735 Alabama Ave Washington, DC 20032

Property Details for 735 Alabama Ave

Year built

1925

Lot size

0.08 lot acres

Property size

3,408 SF

Property type

Commercial real estate

Description

This fee-simple, four-unit apartment building in Washington, DC's Congress Heights neighborhood presents a compelling value-add investment opportunity. The property, located at 735 Alabama Ave SE, boasts 3,408 square feet and sits on a 0.08-acre lot. Built in 1925 and fully renovated in 2013, the building features four one-bedroom, one-bathroom units. Currently, three units are rented at 75% occupancy, generating a pro-forma NOI of $39,729 and a 6.21% cap rate. The asking price is $640,000, translating to $160,000 per unit and $273.04 per square foot. The extensive 2013 renovation encompassed new plumbing, electrical, HVAC systems, gas lines, main sewage line, siding, roof, and flooring, minimizing future maintenance needs. Three off-street parking spaces are included. The R-zoned lot allows for the addition of two more units, presenting significant upside potential for the savvy investor. This property offers the unique advantage of owner-occupancy, with one unit available for the owner while benefiting from the income generated by the three rented units. The property's location in the burgeoning Congress Heights neighborhood further enhances its investment appeal. This is a rare opportunity to acquire a well-maintained, income-producing asset with substantial growth potential.