Renovated | 1957/2020 |
| Building Class | C | Parking Ratio | 0.49/1,000 SF |
| Zoning | R-18 | ||
| Sale Type | Investment |
| No. Units | 12 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.49 AC |
| Building Size | 12,258 SF |
| Average Occupancy | 92% |
| No. Stories | 2 |
| Year Built/Renovated | 1957/2020 |
| Parking Ratio | 0.49/1,000 SF |
| Zoning | R-18 |
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Moderately walkable
60/100
Very drivable
80/100
Some public transit
50/100
Fairly bikeable
50/100
Property Taxes
| Parcel Number | 17-1933340 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,329,500 |
Property Taxes
Parcel Number
17-1933340
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,329,500
Contacts
-
Brooks Healy -
Justin Verner -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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