Multifamily Property for Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20011

Description

Marcus & Millichap is pleased to present the multifamily property located at 6024 8th Street NW in Washington, D.C. This fully renovated, turnkey asset requires no deferred maintenance, providing investors with immediate ease of operation. Each unit features high-end, condo-level finishes, including quartz countertops, new kitchen cabinetry, hardwood floors, recessed lighting, and stainless steel appliances. With legal condominium documentation already in place, the property offers investors various exit strategies, such as potential individual unit sales or long-term rental income. This added flexibility can enhance both liquidity and future resale value. Situated in the highly desirable Brightwood-Takoma neighborhood of Northwest D.C., just steps from the transformative Parks at Walter Reed redevelopment and within walking distance of the Takoma Metro Station, this property offers a strategic combination of location, quality, and investment flexibility that is increasingly rare in the District’s high-barrier market. The Parks at Walter Reed is a $1.3 billion, 66-acre redevelopment of the former Walter Reed Army Medical Center into a world-class mixed-use destination. This extensive project includes over 3 million square feet of new space, which will feature residential units, a Whole Foods Market, retail shops, restaurants, office space, and the Children’s National Research & Innovation Campus. In addition to its proximity to Walter Reed, the property offers excellent transit access. It is just a short walk from the Takoma Metro Station on the Red Line, providing direct connectivity to downtown Washington, Union Station, NoMa, and the Maryland suburbs. Additionally, the property is only a five-minute drive from downtown Silver Spring, Maryland, another key urban node that continues to grow with new office, retail, and multifamily developments. Investment Highlights: • Fully Renovated Property at Closing Featuring Condo-Level Finishes • Located in the Brightwood-T

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 7.0% 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 7.0% 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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