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Multifamily

2013 I Street NE

2013 I St NE, Washington, DC 20002

Listing Price: $900,000

Cap Rate
1.00%
Number of Units
4
Price/Unit
$225,000
Price/Gross SF
$380.07
Gross SF
2,368

Investment Overview

Offering Overview Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 2013 I Street NE, a four-unit multifamily asset located in the rapidly growing Carver/Langston neighborhood of Northeast DC. The asset presents an investor the opportunity to acquire a 2,368 gross square foot, value-add multifamily asset with significant upside. Additionally, the property is zoned RA-2 and is situated on a 2,304 square foot lot providing future redevelopment potential. The Location 2013 I Street NE is located in Carver/Langston, surrounded by significant development in Ivy City, along the H Street Corridor, Benning Road, Bladensburg Road, Rhode Island Avenue, and the nearby RFK Stadium. The RIA (Rhode Island Avenue) Development alone will deliver over 1,700 market-rate and affordable housing units, and more than 180,000 square feet of commercial space to the area. Additionally, the development plans near RFK stadium are set to bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. As 2013 I Street is located in the heart of Northeast DC, it presents an investor the opportunity to acquire a value-add asset at a relatively low-cost basis with the potential for significant appreciation as the area continues to improve in the coming years. The Investment Opportunity The property currently operates at full occupancy with four one-bedroom, one-bathroom units that are approximately 550 square feet. The average in-place rent is $1,103, which is 24.9% below the market average rent of $1,418 for comparable one-bedroom units in Carver/Langston. 2013 I Street NE presents an investor with a value-add opportunity where a buyer can strategically renovate each unit upon turnover and subsequently increase rents to achieve over $5,600 in total gross monthly rental revenue. The property is also separately-metered for gas and electric utilities, allowing an investor to more accurately predict operating expenses and limit uncontrollable costs by requiring tenants to pay for their own gas and electric utility expenses. Finally, the property is zoned RA-2, providing an investor with the opportunity to redevelop the property in the future to a floor area ratio of 1.8 (4,000+ square feet), a height of 50 feet, and 60% lot occupancy. Once developed, an investor could then capitalize on the rapidly growing condo market in Northeast DC, or continue to operate the property as a cash-flowing rental property.

Investment Highlights

  • Value-Add Opportunity & Redevelopment potential
  • Potential Non-Rent Controlled Asset
  • Located in an Opportunity Zone
  • Below Average Rents & Rent Growth Potential
  • Nearby H Street, Union Market & Ivy City
  • Strong Development Pipeline

Exclusively Listed By

  • Joseph Tabb

    Associate

    (202) 536-3724

    Email Joseph

    License(s): MD: 5001989, DC: SP200204741

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349, VA: 0225251544

    Washington, D.C.

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Multifamily

2013 I Street NE

Listing Price: $900,000

Cap Rate
1.00%
Number of Units
4
Price/Unit
$225,000
Price/Gross SF
$380.07
Gross SF
2,368

Investment Highlights

  • Value-Add Opportunity & Redevelopment potential
  • Potential Non-Rent Controlled Asset
  • Located in an Opportunity Zone
  • Below Average Rents & Rent Growth Potential
  • Nearby H Street, Union Market & Ivy City
  • Strong Development Pipeline

Investment Overview

Offering Overview Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 2013 I Street NE, a four-unit multifamily asset located in the rapidly growing Carver/Langston neighborhood of Northeast DC. The asset presents an investor the opportunity to acquire a 2,368 gross square foot, value-add multifamily asset with significant upside. Additionally, the property is zoned RA-2 and is situated on a 2,304 square foot lot providing future redevelopment potential. The Location 2013 I Street NE is located in Carver/Langston, surrounded by significant development in Ivy City, along the H Street Corridor, Benning Road, Bladensburg Road, Rhode Island Avenue, and the nearby RFK Stadium. The RIA (Rhode Island Avenue) Development alone will deliver over 1,700 market-rate and affordable housing units, and more than 180,000 square feet of commercial space to the area. Additionally, the development plans near RFK stadium are set to bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. As 2013 I Street is located in the heart of Northeast DC, it presents an investor the opportunity to acquire a value-add asset at a relatively low-cost basis with the potential for significant appreciation as the area continues to improve in the coming years. The Investment Opportunity The property currently operates at full occupancy with four one-bedroom, one-bathroom units that are approximately 550 square feet. The average in-place rent is $1,103, which is 24.9% below the market average rent of $1,418 for comparable one-bedroom units in Carver/Langston. 2013 I Street NE presents an investor with a value-add opportunity where a buyer can strategically renovate each unit upon turnover and subsequently increase rents to achieve over $5,600 in total gross monthly rental revenue. The property is also separately-metered for gas and electric utilities, allowing an investor to more accurately predict operating expenses and limit uncontrollable costs by requiring tenants to pay for their own gas and electric utility expenses. Finally, the property is zoned RA-2, providing an investor with the opportunity to redevelop the property in the future to a floor area ratio of 1.8 (4,000+ square feet), a height of 50 feet, and 60% lot occupancy. Once developed, an investor could then capitalize on the rapidly growing condo market in Northeast DC, or continue to operate the property as a cash-flowing rental property.

Exclusively Listed By

  • Joseph Tabb

    Associate

    (202) 536-3724

    Email Joseph

    License(s): MD: 5001989, DC: SP200204741

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349, VA: 0225251544

    Washington, D.C.

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

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