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Multifamily

3440 Brown Street NW

3440 Brown St NW, Washington, DC 20010

Listing Price: Request For Offer

Number of Units
11
Gross SF
5,814

Investment Overview

Marcus & Millichap is pleased to present for sale 3440 Brown Street NW, a unique opportunity to acquire a high-vacancy, 11-unit apartment building situated one block west of the 16th Street NW corridor on Brown Street, a quiet residential street in Mount Pleasant. Just blocks from Mount Pleasant's Commercial Corridor, DC USA in Columbia Heights, Adams Morgan, and the 11th Street Corridor, as well as arts, theaters, and Rock Creek Park, the property provides access to all the attractions of urban living. The Asset 3440 Brown Street is a 5,814 square foot multifamily asset consisting of 11 large studio, one-bath units, each with the potential for conversion to a one-bedroom unit. Seven (7) of those 11 units are currently vacant. As the building is fully detached, each unit features ample natural light and windows. Each unit is also self-contained and operates on gas & electric utilities. Additionally, there is vacant ground floor space that, combined with an adjacent unit, could allow for the conversion of an existing studio unit to a two- or three-bedroom unit. The property also has rear alley access with a large parking pad currently configured for seven (7) parking spaces, a desirable amenity in a neighborhood with extremely limited on and off-street parking. The Opportunity The asset's high vacancy provides a buyer with the opportunity to execute multiple investment strategies immediately. A buy-and-hold investor could boost historical income by renovating units and common areas and increase rents on vacant units, which are more than 35 percent below the market average for newly-renovated, comparable-sized units. Mount Pleasant also caters to short-term furnished rentals, which yield over $6 per square foot for studio and one-bedroom units. In addition, the neighborhood features the city’s highest voucher rates for studio units, $2,379 (tenant pays utilities), and one-bedroom units, $2,467 (tenant pays utilities). A developer could redevelop the asset, taking advantage of the property’s large lot and opportunity to expand on the footprint to double or even triple (adding a lower level) the asset’s gross area, whether for rentals or high-end condos.

Investment Highlights

  • High-Vacancy Asset (64% Vacant) Provides Multiple Immediate Value-Add Strategies
  • 6,540 SF Lot With Over 11,000 SF of Potential Development
  • Seven (7) Off-Street Parking Spaces
  • Prime Location Adjacent to Retail, Restaurants, And Parks
  • High Walkability & Proximity to Metro
  • Strong Neighborhood Demographics

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

3440 Brown Street NW

Listing Price: Request For Offer

Number of Units
11
Gross SF
5,814

Investment Highlights

  • High-Vacancy Asset (64% Vacant) Provides Multiple Immediate Value-Add Strategies
  • 6,540 SF Lot With Over 11,000 SF of Potential Development
  • Seven (7) Off-Street Parking Spaces
  • Prime Location Adjacent to Retail, Restaurants, And Parks
  • High Walkability & Proximity to Metro
  • Strong Neighborhood Demographics

Investment Overview

Marcus & Millichap is pleased to present for sale 3440 Brown Street NW, a unique opportunity to acquire a high-vacancy, 11-unit apartment building situated one block west of the 16th Street NW corridor on Brown Street, a quiet residential street in Mount Pleasant. Just blocks from Mount Pleasant's Commercial Corridor, DC USA in Columbia Heights, Adams Morgan, and the 11th Street Corridor, as well as arts, theaters, and Rock Creek Park, the property provides access to all the attractions of urban living. The Asset 3440 Brown Street is a 5,814 square foot multifamily asset consisting of 11 large studio, one-bath units, each with the potential for conversion to a one-bedroom unit. Seven (7) of those 11 units are currently vacant. As the building is fully detached, each unit features ample natural light and windows. Each unit is also self-contained and operates on gas & electric utilities. Additionally, there is vacant ground floor space that, combined with an adjacent unit, could allow for the conversion of an existing studio unit to a two- or three-bedroom unit. The property also has rear alley access with a large parking pad currently configured for seven (7) parking spaces, a desirable amenity in a neighborhood with extremely limited on and off-street parking. The Opportunity The asset's high vacancy provides a buyer with the opportunity to execute multiple investment strategies immediately. A buy-and-hold investor could boost historical income by renovating units and common areas and increase rents on vacant units, which are more than 35 percent below the market average for newly-renovated, comparable-sized units. Mount Pleasant also caters to short-term furnished rentals, which yield over $6 per square foot for studio and one-bedroom units. In addition, the neighborhood features the city’s highest voucher rates for studio units, $2,379 (tenant pays utilities), and one-bedroom units, $2,467 (tenant pays utilities). A developer could redevelop the asset, taking advantage of the property’s large lot and opportunity to expand on the footprint to double or even triple (adding a lower level) the asset’s gross area, whether for rentals or high-end condos.

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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