Multifamily Property for Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20002

Description

Marcus & Millichap is pleased to exclusively represent the owner of 1834 & 1844 Central Place NE, Washington, DC — two six-unit apartment buildings offered as a portfolio sale in the Brentwood submarket. Each property contains six one-bedroom units across approximately 5,309 square feet per building. All units are separately metered for gas and electricity and feature individual heat pumps. Two units across the portfolio are currently vacant and move-in ready. While the buildings and units would benefit from moderate cosmetic updates, this value-add opportunity is fully reflected in the offering price. The properties are being sold with the TOPA assignment already completed, providing a streamlined path to closing. Additionally, the assets benefit from a master voucher lease covering 100% of the units, which is fully transferable to a new owner, offering stable and predictable cash flow. Upon stabilization of the vacant units, the portfolio is projected to deliver a 7.59% CAP rate and an 8.2% cash-on-cash return, making this an ideal investment for buyers seeking durable income, low volatility, and strong downside protection through long-term voucher tenancy. Situated within an evolving corridor along New York Avenue NE, the properties are two blocks from Gallaudet University, eight blocks from Union Market, and approximately two miles from Union Station and the proposed Washington Commanders stadium. Ongoing public and private investment in the surrounding area continues to support long-term appreciation and rent stability. Investment Highlights: • Portfolio of Two Six-unit Apartment Buildings with a Transferable DHCD Master Lease • 100% voucher tenancy providing reliable and predictable cash flow • Minimal capital improvement requirements with upside through light renovations • Offered at an approximately 7.59% stabilized CAP rate with NOI growth potential • Strong location near New York Avenue NE, Union Market, Union Station, and major future development • TOPA

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 6.5% 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 6.5% 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