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Multifamily

New Quin Apartments

811 Quincy St NW, Washington, DC 20011

Listing Price: Request For Offer

Number of Units
107
Occupancy
97.9%
Gross SF
92,219

Investment Overview

Offering Overview As the exclusive listing agent, Marcus & Millichap is pleased to present New Quin Apartments, a 107-unit apartment building located in the Petworth neighborhood of Northwest Washington, DC. Located at 811 Quincy Street and 3800 New Hampshire Avenue NW, Washington, DC 20011. New Quin Apartments is just steps away (400 feet) from the Petworth Metro Station which serves the Green and Yellow lines and one block away from the Safeway on Georgia Avenue. The proximity to the Metro is a major driver for tenant demand and provides direct access into the city for tenants who commute via public transportation. The area features abundant restaurant and retail options including CVS, Capitol Cider House, Dunkin Donuts, Looking Glass Lounge, Mr. Braxton Bar & Kitchen, Hook Hall, Qualia Coffee, Starbucks, Pantry, Pho Viet USA, and Timber Pizza Company, amongst others. The Asset New Quin Apartments, built in 1928, is approximately 92,219 gross square feet across four stories and a basement. The property features a diverse unit mix of 20 studio units, 68 one-bedroom units, and 19 two-bedroom units. The property underwent an extensive renovation in 2013, and 85% of the units have been renovated upon turnover since 2013. The scope of work for the renovation was roughly $7,000,000 and included infrastructure upgrades to the plumbing and HVAC systems as well as an electrical heavy up. Exterior repairs include facade repairs, structural repairs to the balconies, and a new roof. During the renovation, eight new units were added to the basement of the building, increasing the unit count from 99 to 107. The building is separately metered for electricity allowing an owner to limit uncontrollable expenses. The Investment Opportunity New Quin Apartments is a unique investment opportunity in Washington, DC given the fantastic location, one block from the Georgia Ave-Petworth Metro Station in the direct path of development, and the existing 70% Voluntary Agreement (VA). In March 2012, ownership had their Voluntary Agreement for New Quin approved. The owner completed renovations to the interior (common areas and units) and exterior of the buildings in exchange for being able to increase the rent levels of units upon turnover. Most studios could be increased up to rent levels of $1,650, one-bedroom units to rent levels of $1,898, and two bedroom units could be increased up to rent levels of $2,338. While there are a few outlier units that can't be increased to those levels, the majority of the units provide a substantial value-add opportunity. With the work that was completed by the owner, the heavy lifting has been done, and only cosmetic work is needed at this point.

Investment Highlights

  • Transit-Oriented Location
  • In-Place 70% Voluntary Agreement
  • Recently Renovated in 2013
  • Located near Restaurants, Retail, and Entertainment
  • Separately-Metered for Heating and Cooling

Exclusively Listed By

  • Eric Jentoft-Herr

    Associate

    (202) 536-3779

    Email Eric

    License(s): MD: 681604, DC: SP200203903

    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.

  • Christian Barreiro

    First Vice President Investments

    (202) 536-3704

    Email Christian

    License(s): DC: sp98373426, MD: 5011820

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

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

    Washington, D.C.

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

New Quin Apartments

Listing Price: Request For Offer

Number of Units
107
Occupancy
97.9%
Gross SF
92,219

Investment Highlights

  • Transit-Oriented Location
  • In-Place 70% Voluntary Agreement
  • Recently Renovated in 2013
  • Located near Restaurants, Retail, and Entertainment
  • Separately-Metered for Heating and Cooling

Investment Overview

Offering Overview As the exclusive listing agent, Marcus & Millichap is pleased to present New Quin Apartments, a 107-unit apartment building located in the Petworth neighborhood of Northwest Washington, DC. Located at 811 Quincy Street and 3800 New Hampshire Avenue NW, Washington, DC 20011. New Quin Apartments is just steps away (400 feet) from the Petworth Metro Station which serves the Green and Yellow lines and one block away from the Safeway on Georgia Avenue. The proximity to the Metro is a major driver for tenant demand and provides direct access into the city for tenants who commute via public transportation. The area features abundant restaurant and retail options including CVS, Capitol Cider House, Dunkin Donuts, Looking Glass Lounge, Mr. Braxton Bar & Kitchen, Hook Hall, Qualia Coffee, Starbucks, Pantry, Pho Viet USA, and Timber Pizza Company, amongst others. The Asset New Quin Apartments, built in 1928, is approximately 92,219 gross square feet across four stories and a basement. The property features a diverse unit mix of 20 studio units, 68 one-bedroom units, and 19 two-bedroom units. The property underwent an extensive renovation in 2013, and 85% of the units have been renovated upon turnover since 2013. The scope of work for the renovation was roughly $7,000,000 and included infrastructure upgrades to the plumbing and HVAC systems as well as an electrical heavy up. Exterior repairs include facade repairs, structural repairs to the balconies, and a new roof. During the renovation, eight new units were added to the basement of the building, increasing the unit count from 99 to 107. The building is separately metered for electricity allowing an owner to limit uncontrollable expenses. The Investment Opportunity New Quin Apartments is a unique investment opportunity in Washington, DC given the fantastic location, one block from the Georgia Ave-Petworth Metro Station in the direct path of development, and the existing 70% Voluntary Agreement (VA). In March 2012, ownership had their Voluntary Agreement for New Quin approved. The owner completed renovations to the interior (common areas and units) and exterior of the buildings in exchange for being able to increase the rent levels of units upon turnover. Most studios could be increased up to rent levels of $1,650, one-bedroom units to rent levels of $1,898, and two bedroom units could be increased up to rent levels of $2,338. While there are a few outlier units that can't be increased to those levels, the majority of the units provide a substantial value-add opportunity. With the work that was completed by the owner, the heavy lifting has been done, and only cosmetic work is needed at this point.

Exclusively Listed By

  • Eric Jentoft-Herr

    Associate

    (202) 536-3779

    Email Eric

    License(s): MD: 681604, DC: SP200203903

    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.

  • Christian Barreiro

    First Vice President Investments

    (202) 536-3704

    Email Christian

    License(s): DC: sp98373426, MD: 5011820

    Washington, D.C.

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

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

    Washington, D.C.

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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