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Multifamily

1724 New Jersey Avenue NW

1724 New Jersey Ave NW, Washington, DC 20001

Listing Price: Request For Offer

Number of Units
4
Gross SF
3,800

Investment Overview

Offering Overview Marcus & Millichap, as the exclusive listing agent appointed by the United States Bankruptcy Court for the District of Columbia, is pleased to present the opportunity to acquire 1724 New Jersey Avenue NW a four-unit multifamily asset located in the rapidly growing Shaw neighborhood of Northwest DC.? The asset is subject to a Chapter 7 Bankruptcy process.? The offering presents an investor with the opportunity to acquire a 3,800 gross square foot, four (4) unit multifamily asset that is not subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property’s bankruptcy status, which qualifies for exemption from TOPA as defined in §42-3404.02 of DC code.? As the property was built ground-up in 2017, it is not subject to rent control. The Investment Opportunity 1724 New Jersey Avenue NW is a fully vacant, TOPA-free, four-unit asset newly constructed in 2017.? The current condition of the property and 100% vacancy allow an investor to execute on their strategy with minimal capital improvements required.? The 3,800 gross square foot asset features one (1) one-bedroom, one-and-a-half-bathroom unit totaling 750 SF.? There are two (2) two-bedroom, two-bathroom units that are each 750 square feet, and a 1,050 SF two-bedroom, penthouse unit with 15-foot ceilings and a private rooftop balcony.? As the property was newly constructed in 2017, it is exempt from rent control.? This allows a potential buyer to immediately lease all units at a market rate of more than $3,200 for two-bedroom units, $2,400 for the one-bedroom units, and approximately $4,000 for the penthouse yielding over $12,000 in gross monthly rental revenue.? Additionally, the property is separately metered for gas and electric, limiting uncontrollable costs and increasing both NOI and property value. The Location 1724 New Jersey Avenue is located in the flourishing Shaw neighborhood of Northwest DC.? The Shaw neighborhood has undergone a complete transformation over the past two decades.? Class A apartment buildings and hundreds of bars and restaurants, both local and national, have converged on some of the neighborhood’s major corridors: 14th Street, U Street, and Florida Avenue.? The property is less than a mile from an ever-growing list of restaurants such as The Dabney, The Royal, Bresca, Right Proper Brewing Company, Shaw’s Tavern, The Red Hen, Le Diplomate, and Barcelona Wine Bar, to name a few.? Located one block south of 11th Street and Rhode Island Avenue, 1724 New Jersey Avenue NW is just a five-minute walk from the Shaw-Howard University Metro Station, which services the green and yellow lines.? With Metro-accessibility and a robust array of restaurant and retail offerings, the Shaw neighborhood presents investors with a platform for growth and appreciation in their real estate holdings.

Investment Highlights

  • BANKRUPTCY AND VACANT
  • NEWLY CONSTRUCTED & RENT CONTROL EXEMPT
  • SEPARATELY-METERED UTILITIES
  • NEARBY RESTAURANTS, CAFÉS, AND GROCERS
  • TRANSIT ORIENTED - METRO LOCATED
  • DEMOGRAPHIC TRENDS

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Multifamily

1724 New Jersey Avenue NW

Listing Price: Request For Offer

Number of Units
4
Gross SF
3,800

Investment Highlights

  • BANKRUPTCY AND VACANT
  • NEWLY CONSTRUCTED & RENT CONTROL EXEMPT
  • SEPARATELY-METERED UTILITIES
  • NEARBY RESTAURANTS, CAFÉS, AND GROCERS
  • TRANSIT ORIENTED - METRO LOCATED
  • DEMOGRAPHIC TRENDS

Investment Overview

Offering Overview Marcus & Millichap, as the exclusive listing agent appointed by the United States Bankruptcy Court for the District of Columbia, is pleased to present the opportunity to acquire 1724 New Jersey Avenue NW a four-unit multifamily asset located in the rapidly growing Shaw neighborhood of Northwest DC.? The asset is subject to a Chapter 7 Bankruptcy process.? The offering presents an investor with the opportunity to acquire a 3,800 gross square foot, four (4) unit multifamily asset that is not subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property’s bankruptcy status, which qualifies for exemption from TOPA as defined in §42-3404.02 of DC code.? As the property was built ground-up in 2017, it is not subject to rent control. The Investment Opportunity 1724 New Jersey Avenue NW is a fully vacant, TOPA-free, four-unit asset newly constructed in 2017.? The current condition of the property and 100% vacancy allow an investor to execute on their strategy with minimal capital improvements required.? The 3,800 gross square foot asset features one (1) one-bedroom, one-and-a-half-bathroom unit totaling 750 SF.? There are two (2) two-bedroom, two-bathroom units that are each 750 square feet, and a 1,050 SF two-bedroom, penthouse unit with 15-foot ceilings and a private rooftop balcony.? As the property was newly constructed in 2017, it is exempt from rent control.? This allows a potential buyer to immediately lease all units at a market rate of more than $3,200 for two-bedroom units, $2,400 for the one-bedroom units, and approximately $4,000 for the penthouse yielding over $12,000 in gross monthly rental revenue.? Additionally, the property is separately metered for gas and electric, limiting uncontrollable costs and increasing both NOI and property value. The Location 1724 New Jersey Avenue is located in the flourishing Shaw neighborhood of Northwest DC.? The Shaw neighborhood has undergone a complete transformation over the past two decades.? Class A apartment buildings and hundreds of bars and restaurants, both local and national, have converged on some of the neighborhood’s major corridors: 14th Street, U Street, and Florida Avenue.? The property is less than a mile from an ever-growing list of restaurants such as The Dabney, The Royal, Bresca, Right Proper Brewing Company, Shaw’s Tavern, The Red Hen, Le Diplomate, and Barcelona Wine Bar, to name a few.? Located one block south of 11th Street and Rhode Island Avenue, 1724 New Jersey Avenue NW is just a five-minute walk from the Shaw-Howard University Metro Station, which services the green and yellow lines.? With Metro-accessibility and a robust array of restaurant and retail offerings, the Shaw neighborhood presents investors with a platform for growth and appreciation in their real estate holdings.

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

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