19 Gallatin St Washington, DC 20011

Property Details for 19 Gallatin St

Property size

3,510 SF

Property type

Apartment buildings

Description

This 3-story, 4-unit apartment building at 19 Gallatin St NE, Washington, DC 20011, offers a compelling investment opportunity. The 3,510 square foot building sits on a 3,695 square foot lot (APN 3690-0000-0018) and is zoned RA-1. Currently operating at 50% occupancy, with two vacant and two occupied 2-bedroom units, this property presents a chance for immediate income generation and potential value appreciation. The building has been well-maintained since 2012 and is in move-in condition, minimizing immediate renovation needs. Located just 200 yards from the Fort Totten Metro Station, the property benefits from excellent transit access. The surrounding area is experiencing significant development, including the Riggs Crossing project (90 townhomes, 93 senior affordable units, and 20,000 square feet of retail) and Art Place (814 residential units, 120,000 square feet of retail, an Aldi grocery store, a children's museum, and 40,000 square feet of event space). The asking price is $900,000, representing a price per square foot of $299.15 and a pro-forma cap rate of 6.49%. The pro-forma net operating income (NOI) is $68,154. This property is an ideal owner-user investment, offering a blend of immediate income and long-term growth potential in a rapidly developing neighborhood.