1666 Connecticut AveWashington, DC 20009

Property Details for 1666 Connecticut Ave

Year built

1962

Construction

TILT-UP CONCRETE

Lot size

0.30 AC

Property size (Sq ft)

113,302 SF

Zone code

MU-20

Property type

Office buildings

APN

0093 0830

APU

930830

Description

This seven-story, 84,393 square foot Class B office building at 1666 Connecticut Ave NW, Washington, DC 20009, is a value-add investment opportunity. Built in 1962 and renovated in 2021, the property boasts a 10.50% cap rate and 80.7% occupancy as of February 1, 2024. Eleven tenants occupy the space, including a long-term anchor tenant (Appalachian Regional Commission) leasing 38% of the rentable building area through June 2035. The weighted average remaining lease term is approximately 8 years. The building benefits from a prime location at the intersection of Connecticut Avenue, R Street, and 20th Street, near Dupont Circle and the Kalorama neighborhood. Its proximity to the Dupont Circle Metrorail station (Red Line) ensures excellent accessibility. The surrounding area offers a vibrant mix of residential, commercial, and cultural attractions. Recent improvements totaling $3.5 million include lobby upgrades, a spec suite program (resulting in significant leasing activity – over 55,600 square feet leased since 2020), and common area enhancements. The property's MU-20 zoning allows for flexibility in future uses. Historically, the building has maintained high occupancy rates (90% over 15 years and 95% over 30 years), demonstrating consistent tenant demand. The building's strong anchor tenant, recent renovations, and desirable location position it favorably for continued occupancy growth and strong returns.

• CAP approach

  CAP return

  Valuation

  6%

  $33,184,700

  6.5%

  $30,632,100

  7%

  $28,444,100

• Comparable approach

  Method

  Valuation

  Relative Method

  $18,922,600

  Geo Method

  $18,922,600

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $61,003,700

  Retail / Commercial

  $31,146,100

  Mixed-Use / Specialty

  $30,927,700

  Hospitality / Lodging

  $22,550,800

  Institutional / Educational

  $32,113,900

  Residential Income

  $37,573,300

  Multifamily

  $45,658,800

  Automotive / Energy

  $27,526,200

  Parking / Income-Based Land

  $9,605,070

  Restaurant / Food Service

  $15,856,500

  Healthcare / Senior Housing

  $31,825,900

Location Insight

City

Washington

County

District Of Columbia

State

DC

Latitude

38.9123

Longitude

-77.0455

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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