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Multifamily

1715 H Street NE

1715 H St NE, Washington, DC 20002

Listing Price: $1,500,000

Cap Rate
1.00%
Number of Units
4
Price/Unit
$375,000
Price/Gross SF
$653.88
Gross SF
2,294

Investment Overview

For more information and to view the offering memorandum: https://view.dmvmultifamily.com/view/136040238/ Offering Overview As the exclusive listing broker, Marcus & Millichap is pleased to present the opportunity to acquire 1715 H Street NE an existing four-unit multifamily asset with over 12,000 square feet of development potential that would be delivered vacant. Located in a Qualified Opportunity Zone within the Carver/ Langston neighborhood of Northeast DC, 1715 H Street NE provides the potential to develop over 12,000 gross square feet of new condominium or multifamily units by-right. Nearby economic drivers include the H Street Corridor, Union Market, and Ivy City. Additionally, future transformative development projects along Rhode Island Avenue and Benning Road, and Phase II of the RFK/Hill East redevelopment will continue to drive rental demand in the submarket. The Asset 1715 H Street NE sits on a 3,968 square foot RA-2 zoned lot. The property provides the opportunity for an investor to build over 12,000 gross square feet with up to 13 condos or rental units without triggering additional Inclusionary Zoning (IZ) requirements. There is significant demand for condominium units in Carver Langston. Within the past 12 months, condominium units in the submarket have sold between $400,000 and $650,000 for units ranging from 600 to 1,000 square feet. However, smaller units generally garner higher prices per square foot ($550 to $675). Market rents for comparable newer-construction non-amenitized buildings average $3.40 per SF for one-bedrooms and over $3.10 per SF for two-bedroom units. In addition, the property features rear-alley access with three spaces in the back for off-street parking. The Location 1715 H Street NE is located in Carver/Langston, surrounded by development along the H Street Corridor, Benning Road, Bladensburg Road, Ivy City, the RFK Stadium, and New City DC. The RIA (Rhode Island Avenue) Development alone will create over 1,700 market-rate and affordable housing units, as well as more than 180,000 square feet of retail space. Several doors down from 1715 H Street, Grubb Properties is delivering a brand new 181-unit apartment building with 15,000 square feet of ground floor retail. Nearby retailers include Whole Foods, Mozzeria, Maketto and Sticky Rice. Additionally, the ongoing development surrounding RFK Stadium will bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. Northeast DC has experienced tremendous growth over the past several years, and this property offers an investor the opportunity to enter a rapidly transforming submarket at a relatively low-cost basis relative to other neighborhoods in DC.

Investment Highlights

  • Redevelopment Opportunity with Favorable RA-1 Zoning
  • Located in an Opportunity Zone
  • High Vacancy Asset
  • 12,000+ Gross Potential Buildable SF
  • Strong Development Pipeline
  • Nearby H Street, Union Market & Ivy City

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

1715 H Street NE

Listing Price: $1,500,000

Cap Rate
1.00%
Number of Units
4
Price/Unit
$375,000
Price/Gross SF
$653.88
Gross SF
2,294

Investment Highlights

  • Redevelopment Opportunity with Favorable RA-1 Zoning
  • Located in an Opportunity Zone
  • High Vacancy Asset
  • 12,000+ Gross Potential Buildable SF
  • Strong Development Pipeline
  • Nearby H Street, Union Market & Ivy City

Investment Overview

For more information and to view the offering memorandum: https://view.dmvmultifamily.com/view/136040238/ Offering Overview As the exclusive listing broker, Marcus & Millichap is pleased to present the opportunity to acquire 1715 H Street NE an existing four-unit multifamily asset with over 12,000 square feet of development potential that would be delivered vacant. Located in a Qualified Opportunity Zone within the Carver/ Langston neighborhood of Northeast DC, 1715 H Street NE provides the potential to develop over 12,000 gross square feet of new condominium or multifamily units by-right. Nearby economic drivers include the H Street Corridor, Union Market, and Ivy City. Additionally, future transformative development projects along Rhode Island Avenue and Benning Road, and Phase II of the RFK/Hill East redevelopment will continue to drive rental demand in the submarket. The Asset 1715 H Street NE sits on a 3,968 square foot RA-2 zoned lot. The property provides the opportunity for an investor to build over 12,000 gross square feet with up to 13 condos or rental units without triggering additional Inclusionary Zoning (IZ) requirements. There is significant demand for condominium units in Carver Langston. Within the past 12 months, condominium units in the submarket have sold between $400,000 and $650,000 for units ranging from 600 to 1,000 square feet. However, smaller units generally garner higher prices per square foot ($550 to $675). Market rents for comparable newer-construction non-amenitized buildings average $3.40 per SF for one-bedrooms and over $3.10 per SF for two-bedroom units. In addition, the property features rear-alley access with three spaces in the back for off-street parking. The Location 1715 H Street NE is located in Carver/Langston, surrounded by development along the H Street Corridor, Benning Road, Bladensburg Road, Ivy City, the RFK Stadium, and New City DC. The RIA (Rhode Island Avenue) Development alone will create over 1,700 market-rate and affordable housing units, as well as more than 180,000 square feet of retail space. Several doors down from 1715 H Street, Grubb Properties is delivering a brand new 181-unit apartment building with 15,000 square feet of ground floor retail. Nearby retailers include Whole Foods, Mozzeria, Maketto and Sticky Rice. Additionally, the ongoing development surrounding RFK Stadium will bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. Northeast DC has experienced tremendous growth over the past several years, and this property offers an investor the opportunity to enter a rapidly transforming submarket at a relatively low-cost basis relative to other neighborhoods in DC.

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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