Investment Overview

The Opportunity Marcus & Millichap is pleased to present 1721 T Street SE, a 20-unit multifamily asset located in the Anacostia neighborhood of Washington, DC. The property is nearly 50% vacant, with 9 of the 20 units currently vacant, allowing a new owner to implement a strategic lease up process while completing light interior upgrades to enhance cash flow. Built in 1960 and professionally maintained and operated, the asset offers a straightforward path to renovation. With in-place vacancy, operational upside, and exposure to a submarket positioned for above-average growth relative to other East of the River neighborhoods, the property presents a compelling value-add opportunity. The Asset 1721 T Street SE is a 20-unit multifamily building totaling 17,279 gross square feet and situated on an RA-2 zoned 11,291 square foot lot. The unit mix consists of fourteen 1-bedroom units and six 2-bedroom units. One-bedroom units average approximately 712 square feet, while two-bedroom units average approximately 875 square feet. The property currently has 9 vacant units, providing immediate control over leasing strategy and leasing strategy, renovation, and repositioning of units. The landlord presently pays for utilities and the property features central building systems. Laundry facilities are located on site. The asset is well-suited for light interior upgrades, allowing a new owner to increase rents through a combination of market rate and HCVP leasing strategies while the neighborhood continues to improve. The Location 1721 T Street SE is poised to reap ongoing benefits from the dynamic development landscape in its vicinity. Notably, it stands to gain directly from the growth of Skyland Town Center, as well as the continuous expansion of the nearby Anacostia neighborhood which has seen a surge in restaurants and retail establishments, including renowned names such as Capital One Cafe, Busboys and Poets, and Starbucks, all contributing to the thriving culinary and shopping scene in southeast DC. Less than half a mile or a 10-minute walk from the property lies Skyland Town Center, slated to become the largest retail hub in southeast Washington, DC. Recent highlights of this development include retail such as Lidl, CVS Pharmacy, Chase Bank, & pizza, Mezeh, Starbucks, Tropical Smoothie Cafe, and Jersey Mike's. The Crest, a complex featuring ground-floor retail and 263 multifamily units, made its debut in 2021. When fully realized, this 18-acre development will encompass over 137,000 square feet of retail space and more than 450 residential units, further enhancing the vibrancy of the area.