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 represent the owner of 1910 I Street NE, a newly constructed multifamily asset located in the Old City I corridor of Washington, D.C.. The property is a modern, three-story apartment building situated on a 0.10-acre lot and was completed in 2024. The building consists of 13 apartment units featuring luxury, condo-quality finishes throughout, including quartz countertops, stainless steel appliances, custom cabinetry, luxury laminate flooring, and additional high-end design details. The unit mix is well-positioned for today’s renter demand, comprised of 11 two-bedroom units and two three-bedroom units. Each apartment is separately metered for electricity and equipped with new, high-efficiency HVAC systems. The asset further benefits from durable and energy-efficient construction elements, including fiber cement exterior panels, a TPO roof, solar panels, and off-street parking spaces-features that contribute to reduced operating costs and long-term asset durability. Currently, 10 of the 13 units are occupied, generating annual in-place income of $277,848, with projected gross income of $425,868 upon stabilization. At full occupancy, the property offers an attractive going-in capitalization rate of approximately 7.41% and a projected five-year levered IRR of 26.18%. The tenant base consists of a mix of market-rate and voucher tenants, providing both income stability and upside through lease-up and rent optimization. Located within a rapidly evolving submarket along the Benning Road and H Street NE corridors, 1910 I Street NE is positioned to benefit from significant public and private investment. The property is approximately one mile from the new Washington Commanders stadium, one mile from Union Market, and within walking distance of Hechinger Mall, which is slated for redevelopment into approximately 2.4 million square feet of mixed-use space. Continued revitalization in the surrounding area supports strong long-term appreciation pote

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 7.4% 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 7.4% 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).

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