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Multifamily

The Girard

1018 Girard St NW, Washington, DC 20001

Listing Price: Request For Offer

Number of Units
11
Gross SF
14,921

Investment Overview

View Offering Memorandum: https://view.dmvmultifamily.com/view/1020983338/i/ Offering Overview As the exclusive listing broker, Marcus & Millichap is pleased to present 1018 Girard Street NW, an existing 9,426 gross square foot 11-unit apartment building in shell condition that offers a tremendous value-add redevelopment opportunity to an investor in one of the premier neighborhoods of Washington, DC. Additionally, the property is not subject to the Tenant Opportunity to Purchase Act as the property is 100% vacant. Located in the Heart of Columbia Heights, on Girard Street between 11th Street and Sherman Avenue NW, this asset is an extremely rare investment opportunity in a mature submarket. Many of the neighborhood’s viable sites have already been redeveloped. An investor has the opportunity to complete the redevelopment and potentially increase the density and gross floor area of the building. A great deal of interior rehabilitation work has already been completed, limiting the construction costs that an investor would incur, while providing flexibility for the new owner to design and build their own unit layouts and design of the asset. The Asset Historically, The Girard has operated as an 11-unit apartment building with one unit in the basement, five units on the first floor, and five units on the second floor. Additionally, The property has seven off-street parking spaces located behind the building. The property is currently vacant and in shell condition allowing investors to begin redevelopment once permits have been secured. Current ownership has gone through the process to have approved plans for the asset completed which can significantly save time upon acquisition. The asset is 9,426 gross square feet, but under the current zoning regulation, there is the potential to raze the asset to reach approximately 14,921 gross square feet. The Girard is located in the booming Columbia Heights neighborhood of Northwest DC, a submarket that has undergone a complete transformation over the past two decades. Columbia Heights is a transit-oriented neighborhood anchored by the Columbia Heights Metro Station (Green and Yellow Lines), and is populated with dozens of award-winning restaurants, bars, and cafes, which make the neighborhood desirable for renters and owners alike. Investment Opportunity While the property contains approved development plans, the building remains in shell condition allowing an investor to redevelop the asset up to the potential for approximately 14,921 gross square feet and have control over the majority of the layout and design. As the site is zoned RF-1, an investor can add an additional story to the building by-right. Through a zoning variance, it’s possible to add further units to the Certificate of Occupancy. Residents are within walking distance to Bannecker Recreation Center and Playground, athletic fields and Meridian Hill Park. Within a ten minute walk of the U Street Corridor is the popular 9:30 Club, Ben’s Chili Bowl, and Busboys and Poets. The 11­th Street commercial corridor, which is just steps from The Girard, features local staples such as El Chucho, Bad Saint, Wonderland Ballroom, RedRocks Columbia Heights, and The Coupe. The nearby 14th Street corridor features more national retailers such as Chick-fil-A, Bed Bath & Beyond, Chipotle, and Old Navy. Columbia Heights and the location of The Girdard offers investors a stable location to deploy their capital as the neighborhood continues to be a hotbed for economic growth and development.

Investment Highlights

  • The Girard is in a prime location within the Columbia Heights neighborhood of Washington, DC. Washington, DC.
  • Tremendous value-add redevelopment opportunity.
  • Fully vacant - TOPA exempt asset.
  • Proximity to an abundance of restaurants & retail, the metro, and many major employers provide a convenient work-live-play environment

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: Request For Offer

Number of Units
11
Gross SF
14,921

Investment Highlights

  • The Girard is in a prime location within the Columbia Heights neighborhood of Washington, DC. Washington, DC.
  • Tremendous value-add redevelopment opportunity.
  • Fully vacant - TOPA exempt asset.
  • Proximity to an abundance of restaurants & retail, the metro, and many major employers provide a convenient work-live-play environment

Investment Overview

View Offering Memorandum: https://view.dmvmultifamily.com/view/1020983338/i/ Offering Overview As the exclusive listing broker, Marcus & Millichap is pleased to present 1018 Girard Street NW, an existing 9,426 gross square foot 11-unit apartment building in shell condition that offers a tremendous value-add redevelopment opportunity to an investor in one of the premier neighborhoods of Washington, DC. Additionally, the property is not subject to the Tenant Opportunity to Purchase Act as the property is 100% vacant. Located in the Heart of Columbia Heights, on Girard Street between 11th Street and Sherman Avenue NW, this asset is an extremely rare investment opportunity in a mature submarket. Many of the neighborhood’s viable sites have already been redeveloped. An investor has the opportunity to complete the redevelopment and potentially increase the density and gross floor area of the building. A great deal of interior rehabilitation work has already been completed, limiting the construction costs that an investor would incur, while providing flexibility for the new owner to design and build their own unit layouts and design of the asset. The Asset Historically, The Girard has operated as an 11-unit apartment building with one unit in the basement, five units on the first floor, and five units on the second floor. Additionally, The property has seven off-street parking spaces located behind the building. The property is currently vacant and in shell condition allowing investors to begin redevelopment once permits have been secured. Current ownership has gone through the process to have approved plans for the asset completed which can significantly save time upon acquisition. The asset is 9,426 gross square feet, but under the current zoning regulation, there is the potential to raze the asset to reach approximately 14,921 gross square feet. The Girard is located in the booming Columbia Heights neighborhood of Northwest DC, a submarket that has undergone a complete transformation over the past two decades. Columbia Heights is a transit-oriented neighborhood anchored by the Columbia Heights Metro Station (Green and Yellow Lines), and is populated with dozens of award-winning restaurants, bars, and cafes, which make the neighborhood desirable for renters and owners alike. Investment Opportunity While the property contains approved development plans, the building remains in shell condition allowing an investor to redevelop the asset up to the potential for approximately 14,921 gross square feet and have control over the majority of the layout and design. As the site is zoned RF-1, an investor can add an additional story to the building by-right. Through a zoning variance, it’s possible to add further units to the Certificate of Occupancy. Residents are within walking distance to Bannecker Recreation Center and Playground, athletic fields and Meridian Hill Park. Within a ten minute walk of the U Street Corridor is the popular 9:30 Club, Ben’s Chili Bowl, and Busboys and Poets. The 11­th Street commercial corridor, which is just steps from The Girard, features local staples such as El Chucho, Bad Saint, Wonderland Ballroom, RedRocks Columbia Heights, and The Coupe. The nearby 14th Street corridor features more national retailers such as Chick-fil-A, Bed Bath & Beyond, Chipotle, and Old Navy. Columbia Heights and the location of The Girdard offers investors a stable location to deploy their capital as the neighborhood continues to be a hotbed for economic growth and development.

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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