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Multifamily Vacant-User

3228 Hiatt Place

3228 Hiatt Pl NW, Washington, DC 20010

Listing Price: $8,250,000

Number of Units
22
Price/Unit
$375,000
Price/Gross SF
$383.51
Gross SF
21,512

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 3228 Hiatt Place NW, a 22-unit, 100% vacant apartment building one block away from the Columbia Heights Metro Station, with access to the Green and Yellow Lines. 3228 Hiatt Place presents an investor with the opportunity to acquire a completely vacant and gutted building in the heart of Washington, D.C. with enormous redevelopment potential. Ideally positioned in the Columbia Heights neighborhood of Washington, D.C., 3228 Hiatt Place is poised to capture the benefits of a booming rental and condo market in a mature neighborhood with exposure to growth from Amazon HQ2 and other major developments throughout the Washington Metropolitan Area. Originally built in 1905, this four-story brick apartment building offers a Buyer a range of investment opportunities in the short, mid, and long term. The Columbia Heights market is extremely high-growth with median home prices increasing 11% over the past year and has high barriers to entry. The property is completely gutted and offers an investor the ability to create a wide variety of unit mixes. Due to the fact that this building is completely vacant, buyers would not have to navigate the Tenant's Opportunity to Purchase Act (TOPA) which means that an investor will be able to close quickly without any risk of the transaction getting tied up in the TOPA process. Situated just one block from the Columbia Heights Metro Station (Green and Yellow Line Trains), the property offers residents a truly dynamic location within walking distance of retail, dining, and cultural amenities while also offering easy accessibility to neighboring employment centers and lifestyle amenities in neighborhoods like Shaw, U Street, Mount Pleasant, Adam's Morgan, Petworth, and many more. Residents who drive can easily access major highways and Ronald Reagan National Airport via the Rock Creek Parkway or 16th Street. Residents who do not drive can utilize the Columbia Heights Metro Station and a variety of Metrobus lines to provide a reasonable commute throughout the Washington Metropolitan Area.

Investment Highlights

  • 100% Vacant & Fully-detached Asset
  • Multiple Possible Redevelopment Strategies
  • Top Tier Demographics
  • Walkable Lifestyle – Walk Score: 98
  • Premier Location
  • Heavied-up & Separately-Metered for Electric & Gas

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Multifamily Vacant-User

3228 Hiatt Place

Listing Price: $8,250,000

Number of Units
22
Price/Unit
$375,000
Price/Gross SF
$383.51
Gross SF
21,512

Investment Highlights

  • 100% Vacant & Fully-detached Asset
  • Multiple Possible Redevelopment Strategies
  • Top Tier Demographics
  • Walkable Lifestyle – Walk Score: 98
  • Premier Location
  • Heavied-up & Separately-Metered for Electric & Gas

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire 3228 Hiatt Place NW, a 22-unit, 100% vacant apartment building one block away from the Columbia Heights Metro Station, with access to the Green and Yellow Lines. 3228 Hiatt Place presents an investor with the opportunity to acquire a completely vacant and gutted building in the heart of Washington, D.C. with enormous redevelopment potential. Ideally positioned in the Columbia Heights neighborhood of Washington, D.C., 3228 Hiatt Place is poised to capture the benefits of a booming rental and condo market in a mature neighborhood with exposure to growth from Amazon HQ2 and other major developments throughout the Washington Metropolitan Area. Originally built in 1905, this four-story brick apartment building offers a Buyer a range of investment opportunities in the short, mid, and long term. The Columbia Heights market is extremely high-growth with median home prices increasing 11% over the past year and has high barriers to entry. The property is completely gutted and offers an investor the ability to create a wide variety of unit mixes. Due to the fact that this building is completely vacant, buyers would not have to navigate the Tenant's Opportunity to Purchase Act (TOPA) which means that an investor will be able to close quickly without any risk of the transaction getting tied up in the TOPA process. Situated just one block from the Columbia Heights Metro Station (Green and Yellow Line Trains), the property offers residents a truly dynamic location within walking distance of retail, dining, and cultural amenities while also offering easy accessibility to neighboring employment centers and lifestyle amenities in neighborhoods like Shaw, U Street, Mount Pleasant, Adam's Morgan, Petworth, and many more. Residents who drive can easily access major highways and Ronald Reagan National Airport via the Rock Creek Parkway or 16th Street. Residents who do not drive can utilize the Columbia Heights Metro Station and a variety of Metrobus lines to provide a reasonable commute throughout the Washington Metropolitan Area.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

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