655 K StWashington, DC 20001

Property Details for 655 K St

Year built

2015

Lot size

0.66 AC

Property size (Sq ft)

273,276 SF

Property type

Office properties

Property subtype

Other office properties

APN

0451 2001

APU

4512001

Description

This exceptional investment opportunity presents a fee-simple interest in a 10,904-square-foot CVS Pharmacy located at 655 K St NW, Washington, DC 20001. The property, built in 2015, is situated on the ground floor of a Class A, ten-story mixed-use building, benefiting from dual street access with high vehicular traffic exceeding 45,000 vehicles daily. The NNN lease with CVS Pharmacy, a credit-rated tenant with a corporate guarantee, commenced April 1, 2015, and expires January 31, 2036, offering a remaining lease term of 11.2 years. The lease includes two five-year renewal options, with rent bumps of 10% in the first option period and fair market value in the second. The property boasts a strong net operating income (NOI) of $1,016,040, resulting in a compelling 7.13% cap rate. The asking price is $14,250,000. This prime location within the Mt. Vernon Triangle district is surrounded by a vibrant mix of hotels (over 7,000 rooms), apartments (over 11,000 units), and significant office space (27 million square feet within a half-mile radius), supporting a daytime population exceeding 300,000. The area's demographics are exceptional, with over 64,000 residents within a one-mile radius and average household incomes exceeding $172,000 annually. This offering provides a rare chance to acquire a stable, high-performing asset with significant long-term potential in a premier location.

• CAP approach

  CAP return

  Valuation

  6%

  $70,622,768

  6.5%

  $65,190,252

  7%

  $60,533,804

• Comparable approach

  Method

  Valuation

  Relative Method

  $45,639,824

  Geo Method

  $45,639,824

• Alternative Use

  Use

  Valuation

  Residential

  $80,835,912

  Hospitality

  $74,045,256

  Educational

  $61,604,788

  Medical

  $63,723,468

  Retail

  $95,829,672

Location Insight

City

Washington

County

District Of Columbia

State

DC

Latitude

38.9029

Longitude

-77.0209

CBSA code

47900

CBSA name

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

Property Tax & Assessments

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