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Multifamily Vacant-User

1281 Simms Place NE

1281 Simms Pl NE, Washington, DC 20002

Listing Price: Request For Offer

Number of Units
4
Gross SF
5,540

Investment 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 1281 Simms Place NE, a 4-unit multifamily asset located in the rapidly growing Trinidad neighborhood of Northeast DC. The asset is subject to a Chapter 7 Bankruptcy process. 1281 Simms Place is a 5,540 square foot asset and is not subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property's bankruptcy status. The property qualifies for exemption from TOPA as defined in §42-3404.02 of DC code. THE INVESTMENT OPPORTUNITY 1281 Simms Place NE is a fully vacant, TOPA free, four-unit asset built in 1934, which underwent a full gut renovation in 2019. The current condition of the property and 100% vacancy allow for an investor to execute on their lease up strategy with limited renovations following acquisition. The 5,540 gross square foot asset features a favorable unit mix. There are two (2) three-bedroom, threebathroom, multi-level units that are each 1,400 square feet. There are also two (2) two-bedroom, two-bathroom units that are each 750 square feet. Additionally, the property is rent control exempt if an investor owns no more than four total rental units in Washington, DC. An investor can immediately lease the units at market rates of over $3,000 for three-bedroom units and $2,000 for two-bedroom units, yielding over $10,000 gross monthly rental revenue. Additionally, the property is separately metered for gas and electric which limits uncontrollable costs and increases both NOI and property value. THE LOCATION 1281 Simms Place NE is located in Trinidad, surrounded by development in Ivy City, along the H Street Corridor, Benning Road, Bladensburg Road, Rhode Island Avenue, and the nearby RFK Stadium. The RIA (Rhode Island Avenue) Development alone will bring over 1,700 marketrate and affordable housing units, and more than 180,000 square feet of commercial space to the area. Additionally, the development plans near RFK Stadium are set to bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. The rapidly growing Northeast area makes 1281 Simms Place NE a prime investment opportunity to acquire an asset that will yield high cash flow and with high potential for appreciation as the area improves in the coming years. While Northeast DC has already experienced tremendous growth over the past several years, this property offers an investor the opportunity to enter a rapidly transforming submarket at a competitive price point relative to other submarkets in the Washington Metropolitan Area.

Investment Highlights

  • Bankruptcy Sale - TOPA Free
  • Favorable Unit Mix
  • Gut-Renovated & Potentially Non Rent Controlled
  • Separately Metered For All Utilities
  • Location
  • Nearby Development

Exclusively Listed By

Broker of Record

  • Brian Hosey

    First Vice President/ Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Multifamily Vacant-User

1281 Simms Place NE

Listing Price: Request For Offer

Number of Units
4
Gross SF
5,540

Investment Highlights

  • Bankruptcy Sale - TOPA Free
  • Favorable Unit Mix
  • Gut-Renovated & Potentially Non Rent Controlled
  • Separately Metered For All Utilities
  • Location
  • Nearby Development

Investment 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 1281 Simms Place NE, a 4-unit multifamily asset located in the rapidly growing Trinidad neighborhood of Northeast DC. The asset is subject to a Chapter 7 Bankruptcy process. 1281 Simms Place is a 5,540 square foot asset and is not subject to the Tenant Opportunity to Purchase Act (TOPA) process due to the property's bankruptcy status. The property qualifies for exemption from TOPA as defined in §42-3404.02 of DC code. THE INVESTMENT OPPORTUNITY 1281 Simms Place NE is a fully vacant, TOPA free, four-unit asset built in 1934, which underwent a full gut renovation in 2019. The current condition of the property and 100% vacancy allow for an investor to execute on their lease up strategy with limited renovations following acquisition. The 5,540 gross square foot asset features a favorable unit mix. There are two (2) three-bedroom, threebathroom, multi-level units that are each 1,400 square feet. There are also two (2) two-bedroom, two-bathroom units that are each 750 square feet. Additionally, the property is rent control exempt if an investor owns no more than four total rental units in Washington, DC. An investor can immediately lease the units at market rates of over $3,000 for three-bedroom units and $2,000 for two-bedroom units, yielding over $10,000 gross monthly rental revenue. Additionally, the property is separately metered for gas and electric which limits uncontrollable costs and increases both NOI and property value. THE LOCATION 1281 Simms Place NE is located in Trinidad, surrounded by development in Ivy City, along the H Street Corridor, Benning Road, Bladensburg Road, Rhode Island Avenue, and the nearby RFK Stadium. The RIA (Rhode Island Avenue) Development alone will bring over 1,700 marketrate and affordable housing units, and more than 180,000 square feet of commercial space to the area. Additionally, the development plans near RFK Stadium are set to bring over 2,000 housing units to Reservation 13, one of the largest undeveloped parcels of public land on the East Coast. The rapidly growing Northeast area makes 1281 Simms Place NE a prime investment opportunity to acquire an asset that will yield high cash flow and with high potential for appreciation as the area improves in the coming years. While Northeast DC has already experienced tremendous growth over the past several years, this property offers an investor the opportunity to enter a rapidly transforming submarket at a competitive price point relative to other submarkets in the Washington Metropolitan Area.

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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