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Multifamily

3221 Hiatt Place NW

3221 Hiatt Pl NW, Washington, DC 20010

Listing Price: $1,600,000

Cap Rate
5.93%
Number of Units
4
Occupancy
50.0%
Price/Unit
$400,000
Price/Gross SF
$567.38
Gross SF
2,820

Investment Overview

OFFERING OVERVIEW As the exclusive listing agent, Marcus & Millichap is pleased to present 3221 Hiatt Place NW for sale. The asset is a boutique, gut-renovated apartment building with four 2-bedroom units located in the heart of Columbia Heights. Located directly behind DC USA, DC's largest shopping center, 3221 Hiatt Place is nestled conveniently between 16th Street NW and 14th Street NW. The asset is a short walk to Mt. Pleasant, Adams Morgan, U Street, and the 11th Street Corridor. 3221 Hiatt Place is also a 2-minute walk to the Columbia Heights Metro Station, servicing both the Green and Yellow lines providing direct access into downtown DC, Maryland, and Virginia. THE ASSET 3221 Hiatt Place NW is a 2,820 square foot, semi-detached, four-story building with a lower level unit. The units are separately metered for gas and electric (tenants pay utilities), with 125 AMPS of electricity servicing each apartment. Units have individual gas-powered HVAC systems and electric water heaters. The property has rear alley access and sits adjacent to public parks such as Powell Recreation Center and Bell Field. Each level of the property contains a renovated one two-bedroom, one-bath unit. All four apartment units feature central air, in-unit washers and dryers, dishwashers, gas ranges, hardwood floors, showers with seats, and high ceilings (9+ feet). Additionally, aluminum-coating was applied to the building's roof last year. THE INVESTMENT OPPORTUNITY Current ownership has meticulously maintained the property since gut-renovating the building in 2009, meaning minimal to no capital improvements will be necessary upon acquisition. Due to the quality of the units and excellent location, the property has achieved strong rents and stable income, with historical rents ranging between $2,400 to $2,600 per unit per month, undercutting newer, highly-amenitized apartment buildings in the area. The property can be delivered with two units vacant, providing a new owner with various lease-up options on day one and minimizing transaction costs related to TOPA. Aside from a traditional market rental strategy, an owner could increase their income by executing a corporate furnished rental strategy or by utilizing the Housing Choice Voucher Program (HCVP) to achieve rents of $2,872 for a two-bedroom unit (without utilities), or $3,113 (with utilities).

Investment Highlights

  • Non-Rent Controlled & 50% Vacant
  • Tenants Pay Utilities / Fully Amenitized Units
  • Strong Historical Rental Income
  • Fully Gut-Renovated Asset
  • Prime Location Adjacent to Retail & Restaurants
  • Two-Minute Walk to Metro; Adjacent to Public Parks

Exclusively Listed By

  • Marty Zupancic

    First Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

  • Dennis Cravedi

    Senior Associate

    (202) 536-3751

    Email Dennis

    License(s): MD: 655939, DC: SP98377145

    Washington, D.C.

  • Eric Jentoft-Herr

    Associate

    (202) 536-3779

    Email Eric

    License(s): MD: 681604, DC: SP200203903

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Listing Price: $1,600,000

Cap Rate
5.93%
Number of Units
4
Occupancy
50.0%
Price/Unit
$400,000
Price/Gross SF
$567.38
Gross SF
2,820

Investment Highlights

  • Non-Rent Controlled & 50% Vacant
  • Tenants Pay Utilities / Fully Amenitized Units
  • Strong Historical Rental Income
  • Fully Gut-Renovated Asset
  • Prime Location Adjacent to Retail & Restaurants
  • Two-Minute Walk to Metro; Adjacent to Public Parks

Investment Overview

OFFERING OVERVIEW As the exclusive listing agent, Marcus & Millichap is pleased to present 3221 Hiatt Place NW for sale. The asset is a boutique, gut-renovated apartment building with four 2-bedroom units located in the heart of Columbia Heights. Located directly behind DC USA, DC's largest shopping center, 3221 Hiatt Place is nestled conveniently between 16th Street NW and 14th Street NW. The asset is a short walk to Mt. Pleasant, Adams Morgan, U Street, and the 11th Street Corridor. 3221 Hiatt Place is also a 2-minute walk to the Columbia Heights Metro Station, servicing both the Green and Yellow lines providing direct access into downtown DC, Maryland, and Virginia. THE ASSET 3221 Hiatt Place NW is a 2,820 square foot, semi-detached, four-story building with a lower level unit. The units are separately metered for gas and electric (tenants pay utilities), with 125 AMPS of electricity servicing each apartment. Units have individual gas-powered HVAC systems and electric water heaters. The property has rear alley access and sits adjacent to public parks such as Powell Recreation Center and Bell Field. Each level of the property contains a renovated one two-bedroom, one-bath unit. All four apartment units feature central air, in-unit washers and dryers, dishwashers, gas ranges, hardwood floors, showers with seats, and high ceilings (9+ feet). Additionally, aluminum-coating was applied to the building's roof last year. THE INVESTMENT OPPORTUNITY Current ownership has meticulously maintained the property since gut-renovating the building in 2009, meaning minimal to no capital improvements will be necessary upon acquisition. Due to the quality of the units and excellent location, the property has achieved strong rents and stable income, with historical rents ranging between $2,400 to $2,600 per unit per month, undercutting newer, highly-amenitized apartment buildings in the area. The property can be delivered with two units vacant, providing a new owner with various lease-up options on day one and minimizing transaction costs related to TOPA. Aside from a traditional market rental strategy, an owner could increase their income by executing a corporate furnished rental strategy or by utilizing the Housing Choice Voucher Program (HCVP) to achieve rents of $2,872 for a two-bedroom unit (without utilities), or $3,113 (with utilities).

Exclusively Listed By

  • Marty Zupancic

    First Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

  • Dennis Cravedi

    Senior Associate

    (202) 536-3751

    Email Dennis

    License(s): MD: 655939, DC: SP98377145

    Washington, D.C.

  • Eric Jentoft-Herr

    Associate

    (202) 536-3779

    Email Eric

    License(s): MD: 681604, DC: SP200203903

    Washington, D.C.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

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