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Multifamily

711 E

711 E St SE, Washington, DC 20003

Listing Price: Request For Offer

Number of Units
16
Gross SF
9,200

Investment Overview

OPPORTUNITY As the exclusive listing broker, Marcus & Millichap is pleased to offer for sale 711 E Street SE, a completely renovated, turnkey 16-unit apartment building located in the iconic Capitol Hill neighborhood of Washington, DC. Comprised of eight (8) one-bedroom, one-bathroom units and eight (8) two-bedroom, one-bathroom units, 711 E Street SE will be delivered vacant, exempting the sale from DC’s Tenant Opportunity to Purchase Act (TOPA). Gut renovated in 2021, the approximately 9,200 square foot building features separately-metered units for electricity (heating and cooling) with modern kitchens and bathrooms, vinyl plank flooring, stainless steel appliances, granite countertops, central air, private balconies (on above-grade units), a state-of-the-art remote access building entry system, dishwashers, full-sized in-unit washers & dryers, and three storage units. In addition, the property’s 5,000 square foot lot is zoned MU-4, allowing an owner to execute on a wider array of investment strategies, including short-term and nightly furnished stays, which aren’t permitted in residential zones. The building also features seven (7) convenient off-street parking spaces on the rear part of the lot, which serve as a valuable amenity for tenants and an additional profit center for an owner. THE INVESTMENT As 711 E is fully vacant, investors have the rare opportunity to purchase a turnkey asset exempt from DC's Tenant Opportunity to Purchase Act (TOPA). The asset's high vacancy also affords investors flexibility in their lease-up strategy, with multiple approaches available including traditional high-end market rentals, short and long-term furnished rentals, master-leasing to an organization, and utilizing the Housing Choice Voucher Program (HCVP) as the asset falls under the Capitol Hill rental rates, which are among the highest in the the city. As 711 E was completely renovated, an investor can avoid large repair or deferred maintenance projects and look to execute on an immediate lease-up strategy upon acquisition. THE LOCATION 711 E is situated in the heart of Capitol Hill, a two-minute walk from the Eastern Market Metro Station providing service to the Blue, Orange, and Silver Lines in the DC Metropolitan Area. While located steps to iconic landmarks including the U.S. Capitol, U.S. Supreme Court, and Library of Congress, 711 E is also ideally situated a block from Barracks Row, a commercial corridor that features some of the District’s hottest dining venues. The renowned Eastern Market, located just a few blocks away from 711 E, features dozens of local vendors serving fresh food and produce while also hosting community events. With its strong demographics, access to major employers, international appeal, walkability (98 Walk Score for 711 E Street SE), metro accessibility, and proximity to dozens of acclaimed restaurant offerings, Capitol Hill provides a stable investment foundation for prospective purchasers of 711 E.

Investment Highlights

  • Turnkey, Gut Renovated Asset (2021)
  • Blue Chip Location Steps from Capitol Hill & Eastern Market
  • Sale Not Subject to The Tenant Opportunity to Purchase Act (TOPA)
  • Apartments Separately Metered for Utilities
  • Large Commercially-Zoned Lot
  • Balanced, Thoughtfully Designed Unit Mix

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division 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: Request For Offer

Number of Units
16
Gross SF
9,200

Investment Highlights

  • Turnkey, Gut Renovated Asset (2021)
  • Blue Chip Location Steps from Capitol Hill & Eastern Market
  • Sale Not Subject to The Tenant Opportunity to Purchase Act (TOPA)
  • Apartments Separately Metered for Utilities
  • Large Commercially-Zoned Lot
  • Balanced, Thoughtfully Designed Unit Mix

Investment Overview

OPPORTUNITY As the exclusive listing broker, Marcus & Millichap is pleased to offer for sale 711 E Street SE, a completely renovated, turnkey 16-unit apartment building located in the iconic Capitol Hill neighborhood of Washington, DC. Comprised of eight (8) one-bedroom, one-bathroom units and eight (8) two-bedroom, one-bathroom units, 711 E Street SE will be delivered vacant, exempting the sale from DC’s Tenant Opportunity to Purchase Act (TOPA). Gut renovated in 2021, the approximately 9,200 square foot building features separately-metered units for electricity (heating and cooling) with modern kitchens and bathrooms, vinyl plank flooring, stainless steel appliances, granite countertops, central air, private balconies (on above-grade units), a state-of-the-art remote access building entry system, dishwashers, full-sized in-unit washers & dryers, and three storage units. In addition, the property’s 5,000 square foot lot is zoned MU-4, allowing an owner to execute on a wider array of investment strategies, including short-term and nightly furnished stays, which aren’t permitted in residential zones. The building also features seven (7) convenient off-street parking spaces on the rear part of the lot, which serve as a valuable amenity for tenants and an additional profit center for an owner. THE INVESTMENT As 711 E is fully vacant, investors have the rare opportunity to purchase a turnkey asset exempt from DC's Tenant Opportunity to Purchase Act (TOPA). The asset's high vacancy also affords investors flexibility in their lease-up strategy, with multiple approaches available including traditional high-end market rentals, short and long-term furnished rentals, master-leasing to an organization, and utilizing the Housing Choice Voucher Program (HCVP) as the asset falls under the Capitol Hill rental rates, which are among the highest in the the city. As 711 E was completely renovated, an investor can avoid large repair or deferred maintenance projects and look to execute on an immediate lease-up strategy upon acquisition. THE LOCATION 711 E is situated in the heart of Capitol Hill, a two-minute walk from the Eastern Market Metro Station providing service to the Blue, Orange, and Silver Lines in the DC Metropolitan Area. While located steps to iconic landmarks including the U.S. Capitol, U.S. Supreme Court, and Library of Congress, 711 E is also ideally situated a block from Barracks Row, a commercial corridor that features some of the District’s hottest dining venues. The renowned Eastern Market, located just a few blocks away from 711 E, features dozens of local vendors serving fresh food and produce while also hosting community events. With its strong demographics, access to major employers, international appeal, walkability (98 Walk Score for 711 E Street SE), metro accessibility, and proximity to dozens of acclaimed restaurant offerings, Capitol Hill provides a stable investment foundation for prospective purchasers of 711 E.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division 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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