Investment Overview

The Milam Group of Marcus & Millichap is pleased to offer for sale the Ely Apartments property located at 3508 & 3512 Ely Place SE, Washington, D.C. This multi-family property offers a blank canvas, as it has been fully gutted and is ready for immediate renovation. The current zoning allows for the addition of an extra floor, significantly increasing the property's income potential and enabling a higher unit count. This zoning flexibility provides a clear path for value-added enhancements or expansions. Conveniently located just a short walk from the Benning Road Metro Station, which services both the Blue and Silver lines, the property offers tenants direct and efficient transit access to major employment centers in Downtown D.C., Capitol Hill, and Northern Virginia. Situated in Ward 7, this area is targeted for revitalization through housing investments and infrastructure improvements. The submarket is defined by a constrained development pipeline, with no new multi-family units currently under construction. This has contributed to a high occupancy rate of nearly 95 percent. Demand in this part of Southeast D.C. is driven by a combination of affordability, transit accessibility, and improving neighborhood quality. Residents enjoy access to nearby parks, grocery stores, public schools, and other essential amenities. While historically undervalued compared to the urban core west of the Anacostia River, neighborhoods such as Benning Ridge, Capitol View, and Marshall Heights are now seeing increased attention due to favorable cap rates, long-term tenant stability, and the potential for value-add improvements. The property is perfectly situated within this emerging corridor, offering the opportunity to capitalize on organic rent growth and neighborhood momentum.