Elphinstone College is one of the grand Gothic buildings that give the Fort and Kala Ghoda area its Victorian weight. The college dates to the mid-19th century, while the present stone building went up in the 1880s with pointed arches, tracery, and the academic self-confidence of colonial Bombay.
It is still a working college rather than a museum, so treat it as an architectural stop on a walk between Kala Ghoda, the museum, and the university buildings. The exterior is the point: slow down, look up, and you get a good sense of why this part of Mumbai is UNESCO-listed.