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Multifamily

2151 California Street NW

2151 California St NW, Washington, DC 20008

Listing Price: $9,500,000

Cap Rate
3.31%
Number of Units
23
Occupancy
69.6%
Price/Unit
$413,043
Price/Gross SF
$315.15
Gross SF
30,144

Investment Overview

OFFERING OVERVIEW Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Amelia & Paul, a 30,144-square-foot, 23-unit multifamily asset located in the heart of Washington, DC’s prestigious Kalorama Heights neighborhood. Located at 2151 California Street NW, the asset is situated just west of Connecticut Avenue NW, and is a short walk to Dupont Circle, Georgetown, Woodley Park and The Rock Creek Park. THE ASSET The Amelia & Paul, built in 1920, is a six-story, fully-detached multifamily apartment building consisting of 20 two-bedroom, one-bathroom units, two (2) one-bedroom, one-bathroom units, and a large three-bedroom unit which is currently used as an on-site Resident Manager’s office. There are seven designated off-street parking spaces behind the building. The building is separately-metered for electric (cooling) and cooking gas. The owner pays gas for hot water (fast recovery central heater which was replaced in 2021) and the shared laundry facilities. The owner also pays for heating (oil). The boiler was replaced in early 2014 and the oil is stored in a 2,000 gallon above-ground tank. The two-bedroom apartments each range between 1,030 to 1,125 square feet, and include a fireplace, hardwood floors, and the ten rear-facing units feature large balconies. The building has an elevator, which recently had all of its cables replaced and the sheave (Pulley) retooled. THE INVESTMENT OPPORTUNITY The Amelia & Paul, has a Certificate of Occupancy for 23 units. However, currently, only 16 units are occupied (69.6% occupancy) giving the investors flexibility on their strategy. As the property sits on an RA-2 zoned lot in a historic neighborhood, the asset provides a new owner with a range of potential investment strategies and the ability to update units, change layouts, add to the current occupancy load, and add a panoramic outdoor rooftop lounge area. With leasing activity returning to pre-covid levels, nearby comparable buildings are receiving over $3 per square foot for two-bedroom units, while new and fully-renovated buildings are yielding between $4 to $5 per square foot. Through an agreement with tenants and a comprehensive renovation plan, a new owner could push rents on vacant units 50% or greater than the current levels ($1.60 to $2.40 per square foot). An owner could also pursue a condo conversion strategy to capitalize on the strong demand for condo units in blue-chip neighborhoods. With a low inventory in Kalorama and an attractive interest rate environment, new high-end condos would garner between $800 to $1,000 per square foot upon completion, three times higher than the asking price per gross square foot. The asset’s location and walkability, coupled with valuable off-street parking, allows an investor to position the property to take advantage of a number of other nearby niche rental strategies including corporate and diplomatic housing, short-term furnished rentals, and student housing.

Investment Highlights

  • Walkable, Iconic Location Drives Rent Growth
  • Value-Add Opportunity In A High Demand Market
  • 69.6% Occupancy Provides Flexibility For Investors
  • Fully Detached Asset With Favorable RA-2 Zoning
  • Proximate To Metro With Seven Off-Street Parking Spaces
  • Future Condo-Conversion Potential

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

Listing Price: $9,500,000

Cap Rate
3.31%
Number of Units
23
Occupancy
69.6%
Price/Unit
$413,043
Price/Gross SF
$315.15
Gross SF
30,144

Investment Highlights

  • Walkable, Iconic Location Drives Rent Growth
  • Value-Add Opportunity In A High Demand Market
  • 69.6% Occupancy Provides Flexibility For Investors
  • Fully Detached Asset With Favorable RA-2 Zoning
  • Proximate To Metro With Seven Off-Street Parking Spaces
  • Future Condo-Conversion Potential

Investment Overview

OFFERING OVERVIEW Marcus & Millichap, as the exclusive listing agent, is pleased to present the opportunity to acquire The Amelia & Paul, a 30,144-square-foot, 23-unit multifamily asset located in the heart of Washington, DC’s prestigious Kalorama Heights neighborhood. Located at 2151 California Street NW, the asset is situated just west of Connecticut Avenue NW, and is a short walk to Dupont Circle, Georgetown, Woodley Park and The Rock Creek Park. THE ASSET The Amelia & Paul, built in 1920, is a six-story, fully-detached multifamily apartment building consisting of 20 two-bedroom, one-bathroom units, two (2) one-bedroom, one-bathroom units, and a large three-bedroom unit which is currently used as an on-site Resident Manager’s office. There are seven designated off-street parking spaces behind the building. The building is separately-metered for electric (cooling) and cooking gas. The owner pays gas for hot water (fast recovery central heater which was replaced in 2021) and the shared laundry facilities. The owner also pays for heating (oil). The boiler was replaced in early 2014 and the oil is stored in a 2,000 gallon above-ground tank. The two-bedroom apartments each range between 1,030 to 1,125 square feet, and include a fireplace, hardwood floors, and the ten rear-facing units feature large balconies. The building has an elevator, which recently had all of its cables replaced and the sheave (Pulley) retooled. THE INVESTMENT OPPORTUNITY The Amelia & Paul, has a Certificate of Occupancy for 23 units. However, currently, only 16 units are occupied (69.6% occupancy) giving the investors flexibility on their strategy. As the property sits on an RA-2 zoned lot in a historic neighborhood, the asset provides a new owner with a range of potential investment strategies and the ability to update units, change layouts, add to the current occupancy load, and add a panoramic outdoor rooftop lounge area. With leasing activity returning to pre-covid levels, nearby comparable buildings are receiving over $3 per square foot for two-bedroom units, while new and fully-renovated buildings are yielding between $4 to $5 per square foot. Through an agreement with tenants and a comprehensive renovation plan, a new owner could push rents on vacant units 50% or greater than the current levels ($1.60 to $2.40 per square foot). An owner could also pursue a condo conversion strategy to capitalize on the strong demand for condo units in blue-chip neighborhoods. With a low inventory in Kalorama and an attractive interest rate environment, new high-end condos would garner between $800 to $1,000 per square foot upon completion, three times higher than the asking price per gross square foot. The asset’s location and walkability, coupled with valuable off-street parking, allows an investor to position the property to take advantage of a number of other nearby niche rental strategies including corporate and diplomatic housing, short-term furnished rentals, and student housing.

Broker of Record

  • Brian Hosey

    First Vice President / District Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

Financing By

  • Jared Cassidy

    First Vice President Capital Markets

    Direct:

    Email Jared

    Washington, D.C., MD

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