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Multifamily

2474 Alabama Avenue SE

2474 Alabama Ave SE, Washington, DC 20020

Listing Price: $1,990,000

Cap Rate
5.61%
Number of Units
15
Occupancy
93.0%
Price/Unit
$132,667
Price/Gross SF
$181.64
Gross SF
10,956

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 2474 Alabama Avenue SE, a fifteen-unit apartment in the Randle Heights subdivision. The subject property has a unit mix of eight - one-bedroom/one-bath units and seven - two-bedroom/one-bath units, which are all self-contained. The subject property provides an owner an opportunity to significantly increase the annual NOI by over $25,000. This can be achieved by filling three of the four vacant units immediately. Furthermore, value can be added from the fees earned from the laundry units and from leasing each of the six parking spaces. 2474 Alabama Avenue SE is located in an area that is experiencing significant redevelopment including the new Skyland Town Center a half a mile away, and the new 350+ acre Saint Elizabeth campus (100+ new townhomes, 47,000 square feet of retail space, 171,000 square feet of office space and the new U.S. Coast Guard headquarters) 2.5 miles away. The subject property is located directly across the street from the 7th District police department and one mile away from the Alabama Avenue metro.

Investment Highlights

  • An Attractive Mix of Eight - One-Bedroom/One-Bath and Seven - Two-Bedrooms/One-Bath Units.
  • Separately Metered Units for Electricity and Gas
  • Recent Unit Upgrades to Multiple Units: HVAC Units, Appliances, Flooring, Water Heaters, and Kitchen Cabinets.
  • Additional Income Opportunity From the Laundry Units And From Leasing the Six Parking Spaces
  • Significant Rental Upside can be Achieved by Filling Three of the Four Vacant Units That are Immediately Available to be Leased
  • Eleven of the Fifteen Units are Housing Vouchers Tenants

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Multifamily

2474 Alabama Avenue SE

Listing Price: $1,990,000

Cap Rate
5.61%
Number of Units
15
Occupancy
93.0%
Price/Unit
$132,667
Price/Gross SF
$181.64
Gross SF
10,956

Investment Highlights

  • An Attractive Mix of Eight - One-Bedroom/One-Bath and Seven - Two-Bedrooms/One-Bath Units.
  • Separately Metered Units for Electricity and Gas
  • Recent Unit Upgrades to Multiple Units: HVAC Units, Appliances, Flooring, Water Heaters, and Kitchen Cabinets.
  • Additional Income Opportunity From the Laundry Units And From Leasing the Six Parking Spaces
  • Significant Rental Upside can be Achieved by Filling Three of the Four Vacant Units That are Immediately Available to be Leased
  • Eleven of the Fifteen Units are Housing Vouchers Tenants

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 2474 Alabama Avenue SE, a fifteen-unit apartment in the Randle Heights subdivision. The subject property has a unit mix of eight - one-bedroom/one-bath units and seven - two-bedroom/one-bath units, which are all self-contained. The subject property provides an owner an opportunity to significantly increase the annual NOI by over $25,000. This can be achieved by filling three of the four vacant units immediately. Furthermore, value can be added from the fees earned from the laundry units and from leasing each of the six parking spaces. 2474 Alabama Avenue SE is located in an area that is experiencing significant redevelopment including the new Skyland Town Center a half a mile away, and the new 350+ acre Saint Elizabeth campus (100+ new townhomes, 47,000 square feet of retail space, 171,000 square feet of office space and the new U.S. Coast Guard headquarters) 2.5 miles away. The subject property is located directly across the street from the 7th District police department and one mile away from the Alabama Avenue metro.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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