Investment Overview

Marcus & Millichap is pleased to represent the owner of 320 Constitution Avenue NE in Washington, D.C, a recently renovated sixteen apartment in the heart of Capitol Hill. This 10,500 square foot apartment building is located just three blocks from the U.S. Capitol and the Senate office buildings. It is also within walking distance of both the Judiciary Square and L’Enfant Plaza Metro stations, providing tenants with convenient access to the entire D.C. metropolitan area. Recent improvements include newer windows, chillers, a water heater, a boiler, water treatment units, and cosmetic upgrades to 15 of the 16 units. The property offers a desirable mix of six one-bedroom apartments and ten studio apartments, with each unit being separately metered and featuring hardwood floors, a dedicated cooling system, and access to a shared laundry facility. 320 Constitution Avenue NE provides a new owner with the opportunity to acquire a stabilized asset in the historic Capitol Hill submarket and achieve a CAP rate above 6.00% with the current market-rate tenants. The average rent in this building is $2.46 PSF—below the submarket average of $3.20 PSF for Class C buildings—offering a significant opportunity for a future owner to increase NOI annually. This asset offers exceptional walkability, providing immediate pedestrian access to Union Station, Amtrak, Eastern Market, three Metro stations, the H Street corridor, Smithsonian museums, the National Mall, the U.S. Botanic Garden, local parks (including Stanton Park and Senate Park), Georgetown Law School, and a wide range of lifestyle amenities. As a result of these favorable conditions, the property has consistently maintained near-full occupancy with market-rate tenants. Its consistently low vacancy underscores the strength of its irreplaceable location and tenant appeal, aligning well with the submarket’s resilience and long-term value trajectory.