For Sale
$5,500,000

1944 3Rd StWashington, DC 20002

7-Unit Building, High Occupancy, Strong NOI

Overview

Added:
Dec 11, 2024
Days on market:
114
This exceptional investment opportunity presents a fully leased, three-story apartment building located at 1944 3rd Street NE, Washington, DC 20002. The property, built and renovated in 2022, boasts 8,638 square feet of net rentable space situated on a 7,031 square foot lot. The building comprises seven units, offering a mix of two- to six-bedroom apartments, each with two bathrooms. Currently operating at 100% occupancy as of November 1, 2023, the property generates a substantial net operating income (NOI) of $304,000, with a pro-forma NOI projected at $378,750. This translates to a current cap rate of 5.53% and a pro-forma cap rate of 6.89%. The asking price is $5,500,000, representing a compelling return on investment. The property is zoned RF1 and features rear parking. Its prime location in Eckington offers convenient access to the Rhode Island Metro station, Union Market, and numerous shops and restaurants on 12th Street. The building's current tenants are under the Housing Choice Voucher Program (HCVP). While TOPA rights have not yet been conveyed to tenants, this is not anticipated to pose a significant issue. This stabilized multifamily asset offers a rare opportunity to acquire a high-performing property in a desirable Washington, D.C. neighborhood.

Highlights

  • Fully leased, seven-unit apartment building in desirable Eckington, Washington, DC.
  • 8,638 square feet on a 7,031 square foot lot, built and renovated in 2022.
  • Seven units with a mix of two- to six-bedroom apartments, each with two bathrooms.
  • 100% occupancy as of November 1, 2023, generating a current NOI of $304,000 and a pro-forma NOI of $378,750.
  • Asking price: $5,500,000, with a current cap rate of 5.53% and a pro-forma cap rate of 6.89%.

Property Details for 1944 3Rd St

Property type
Apartment buildings
Square Feet
8,638 SF
Class
B
Year Built/Renovated
2022/2022
Buildings
1
Stories
3
Units
7

Location Insight

City
Washington
County
District Of Columbia
State
District of Columbia
Latitude
38.916897
Longitude
-77.0024123
1944 3Rd St, Washington, District of Columbia

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?
Please email our support team at [email protected] and they will add the team member.
How do I access a private listing?
Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.
How can I contact the broker?
We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.
How do I unsubscribe from emails?
At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].
1944 3Rd St
Thanks! Your message was sent.
Error! Your message wasn't sent.
Please enter your first name
Please enter your last name
Please enter email
Please enter the email in the correct format
Please enter phone
Please enter the number in the correct format
Select size
Please enter message