Description
TOPA COMPLIANCE COMPLETED: The building's tenants and DHCD have already been notified of the Seller's intent to sell the property via the issuance of TOPA notices, and TOPA has been cleared. The completion of the TOPA process provides a significant benefit to a buyer by eliminating the typically long and uncertain closing timelines, as well as additional buyer costs. THE OPPORTUNITY: The two-story building with partial basement contains four (4) total units, comprised of two 2-Bedroom/1-Bathroom units and two 1-Bedroom plus Den /1-Bathroom units with approximately 3,600 square feet of gross living area. The Property has historically generated strong rental demand ($2,300/unit) and full occupancy from young professionals, graduate students and others connected with nearby Georgetown and George Washington Universities, multiple hospitals, as well as northern Virginia. The Property is also situated upon a 6,066 square foot RA-1 zoned lot, which presents the opportunity whether now or in the future to more than double the gross square footage of the building, as well as add units. RENT CONTROL EXEMPT: The building is currently exempt from rent control, and for buyers who do not own more than four units in Washington, DC, this property would remain exempt. As compared to other DC multifamily opportunities, this creates additional and immediate flexibility for rental increases, and other value-add initiatives that aim to boost income.
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0BEDS
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0.14ACRES
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0BATHS
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01/2 BATHS
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3,600SQFT
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$382$/SQFT
Description
TOPA COMPLIANCE COMPLETED: The building's tenants and DHCD have already been notified of the Seller's intent to sell the property via the issuance of TOPA notices, and TOPA has been cleared. The completion of the TOPA process provides a significant benefit to a buyer by eliminating the typically long and uncertain closing timelines, as well as additional buyer costs. THE OPPORTUNITY: The two-story building with partial basement contains four (4) total units, comprised of two 2-Bedroom/1-Bathroom units and two 1-Bedroom plus Den /1-Bathroom units with approximately 3,600 square feet of gross living area. The Property has historically generated strong rental demand ($2,300/unit) and full occupancy from young professionals, graduate students and others connected with nearby Georgetown and George Washington Universities, multiple hospitals, as well as northern Virginia. The Property is also situated upon a 6,066 square foot RA-1 zoned lot, which presents the opportunity whether now or in the future to more than double the gross square footage of the building, as well as add units. RENT CONTROL EXEMPT: The building is currently exempt from rent control, and for buyers who do not own more than four units in Washington, DC, this property would remain exempt. As compared to other DC multifamily opportunities, this creates additional and immediate flexibility for rental increases, and other value-add initiatives that aim to boost income.
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