Investment Overview

Register to bid and access due diligence documents on RealINSIGHT Marketplace: https://rimarketplace.com/auction/3367 1615 22nd Street SE is a permit-ready, 40-unit elevator apartment development opportunity in Southeast Washington, D.C. Situated on a 12,500 SF lot, the fully entitled project has approved permits in place from DOB, DDOE, and WASA for a four-story building plus cellar and penthouse totaling approximately 38,500 SF, with 29,387 SF of rentable residential space. The approved unit mix includes 25 one-bedroom, 12 two-bedroom, and 3 IZ units, averaging 735 SF, along with 13 parking spaces. All pre-development work is complete, with permit issuance pending only IZ fee payment, allowing a developer to commence construction immediately and bypass the entitlement risk and timeline typical of ground-up development. At a $750,000 starting bid against a $62,500 land basis, the offering provides substantial embedded value, with pro forma annual revenue potential of $1,162,204 including parking income. The site sits less than three miles from the $3.7–$3.8 billion RFK Stadium redevelopment, the largest private investment in D.C. history, positioning the asset to benefit from the transformative growth reshaping eastern Washington, D.C.