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Multifamily

Benning Road Apartments

4228 Benning Rd NE, Washington, DC 20019

Listing Price: Request For Offer

Number of Units
39
Gross SF
32,493

Investment Overview

OFFERING OVERVIEW
As the exclusive listing agent, Marcus & Millichap is pleased to present 4228 Benning Road NE, a 39-unit multifamily property in the heart of Deanwood, one of the most rapidly growing neighborhoods in the DC Metropolitan area. This offering presents the opportunity to acquire an asset that is well-positioned with value-add upside in the short, medium, and long-term, based on the current condition and scale of the property, recent upgrades and renovations, unit mix and layouts, upside in rental growth, location, and potential to create additional revenue streams.

THE ASSET
4228 Benning Road NE is a 39-unit, 32,493 gross square foot asset, consisting of three stories plus a basement. The property has a certificate of occupancy for 39 total units, which includes 38 multifamily rental units and one ground floor commercial space that is currently operating as a barber shop, and an additional monthly revenue stream from a rooftop cell tower. The property consists of all one-bedroom, one-bathroom units, but offers favorable layouts to potentially convert select units to two-bedroom units. There are currently two physical vacancies. Each unit in the property features a washer & dryer, dishwasher, kitchen, closet space, and either LVT or carpet floors. Select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. The roof has been recently renovated, and the property was recently converted to all-electric utilities, with separate meters for each individual unit. In addition to the diverse revenue streams generated from the barber shop and the cell tower, there is potential to renovate the large basement space to feature amenity space or at least one additional income producing residential or commercial unit. Finally, there is a paved parking lot in the rear of the property that can be used as a high-demand parking amenity.

THE LOCATION
4228 Benning Road NE is well-positioned for future appreciation in value and rental growth as it is located in one of the fastest-growing and “hottest” neighborhoods of Washington, DC. The property is also located in an Opportunity Zone, which presents an attractive opportunity for a buyer to invest in a designated low-income community with the goal of creating and preserving quality affordable housing. The Deanwood neighborhood has seen property values nearly double in the last five years, and there are newly constructed residential and commercial developments along Minnesota Avenue near the Deanwood Metro Station, Nannie Helen Burroughs Avenue, Benning Road, and Eastern Avenue, which will continue to drive rental demand as even more restaurants, retail, and jobs are brought to the area. The property is also situated in a transit-oriented location, as it is just 0.3 miles from the Benning Road Metro Station (Blue and Silver Line Service), and has direct access to the entire DMV through Benning Road NE, East Capitol Street NE, and Interstate 295.

Investment Highlights

  • 38 MULTIFAMILY UNITS; ONE COMMERCIAL UNIT ROOF TOP CELL TOWER REVENUE
  • WASHERS & DRYERS IN EACH UNIT; UPDATED COUNTERTOPS & CABINETS IN SELECT UNITS
  • LARGE BASEMENT SPACE FOR POTENTIAL ADDITIONAL REVENUE STREAMS
  • VALUE-ADD THROUGH RENTAL GROWTH
  • LOCATED IN AN OPPORTUNITY ZONE
  • LOCATED IN DEANWOOD, ONE OF THE FASTEST GROWING MARKETS IN THE DC AREA

Exclusively Listed By

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

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

    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.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Financing By

Multifamily

Benning Road Apartments

Listing Price: Request For Offer

Number of Units
39
Gross SF
32,493

Investment Highlights

  • 38 MULTIFAMILY UNITS; ONE COMMERCIAL UNIT ROOF TOP CELL TOWER REVENUE
  • WASHERS & DRYERS IN EACH UNIT; UPDATED COUNTERTOPS & CABINETS IN SELECT UNITS
  • LARGE BASEMENT SPACE FOR POTENTIAL ADDITIONAL REVENUE STREAMS
  • VALUE-ADD THROUGH RENTAL GROWTH
  • LOCATED IN AN OPPORTUNITY ZONE
  • LOCATED IN DEANWOOD, ONE OF THE FASTEST GROWING MARKETS IN THE DC AREA

Investment Overview

OFFERING OVERVIEW As the exclusive listing agent, Marcus & Millichap is pleased to present 4228 Benning Road NE, a 39-unit multifamily property in the heart of Deanwood, one of the most rapidly growing neighborhoods in the DC Metropolitan area. This offering presents the opportunity to acquire an asset that is well-positioned with value-add upside in the short, medium, and long-term, based on the current condition and scale of the property, recent upgrades and renovations, unit mix and layouts, upside in rental growth, location, and potential to create additional revenue streams. THE ASSET 4228 Benning Road NE is a 39-unit, 32,493 gross square foot asset, consisting of three stories plus a basement. The property has a certificate of occupancy for 39 total units, which includes 38 multifamily rental units and one ground floor commercial space that is currently operating as a barber shop, and an additional monthly revenue stream from a rooftop cell tower. The property consists of all one-bedroom, one-bathroom units, but offers favorable layouts to potentially convert select units to two-bedroom units. There are currently two physical vacancies. Each unit in the property features a washer & dryer, dishwasher, kitchen, closet space, and either LVT or carpet floors. Select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. The roof has been recently renovated, and the property was recently converted to all-electric utilities, with separate meters for each individual unit. In addition to the diverse revenue streams generated from the barber shop and the cell tower, there is potential to renovate the large basement space to feature amenity space or at least one additional income producing residential or commercial unit. Finally, there is a paved parking lot in the rear of the property that can be used as a high-demand parking amenity. THE LOCATION 4228 Benning Road NE is well-positioned for future appreciation in value and rental growth as it is located in one of the fastest-growing and “hottest” neighborhoods of Washington, DC. The property is also located in an Opportunity Zone, which presents an attractive opportunity for a buyer to invest in a designated low-income community with the goal of creating and preserving quality affordable housing. The Deanwood neighborhood has seen property values nearly double in the last five years, and there are newly constructed residential and commercial developments along Minnesota Avenue near the Deanwood Metro Station, Nannie Helen Burroughs Avenue, Benning Road, and Eastern Avenue, which will continue to drive rental demand as even more restaurants, retail, and jobs are brought to the area. The property is also situated in a transit-oriented location, as it is just 0.3 miles from the Benning Road Metro Station (Blue and Silver Line Service), and has direct access to the entire DMV through Benning Road NE, East Capitol Street NE, and Interstate 295.

Exclusively Listed By

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

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

    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.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

Financing By

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