Multifamily
1603 19th Street NW
1603 19th St NW, Washington, DC 20009
Listing Price: $5,000,000
Investment Overview
OFFERING OVERVIEW Marcus & Millichap, as the exclusive listing broker, is pleased to present the opportunity to acquire 1603 19th Street NW& 1819/1821 Q St NW, a 22,675-square-foot, 14-unit multifamily apartment building situated in the heart of Washington, DC’s most prestigious neighborhood, Dupont Circle. Never before sold, the asset has remained under the control of the original family ownership since it was constructed (1819/1821 Q Street NW in the 1870s, and expanded with the construction of the adjacent 1603 19th Street NW in the 1890s). The property is located in Dupont Circle, one block east of Connecticut Avenue NW and the Dupont Circle Metro Station. The building is also a short walk to Adams Morgan, U Street & 14th Street Corridors, Georgetown, Woodley Park, and Rock Creek Park. THE ASSET Featuring addresses and entrances on both 19th Street NW and Q Street NW, this unique L-shaped apartment building provides ample natural light throughout and consists of six one-bedroom, one-bathroom units, seven large two-bedroom, one-bathroom units, and one sunlit studio on the 4th floor with a large rooftop balcony. All units are located on the main floor and above. In addition, the building features a full 5,000+ square foot basement with a ceiling height of just under eight feet throughout, with several unrented owner units that are not currently included as units on the certificate of occupancy. The building is separately metered for electricity (cooling) and centrally metered for gas (radiator steam heat and hot water). The gas boiler was entirely replaced in 2016. The property’s unit sizes far exceed many nearby comparable buildings, with one-bedroom units ranging between approximately 575 to 750 square feet, while the two-bedroom apartments are each about 1,300 square feet and include fireplaces, high ceilings, and hardwood floors. INVESTMENT OPPORTUNITY 1603 19th Street NW currently operates as 14 apartment units, while 13 units are occupied. As the property is situated on an RA-8 zoned lot in a historic neighborhood, the asset provides a new owner with a range of investment strategies and the ability to update units, change layouts, add bedrooms, and increase the current occupancy load by renovating and providing tenants the ability to lease the basement units. Current occupancy levels have been hovering above 95 percent at nearby comparable buildings; those units receive over $3.00 per square foot, while new and fully renovated buildings garner between $4.00 to $5.00 per square foot. By increasing current rents as allowed under rent control, along with adding two units to the basement, a new owner would achieve a baseline gross monthly rent of approximately $40,000. Dupont Circle is the epicenter of short-term furnished rentals, which can garner between $5.00 to $6.00 per square foot. The asset’s location and walkability, coupled with various public transportation options, allow an investor to position the property to take advantage of several other nearby niche rental uses, including corporate and diplomatic housing, short-term furnished rentals, and student housing. Down the line, an investor can also look to capitalize on the steady and strong demand for condominium units in the heart of the city. With a low supply of well-located, newly-renovated condos, prices for Dupont Circle inventory typically achieve well over $800 per square foot.
Investment Highlights
- 14 units (With several unrented owner units that are not currently included on the Certificate of Occupancy)
- 22,675 SF Asset (5,000+ SF Basement with ceiling heights of just under eight feet throughout)
- Two contiguous buildings with entrances at 1603 19th Street NW & 1819/1821 Q Street NW – operates as one building on one lot
- Semi-detached building with large units (Six one-bed, one-bath, Seven large two-beds, one-bath, and one studio with a large rooftop balcony)
- Located one block from the Dupont Circle Metro Station (Red Line)
- Never before sold, the asset has remained under the control of the original family ownership since it was constructed
Exclusively Listed By
Broker of Record
-
Brian Hosey
First Vice President/ Division Manager
Financing By
Listing Price: $5,000,000
Investment Highlights
- 14 units (With several unrented owner units that are not currently included on the Certificate of Occupancy)
- 22,675 SF Asset (5,000+ SF Basement with ceiling heights of just under eight feet throughout)
- Two contiguous buildings with entrances at 1603 19th Street NW & 1819/1821 Q Street NW – operates as one building on one lot
- Semi-detached building with large units (Six one-bed, one-bath, Seven large two-beds, one-bath, and one studio with a large rooftop balcony)
- Located one block from the Dupont Circle Metro Station (Red Line)
- Never before sold, the asset has remained under the control of the original family ownership since it was constructed
Investment Overview
OFFERING OVERVIEW Marcus & Millichap, as the exclusive listing broker, is pleased to present the opportunity to acquire 1603 19th Street NW& 1819/1821 Q St NW, a 22,675-square-foot, 14-unit multifamily apartment building situated in the heart of Washington, DC’s most prestigious neighborhood, Dupont Circle. Never before sold, the asset has remained under the control of the original family ownership since it was constructed (1819/1821 Q Street NW in the 1870s, and expanded with the construction of the adjacent 1603 19th Street NW in the 1890s). The property is located in Dupont Circle, one block east of Connecticut Avenue NW and the Dupont Circle Metro Station. The building is also a short walk to Adams Morgan, U Street & 14th Street Corridors, Georgetown, Woodley Park, and Rock Creek Park. THE ASSET Featuring addresses and entrances on both 19th Street NW and Q Street NW, this unique L-shaped apartment building provides ample natural light throughout and consists of six one-bedroom, one-bathroom units, seven large two-bedroom, one-bathroom units, and one sunlit studio on the 4th floor with a large rooftop balcony. All units are located on the main floor and above. In addition, the building features a full 5,000+ square foot basement with a ceiling height of just under eight feet throughout, with several unrented owner units that are not currently included as units on the certificate of occupancy. The building is separately metered for electricity (cooling) and centrally metered for gas (radiator steam heat and hot water). The gas boiler was entirely replaced in 2016. The property’s unit sizes far exceed many nearby comparable buildings, with one-bedroom units ranging between approximately 575 to 750 square feet, while the two-bedroom apartments are each about 1,300 square feet and include fireplaces, high ceilings, and hardwood floors. INVESTMENT OPPORTUNITY 1603 19th Street NW currently operates as 14 apartment units, while 13 units are occupied. As the property is situated on an RA-8 zoned lot in a historic neighborhood, the asset provides a new owner with a range of investment strategies and the ability to update units, change layouts, add bedrooms, and increase the current occupancy load by renovating and providing tenants the ability to lease the basement units. Current occupancy levels have been hovering above 95 percent at nearby comparable buildings; those units receive over $3.00 per square foot, while new and fully renovated buildings garner between $4.00 to $5.00 per square foot. By increasing current rents as allowed under rent control, along with adding two units to the basement, a new owner would achieve a baseline gross monthly rent of approximately $40,000. Dupont Circle is the epicenter of short-term furnished rentals, which can garner between $5.00 to $6.00 per square foot. The asset’s location and walkability, coupled with various public transportation options, allow an investor to position the property to take advantage of several other nearby niche rental uses, including corporate and diplomatic housing, short-term furnished rentals, and student housing. Down the line, an investor can also look to capitalize on the steady and strong demand for condominium units in the heart of the city. With a low supply of well-located, newly-renovated condos, prices for Dupont Circle inventory typically achieve well over $800 per square foot.
Exclusively Listed By
Broker of Record
-
Brian Hosey
First Vice President/ Division Manager
Financing By

