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Mixed-Use

The Heritage DC

2027 Rhode Island Ave NE, Washington, DC 20018

Listing Price: $18,000,000

Cap Rate
5.00%
Number of Units
43
Occupancy
50.0%
Price/Unit
$418,605
Price/Gross SF
$416.05
Gross SF
43,264

Investment Overview

Marcus & Millichap is pleased to represent the owner of The Heritage DC, a mix-use building comprised of 43 residential condo units and 2 commercial condo units located at 2027 Rhode Island NE Washington DC 20018. The property features 43,264 square feet of gross rentable area, situated on a .25-acre parcel. The 43 residential units comprise 20 one-bedroom/one-bath units, 2 one-bedroom/2 den/3 bath units, 17 two-bedroom/2 bath units, and 4 two-bedroom/2 bath penthouse units. In addition, there are two 2,300-square-foot commercial condo units recently leased with a ten-year term on a NNN lease. Leasing started in September 2022. 50% of the units have been leased. An Investor can increase the NOI by 40% by stabilizing this building at 90% occupancy. This new construction build offers luxury residential units with high-end finishes, in-home laundry units, balcony units (15), floor-to-ceiling windows, off-street parking (8), intercom systems for each unit, an illustrious lobby space, 24-hour security system, a green roof, and other high amenities to attract market-rate tenants. The Heritage DC is located on a major commuter corridor of the Woodridge NE subdivision. Woodridge is experiencing an urban renaissance of unprecedented proportions mainly due to the revitalization of the Rhode Island corridor. Designated as a "Great Street" (www.greatstreets.dc.go,), the Rhode Island corridor serves as a major commuter corridor between downtown DC and the Maryland suburbs. This property is within close proximity to Dakota Crossing, The Shops at Rhode Island Avenue, and other new retail and mix-use development within 1.5 miles.

Investment Highlights

  • Elegant New Construction of Forty-Three Residential Units and Two 2,300 SF Commercial Spaces.
  • Each Residential and Commercial Unit is Registered as a Condominium Unit.
  • Elegant Flooring, Floor-to-Ceiling Windows, High-End Energy Efficient Appliances, Solid Stone Countertops, High-End Fixtures, Sophisticated Sound Barrier Insulation and Other Luxurious Finishes.
  • Opportunity to Increase Occupancy from 50% to 90%, Increase the NOI by 40%.
  • Income Potential to Achieve Over a 6% CAP Rate After the Building is Fully Stabilized.
  • Close Proximity to The Shops at Dakota Crossing, The Shops at Dakota Crossing, the Rhode Island Metro, and the Brookland Metro.
  • An Attractive Mix of 20 one-bedroom units, 2 one-bedroom/two dent/three-bath units, 17 two-bedroom/two-bath units, and four two-bedroom penthouse units.
  • Child Care Tenant with a new ten-year lease in the Retail Spaces.

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

Listing Price: $18,000,000

Cap Rate
5.00%
Number of Units
43
Occupancy
50.0%
Price/Unit
$418,605
Price/Gross SF
$416.05
Gross SF
43,264

Investment Highlights

  • Elegant New Construction of Forty-Three Residential Units and Two 2,300 SF Commercial Spaces.
  • Each Residential and Commercial Unit is Registered as a Condominium Unit.
  • Elegant Flooring, Floor-to-Ceiling Windows, High-End Energy Efficient Appliances, Solid Stone Countertops, High-End Fixtures, Sophisticated Sound Barrier Insulation and Other Luxurious Finishes.
  • Opportunity to Increase Occupancy from 50% to 90%, Increase the NOI by 40%.
  • Income Potential to Achieve Over a 6% CAP Rate After the Building is Fully Stabilized.
  • Close Proximity to The Shops at Dakota Crossing, The Shops at Dakota Crossing, the Rhode Island Metro, and the Brookland Metro.
  • An Attractive Mix of 20 one-bedroom units, 2 one-bedroom/two dent/three-bath units, 17 two-bedroom/two-bath units, and four two-bedroom penthouse units.
  • Child Care Tenant with a new ten-year lease in the Retail Spaces.

Investment Overview

Marcus & Millichap is pleased to represent the owner of The Heritage DC, a mix-use building comprised of 43 residential condo units and 2 commercial condo units located at 2027 Rhode Island NE Washington DC 20018. The property features 43,264 square feet of gross rentable area, situated on a .25-acre parcel. The 43 residential units comprise 20 one-bedroom/one-bath units, 2 one-bedroom/2 den/3 bath units, 17 two-bedroom/2 bath units, and 4 two-bedroom/2 bath penthouse units. In addition, there are two 2,300-square-foot commercial condo units recently leased with a ten-year term on a NNN lease. Leasing started in September 2022. 50% of the units have been leased. An Investor can increase the NOI by 40% by stabilizing this building at 90% occupancy. This new construction build offers luxury residential units with high-end finishes, in-home laundry units, balcony units (15), floor-to-ceiling windows, off-street parking (8), intercom systems for each unit, an illustrious lobby space, 24-hour security system, a green roof, and other high amenities to attract market-rate tenants. The Heritage DC is located on a major commuter corridor of the Woodridge NE subdivision. Woodridge is experiencing an urban renaissance of unprecedented proportions mainly due to the revitalization of the Rhode Island corridor. Designated as a "Great Street" (www.greatstreets.dc.go,), the Rhode Island corridor serves as a major commuter corridor between downtown DC and the Maryland suburbs. This property is within close proximity to Dakota Crossing, The Shops at Rhode Island Avenue, and other new retail and mix-use development within 1.5 miles.

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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