Multifamily Property for Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20020

Description

The Opportunity Marcus & Millichap is pleased to present 1907 18th Street SE, a 16-unit multifamily asset located in the Anacostia neighborhood of Southeast Washington, DC. Built in 1951, but recently underwent a large scale renovation, the property features a strong, high-demand unit mix well suited for both market-rate and HCVP leasing strategies. The asset is positioned for operational improvements and unit turnover renovations as necessary, providing a clear path to increased cash flow. With exposure to a submarket positioned for above-average growth relative to other East of the River neighborhoods, the property presents a compelling long-term investment opportunity. The Asset 1907 18th Street SE is a 16-unit multifamily building totaling approximately 10,692 gross square feet and situated on an RA-2 zoned, 5,227 square foot lot. The unit mix consists of ten 2-bedroom units and six 3-bedroom units. Two-bedroom units average approximately 615 square feet, while three-bedroom units average approximately 715 square feet. The property currently has 14 of 16 units occupied. The landlord presently pays for utilities, and the property features central building systems. The roof was recently renovated and features solar panels. Units feature in-unit washer and dryers, a highly desirable amenity that supports leasing velocity and rent growth. The asset is well suited for light interior upgrades to further enhance rental demand and increase cash flow. The combination of a strong unit mix and limited near-term reconfiguration needs allows a new owner to focus on executing a straightforward restabilization strategy. The Location 1907 18th Street SE is poised to reap ongoing benefits from the dynamic development landscape in its vicinity. Notably, it stands to gain directly from the growth of Skyland Town Center, as well as the continuous expansion of the surrounding Anacostia neighborhood which has seen a surge in restaurants and retail establishments, including renowned

Market Context

This multifamily in Washington, DC is listed for sale. 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.

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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