Investment Overview

The Opportunity Marcus & Millichap, as the exclusive listing agent approved by the United States Bankruptcy Court for the District of Columbia, is pleased to present the exclusive offering of 920 Madison Street NW, a 14-unit multifamily asset located in the rapidly-evolving neighborhood of Brightwood Park in Northwest DC. The sale is subject to a Chapter 11 Bankruptcy process, offering investors a rare opportunity to acquire a property free from the Tenant Opportunity to Purchase Act (TOPA) process due to the property’s bankruptcy status. This exemption is granted under §42-3404.02 of DC code. This property provides a unique chance for an investor to acquire a well-located multifamily asset with significant upside. The Asset 920 Madison Street NW is an 11,466-square-foot multifamily asset in the heart of Brightwood Park. The asset features a strong unit mix for significant rental revenue potential with a mix of 2 one-bedroom and 12 two-bedroom units. The one-bedroom units are 650 SF and their rental average is currently 38% below the market average of $1,655. Similarly, the two-bedroom units are 750 SF and their rental average is 42% below the market rent of $2,138. This presents an upside for an investor to increase rents over the ownership period by performing renovations and renting to market or Housing Choice Voucher Program tenants. Additionally, the property is already fully occupied, so an investor can receive rental income while working to increase revenue and operating efficiencies. Once stabilized, the property has the potential to produce $347,592 in gross rental revenue. Ultimately, the property has the potential to generate significant cash flow as an investor can capture rent growth and market demand as the area continues to develop. The Location The property is located in Brightwood Park in the upper Northwest submarket of Washington, DC. Presently, there are 1,400 units under construction between Brightwood and Fort Totten and an additional 8,300 units in the development pipeline. The nearby Parks at Walter Reed is undergoing an over $1 billion redevelopment, which will deliver roughly 3.1 million square feet of mixed-use development including 2,200 housing units, 130,000 square feet of retail, office space, and ambulatory care. Notably, the 47,000-square-foot Whole Foods Market at the Parks at Walter Reed recently opened in 2023, along with Jinya Ramen Bar and Starbucks. These openings add to existing neighborhood amenities like Safeway, CVS Pharmacy, and Walmart Supercenter on Georgia Avenue, which is less than a ten-minute walk from the property. The property is also located just two blocks from the Kennedy Street commercial corridor, which has recently been a hotspot for mixed-use development.