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Mixed-Use

Kennedy Street NW Development Opportunity

128 Kennedy St NW, Washington, DC 20011

Listing Price: Request For Offer

Number of Units
50
Occupancy
95.0%
Gross SF
57,753

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 128 Kennedy Street NW, DC 20011, in the Brightwood subdivision. This property is situated on a .44-acre corner lot at Kennedy Street and Missouri Avenue. Currently, there is a 10,193 square foot building tenanted by CVS Pharmacy.

This 19,251 square foot lot is zoned MU-4, which allows a 3.0 FAR. As a matter of right, a developer can build up to 57,753 square feet with fifty feet of frontage as a matter of right. The investment includes the ability to build approximately fifty residential units and 10,000 square feet of retail space in a corridor experiencing significant revitalization.

A buyer can achieve a NOI of approximately $1,550,000 after leasing the multifamily units and retail space. If this building is developed as condominiums, the units would have an average market value of $386,157 per unit.

The Brightwood/Petworth submarket, and specifically Kennedy Street, are benefiting from a strong condominium sales market with sales value averaging $542 per square foot. Also, this submarket is experiencing rising multifamily rental rates year over year. Therefore, both strategies should be considered when looking at this investment opportunity.

Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away).

The Kennedy Street corridor is a designated “Great Street” corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from “The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.

Investment Highlights

  • Opportunity to build fifty multifamily units and 10,000 SF of first floor retail space in this thriving submarket of Petworth/Brightwood in NW Washington DC
  • The parcel is zoned, MU-4 which allows up to a 3.0 FAR and 50' in building height with the Inclusionary Zoning allowance
  • Large-scale residential development of office, residential, and retail at the Walter Reed campus, and other areas of this Petworth/Brightwood submarket
  • The site is less than a mile from the Fort Totten metro and walking distance to significant retail on Georgia Avenue

Exclusively Listed By

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Financing By

Mixed-Use

Kennedy Street NW Development Opportunity

Listing Price: Request For Offer

Number of Units
50
Occupancy
95.0%
Gross SF
57,753

Investment Highlights

  • Opportunity to build fifty multifamily units and 10,000 SF of first floor retail space in this thriving submarket of Petworth/Brightwood in NW Washington DC
  • The parcel is zoned, MU-4 which allows up to a 3.0 FAR and 50' in building height with the Inclusionary Zoning allowance
  • Large-scale residential development of office, residential, and retail at the Walter Reed campus, and other areas of this Petworth/Brightwood submarket
  • The site is less than a mile from the Fort Totten metro and walking distance to significant retail on Georgia Avenue

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 128 Kennedy Street NW, DC 20011, in the Brightwood subdivision. This property is situated on a .44-acre corner lot at Kennedy Street and Missouri Avenue. Currently, there is a 10,193 square foot building tenanted by CVS Pharmacy. This 19,251 square foot lot is zoned MU-4, which allows a 3.0 FAR. As a matter of right, a developer can build up to 57,753 square feet with fifty feet of frontage as a matter of right. The investment includes the ability to build approximately fifty residential units and 10,000 square feet of retail space in a corridor experiencing significant revitalization. A buyer can achieve a NOI of approximately $1,550,000 after leasing the multifamily units and retail space. If this building is developed as condominiums, the units would have an average market value of $386,157 per unit. The Brightwood/Petworth submarket, and specifically Kennedy Street, are benefiting from a strong condominium sales market with sales value averaging $542 per square foot. Also, this submarket is experiencing rising multifamily rental rates year over year. Therefore, both strategies should be considered when looking at this investment opportunity. Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away). The Kennedy Street corridor is a designated “Great Street” corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from “The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.

Exclusively Listed By

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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