Investment Overview

Marcus & Millichap is pleased to exclusively represent the owner of 1416 Chapin Street NW, Washington, DC, a 16-unit multifamily property in the vibrant Columbia Heights neighborhood. This 11,520-square-foot, four-story building features an attractive unit mix of 12 efficiency units and 4 one-bedroom units. Each unit is separately metered for electricity, minimizing ownership expenses. While the property currently has 10 vacant units, the Columbia Heights submarket boasts a vacancy rate of just 2.4%, ensuring investors a swift lease-up and stabilization timeline. No immediate capital expenditures are required, as the units are ready for lease-up. 1416 Chapin Street NW presents a compelling value-add opportunity. With the ability to lease up the 10 vacancies at market-rate rents in a low-vacancy submarket, the pro forma 7.00% cap rate and first-year total return of 8.59% highlight the potential for strong cash flow and appreciation. This property is located just three blocks from the bustling U Street Corridor and the U Street Metro Station, offering tenants exceptional walkability and access to some of Washington, DC’s best retail, dining, and entertainment. Columbia Heights continues to be one of the city's most desirable rental submarkets, with low vacancy rates and rental rates that consistently outperform the national average. Situated in a thriving urban core, 1416 Chapin Street NW offers investors a rare opportunity to acquire a well-positioned asset with immediate income upside and long-term value in one of Washington, DC’s most sought-after neighborhoods.