Multifamily

1516 Marion Street NW

Listing Price: $3,200,000

Cap Rate
4.10%
Number of Units
15
GRM
15.50
Occupancy
96.13%
Price/Unit
$213,333
Price/Gross SF
$411.84
Gross SF
7,770

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 1516 Marion Street NW Washington DC 20001 in the Shaw neighborhood. This renovated 15-unit apartment building is located just two blocks away from the major development occurring on 7th Street NW and just three blocks away from the Shaw metro.
Built in 1950, this 7,750 SF multifamily building is comprised of two one-bedroom and thirteen efficiency apartments. This building has six vacancies and six long term tenants (10 years+) with 100% rent collections in 2020. Building renovations include the roof, windows, newer HVAC units in each unit, an electrical heavy-up, and 13 of the 15 units have been renovated.

This RF-1 zoned building sits on a 4,330 SF lot. Each unit is separately-metered for gas and electric. Landlord pays for water & sewer and the common area electricity. Additional income is generated from the coin-operated laundry machines and the five off-street parking spaces.
Marion Street Apartments offers an opportunity for a buyer to:
Increase gross rental income by 48%, by filling the six vacant units.
Add an additional 22% to the annual gross income by raising rents on six units that are 40-50% below market
Increase Cash on Cash with interest-only financing for the first 12 months.
Earn up to $6,000 annually, by leasing all five onsite parking spaces.

The Shaw neighborhood is experiencing an urban renaissance with its commercial development, proximity to the downtown core, excellent transportation access as well as lively cultural and entertainment venues. The corridor is also supported by the Shaw Main Streets program and many of the corridors are designated as Great Streets (a grant program that provides up to $50,000 to small businesses). Noteworthy retailers and local development: Whole Foods Market, the $330 million Citymarket, Giant Food supermarket, Cambria Suites, WeWork office and much more.

Investment Highlights

  • 13 of 15 units are renovated
  • Three blocks from Shaw metro and four blocks from Convention center metro
  • Additional income from the five onsite parking spaces and laundry machines

Exclusively Listed By

  • Lorenzo M. Wooten, CCIM

    Senior Associate

    Email Lorenzo

    License(s): MD: 629911

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: $3,200,000

Cap Rate
4.10%
Number of Units
15
GRM
15.50
Occupancy
96.13%
Price/Unit
$213,333
Price/Gross SF
$411.84
Gross SF
7,770

Investment Highlights

  • 13 of 15 units are renovated
  • Three blocks from Shaw metro and four blocks from Convention center metro
  • Additional income from the five onsite parking spaces and laundry machines

Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 1516 Marion Street NW Washington DC 20001 in the Shaw neighborhood. This renovated 15-unit apartment building is located just two blocks away from the major development occurring on 7th Street NW and just three blocks away from the Shaw metro.
Built in 1950, this 7,750 SF multifamily building is comprised of two one-bedroom and thirteen efficiency apartments. This building has six vacancies and six long term tenants (10 years+) with 100% rent collections in 2020. Building renovations include the roof, windows, newer HVAC units in each unit, an electrical heavy-up, and 13 of the 15 units have been renovated.

This RF-1 zoned building sits on a 4,330 SF lot. Each unit is separately-metered for gas and electric. Landlord pays for water & sewer and the common area electricity. Additional income is generated from the coin-operated laundry machines and the five off-street parking spaces.
Marion Street Apartments offers an opportunity for a buyer to:
Increase gross rental income by 48%, by filling the six vacant units.
Add an additional 22% to the annual gross income by raising rents on six units that are 40-50% below market
Increase Cash on Cash with interest-only financing for the first 12 months.
Earn up to $6,000 annually, by leasing all five onsite parking spaces.

The Shaw neighborhood is experiencing an urban renaissance with its commercial development, proximity to the downtown core, excellent transportation access as well as lively cultural and entertainment venues. The corridor is also supported by the Shaw Main Streets program and many of the corridors are designated as Great Streets (a grant program that provides up to $50,000 to small businesses). Noteworthy retailers and local development: Whole Foods Market, the $330 million Citymarket, Giant Food supermarket, Cambria Suites, WeWork office and much more.

Exclusively Listed By

  • Lorenzo M. Wooten, CCIM

    Senior Associate

    Email Lorenzo

    License(s): MD: 629911

    Washington, D.C.

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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