1944 3Rd StWashington, DC 20002

Property Details for 1944 3Rd St

Year built

2022

Property size (Sq ft)

8,638 SF

Property type

Residential income properties

Property subtype

Multifamily properties

Description

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.

Location Insight

City

Washington

County

District Of Columbia

State

DC

Latitude

38.9169

Longitude

-77.0024

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