Multifamily Property for Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20032

Description

Marcus & Millichap presents for sale the multi-family investment opportunity located at 39 Mississippi Ave SE in Washington, D.C. This well-positioned, 21-unit garden-style apartment building offers a balanced mix of one- and two-bedroom units, appealing to a wide tenant demographic. The property maintains a stable occupancy rate with a combination of vouchered and market-rate tenants, ensuring a consistent revenue stream, despite an average allowable rent of approximately $1,300 per month under rent control. Zoned R-3, the asset is well-aligned with long-term residential demand and presents significant upside potential with the ability to add three basement units with minimal construction. Congress Heights, one of D.C.’s fastest-growing neighborhoods, has undergone significant transformation, driven by major public and private investments, infrastructure improvements, and increasing demand for quality housing. Once overlooked, the neighborhood has become a prime target for investors, with home values rising over 35 percent in the past five years and rental demand continuing to grow. With over 70 percent of residents renting, Congress Heights remains a high-demand market for multi-family properties. The neighborhood offers excellent transportation access, making it ideal for commuters to downtown D.C., Navy Yard, and Northern Virginia. The Congress Heights Metro Station provides direct transit access to key employment centers, while the Anacostia Freeway (I-295) connects residents to National Harbor, Joint Base Anacostia-Bolling, and Capitol Hill. Ongoing infrastructure improvements, bike-friendly routes, and multiple bus lines continue to enhance accessibility and desirability, reinforcing Congress Heights as a rapidly evolving investment market. Investment Highlights: • A 21-Unit Garden-Style Apartment Building Featuring a Mix of One- and Two-Bedroom Units • Located in Congress Heights, One of D.C.'s Fastest-Growing Neighborhoods • Stable Occupancy with a Combina

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 8.3% 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 8.3% 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