2218 Rhode Island AveWashington, DC 20018

Property Details for 2218 Rhode Island Ave

Year built

1955

Construction

BRICK

Lot size

0.04 AC

Property size (Sq ft)

3,492 SF

Zone code

MU-4

Property type

Retail properties

Property subtype

Retail space

APN

4248 0021

APU

42480021

Description

This exceptional mixed-use property at 2218 Rhode Island Avenue NE, Washington, DC 20018, presents a unique investment opportunity. The three-story building, totaling 3,600 square feet of net rentable space, is currently vacant and offers significant potential for a variety of uses. Previously occupied by a clinic, the interior is already configured for office or medical use, making it ideal for a quick conversion. The first floor lends itself easily to retail adaptation, providing flexibility for diverse business models. The lower level is conveniently grade-level, offering easy access and additional space. A valuable feature is the inclusion of a basement garage, providing ample parking. The building is in excellent condition, minimizing upfront renovation costs. The asking price is $1,250,000, translating to $347.22 per square foot. This owner/user investment opportunity in a vibrant Washington, DC neighborhood offers strong potential for both immediate occupancy and long-term appreciation. The property's location provides excellent visibility and accessibility, making it an attractive proposition for savvy investors seeking a versatile and well-maintained asset. This single-unit building presents a rare chance to acquire a well-situated mixed-use property in a thriving area of the District of Columbia.

• CAP approach

  CAP return

  Valuation

  6%

  $829,656

  6.5%

  $765,836

  7%

  $711,133

• Comparable approach

  Method

  Valuation

  Relative Method

  $514,052

  Geo Method

  $1,469,661

• Alternative Use

  Use

  Valuation

  Residential

  $646,011

  Hospitality

  $591,743

  Educational

  $492,323

  Medical

  $509,255

  Retail

  $765,836

Location Insight

City

Washington

County

District Of Columbia

State

DC

Latitude

38.9307

Longitude

-76.9734

CBSA code

47900

CBSA name

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

Property Tax & Assessments

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