Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 1448 Fairmont Street NW, Washington DC 20009. This property is situated on a 2,417 square foot (.06 acres) lot in the heart of The Columbia Heights neighborhood in Washington D.C. Located within walking distance to The DC USA Shopping Mall, Howard University, and The Columbia Heights metro station. 1448 Fairmont Street NW offers the opportunity to purchase a fully entitled multifamily development site, conveyed with architectural plans and an approved building permit. This shovel ready project, zoned RA-2, allows for over 8,300 of buildable square feet with approved plans for a nine-unit apartment. The plans include an attractive unit mix of 4 Studio units, and 5 One-bedroom units with dens. The centrality of this site in relation to nearby retail hotbeds drives a strong tenant demand and therefore favorable market rate rents. Once fully stabilized, the building will operate at a 6.7% CAP rate and an attractive 17.72% 10-year levered IRR. Columbia Heights is one of Washington D.C.’s most vibrant, diverse, educated, and affluent neighborhoods. Currently, 66% of the residents hold a bachelor’s degree or a postgraduate certification and the average household income is $146,000. This thriving subdivision is densely populated with a multitude of Big Box retail tenants, restaurants, new residential development and a very active art scene. 14th Street and the surrounding commercial corridors are designated Great Streets (www.greatstreets.dc.gov). Great Streets is the District’s commercial revitalization initiative designed to support existing small businesses, attract new businesses and create new job opportunities.