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Multifamily

Common Monroe

3431 13th St NW, Washington, DC 20010

Listing Price: $10,500,000

Cap Rate
5.79%
Number of Units
8
Price/Unit
$1,312,500
Price/Gross SF
$625.00
Gross SF
16,800

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Common Monroe a 16,800-square-foot, 46-bed, 37-bath coliving property located in the heart of the Columbia Heights neighborhood of Northwest, Washington DC. Formerly the Mt. Rona Missionary Baptist Church, the subject property was gut-renovated and transformed in 2020 into Common Monroe, a multi-unit residential building that is currently master-leased by Common, a New York-based, best-in-class coliving operator with over 6,000 coliving and traditional apartments currently under management across 11 major U.S. cities (and over 25,000 total units in the management pipeline across 28 cities worldwide).

Investment Highlights

  • Strong, Best-in-Class Tenant
  • Gut-Renovated, Turnkey Asset, Not Subject to Rent Control
  • Guaranteed Income & Strong Master Lease
  • Lack of Housing Affordability
  • Densely-Populated Affluent Area
  • Highly Walkable and Transit-Oriented

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Listing Price: $10,500,000

Cap Rate
5.79%
Number of Units
8
Price/Unit
$1,312,500
Price/Gross SF
$625.00
Gross SF
16,800

Investment Highlights

  • Strong, Best-in-Class Tenant
  • Gut-Renovated, Turnkey Asset, Not Subject to Rent Control
  • Guaranteed Income & Strong Master Lease
  • Lack of Housing Affordability
  • Densely-Populated Affluent Area
  • Highly Walkable and Transit-Oriented

Investment Overview

Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire Common Monroe a 16,800-square-foot, 46-bed, 37-bath coliving property located in the heart of the Columbia Heights neighborhood of Northwest, Washington DC. Formerly the Mt. Rona Missionary Baptist Church, the subject property was gut-renovated and transformed in 2020 into Common Monroe, a multi-unit residential building that is currently master-leased by Common, a New York-based, best-in-class coliving operator with over 6,000 coliving and traditional apartments currently under management across 11 major U.S. cities (and over 25,000 total units in the management pipeline across 28 cities worldwide).

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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