Multifamily Property for Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20009

Description

Marcus & Millichap is pleased to present 1508 U Street NW, a mixed-use office and retail asset located in the heart of Washington, D.C.’s iconic U Street Corridor—one of the city’s most vibrant and high-traffic commercial districts. Positioned just steps from the intersection of 14th Street and U Street, the property benefits from exceptional visibility, strong foot traffic, and immediate access to a wide array of retail, dining, and entertainment destinations. The Class B building consists of approximately 3,576 square feet across four stories, originally constructed in 1900 and renovated in 2020. The building features a fully built-out, bi-level office suite and a separate first-floor retail space, both of which will be delivered vacant. Investors can capitalize on immediate lease-up potential, while owner-users can occupy a portion of the building and generate income from the remaining space. The property is zoned Mixed-Use (MU-4), permitting a wide range of uses including retail, office, and multifamily. Moreover, the layout allows for multiple tenancy configurations, supported by separate access points for the retail and office components. Further enhancing value-add opportunities, the property is eligible for the Great Streets Grant Program, offering potential funding of up to $80,000 for renovations, equipment, and storefront improvements. 1508 U Street NW is just 6.2 miles from Ronald Reagan Washington National Airport and enjoys ample access to public transportation, with the U Street Metro Station located approximately 0.4 miles away, along with convenient access to Farragut North, Shaw-Howard University Station, and Union Station. Investment Highlights: • Prime U Street Corridor Location Steps From 14th & U with Strong Foot Traffic and Visibility • Flexible MU-4 Zoning Allowing Retail, Office, and Multifamily Uses • Fully Vacant Bi-Level Office and First-Floor Retail Offering Immediate Lease-Up or Owner-User Opportunity • Great Streets Grant Eligible wit

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 8.5% capitalization rate, a key benchmark for income-producing multifamily assets. It has been on the market for 52 days. Compare it against other multifamily listings for sale in Washington, DC — <a href="/search/sale/multifamily/district-of-columbia/washington">view the full market</a>.

As of Q3 2017, the Washington D.C. multifamily market showed a 3.7% vacancy rate, rents up 6.7% year over year, and cap rates around 5.7%. Source: Cushman & Wakefield Q3 2017 market report.

Its 8.5% asking cap rate is above the Washington D.C. multifamily market average of about 5.7%, implying a higher yield (and typically more risk or upside) than comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Multifamily market FAQ

What is the typical cap rate for multifamily in Washington D.C.?
About 5.7% as of Q3 2017, per Cushman & Wakefield.
Is the Washington D.C. multifamily market tightening or softening?
Vacancy is around 3.7%, with asking rents rising year over year (Q3 2017).

Contact

Explore this market

Similar Multifamily Property for Sale in Washington, DC