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Multifamily

801 49th Street NE

801 49th St NE, Washington, DC 20019

Listing Price: Request For Offer

Number of Units
14
Gross SF
13,280

Investment Overview

OFFERING OVERVIEW

As the exclusive listing agent, Marcus & Millichap is pleased to present 801 49th Street NE, a 14-unit multifamily property in Deanwood, one of the most rapidly growing neighborhoods in the DC Metropolitan area. This offering presents the opportunity to acquire an asset that has undergone recent upgrades, features a strong-unit mix, and is well-positioned for value-add upside with the potential for future rental growth and appreciation in value due to a location in such a high growth submarket.

THE ASSET

801 49th Street NE is a 14-unit, 13,280 gross square foot building consisting of three stories plus a basement. The property features a favorable unit mix, with 12 two-bedroom, one-bathroom units, and two (2) four-bedroom, two-bathroom units. All units feature washers and dryers, and select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. Each unit is completely self-contained for all utilities, and the property was recently converted to all-electric utilities, with separate meters for each individual unit. The property is currently operating with 100% occupancy, and in-place average rents for the property are $1,300/month. An investor has the opportunity to execute a strong value-add strategy in the short, medium, and long-term by incrementally increasing rents for the two-bedroom units to market (average two-bedroom market rents in Deanwood are above $1,500/month, but current DC rent control allows for a 6% annual increase on an occupied unit), while continuing to receive strong rents above $2,100/month for each of the four-bedroom units in the basement. As many capital expenditures have already been performed, an investor can allocate resources to perform necessary renovations upon turnover to two-bedroom units to increase demand and rental revenue over time.

THE LOCATION

801 49th Street 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 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 located directly next to a police station, providing convenient support and a safe neighborhood. There are also plenty of nearby convenient retail options nearby like 7-11, Subway, and recently opened neighborhood favorite, Deanwood Deli. 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

  • 12 two-bedroom, one bathroom units; two four-bedroom, two bathroom units
  • Washers & dryers in each unit, updated countertops, cabinets in select units
  • Separately-metered for utilities
  • Value-add potential through rental growth
  • Transit-oriented location
  • 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

801 49th Street NE

Listing Price: Request For Offer

Number of Units
14
Gross SF
13,280

Investment Highlights

  • 12 two-bedroom, one bathroom units; two four-bedroom, two bathroom units
  • Washers & dryers in each unit, updated countertops, cabinets in select units
  • Separately-metered for utilities
  • Value-add potential through rental growth
  • Transit-oriented location
  • 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 801 49th Street NE, a 14-unit multifamily property in Deanwood, one of the most rapidly growing neighborhoods in the DC Metropolitan area. This offering presents the opportunity to acquire an asset that has undergone recent upgrades, features a strong-unit mix, and is well-positioned for value-add upside with the potential for future rental growth and appreciation in value due to a location in such a high growth submarket. THE ASSET 801 49th Street NE is a 14-unit, 13,280 gross square foot building consisting of three stories plus a basement. The property features a favorable unit mix, with 12 two-bedroom, one-bathroom units, and two (2) four-bedroom, two-bathroom units. All units feature washers and dryers, and select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. Each unit is completely self-contained for all utilities, and the property was recently converted to all-electric utilities, with separate meters for each individual unit. The property is currently operating with 100% occupancy, and in-place average rents for the property are $1,300/month. An investor has the opportunity to execute a strong value-add strategy in the short, medium, and long-term by incrementally increasing rents for the two-bedroom units to market (average two-bedroom market rents in Deanwood are above $1,500/month, but current DC rent control allows for a 6% annual increase on an occupied unit), while continuing to receive strong rents above $2,100/month for each of the four-bedroom units in the basement. As many capital expenditures have already been performed, an investor can allocate resources to perform necessary renovations upon turnover to two-bedroom units to increase demand and rental revenue over time. THE LOCATION 801 49th Street 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 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 located directly next to a police station, providing convenient support and a safe neighborhood. There are also plenty of nearby convenient retail options nearby like 7-11, Subway, and recently opened neighborhood favorite, Deanwood Deli. 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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