526 59th NE St Washington, DC 20019-6976

Property Details for 526 59th NE St

Year built

1965

Construction

BRICK

Lot size

0.24 lot acres

Property size

8,928 SF

Zone code

R-2

Property type

Apartment buildings

APN

5259 0039

APU

52590039

Description

This 12-unit apartment building, located at 526 59th St NE, Washington, DC 20019, presents a compelling value-add opportunity in the desirable Deanwood neighborhood. The property boasts 10,454 square feet, with 10,053 square feet of net rentable space, currently operating at 67% occupancy. Built in 1965 and zoned R-2, the building offers significant potential for increased revenue. Current rents are below market value, with comparable units renting for $2,500 per month. Above-average unit sizes provide flexibility for renovations and layout optimization, allowing for the conversion of existing units into larger configurations to further enhance rental income. The property's prime location offers convenient access to public transportation, being a short 15-minute walk from the Capitol Heights Metro Station and adjacent to Eastern Avenue with multiple bus routes. Ten off-street parking spaces provide a valuable amenity, highly sought after in urban areas. Its proximity to the newly renovated HD Woodson High School adds to its appeal, attracting families and potentially increasing long-term lease stability. This multifamily investment offers a unique blend of location, size, and potential for significant returns through strategic upgrades and repositioning. The property's strong fundamentals and potential for value creation make it an attractive investment opportunity in the thriving Washington, D.C. market.

Location Insight

City

Washington

County

District Of Columbia

State

DC

Longitude

-76.9167

Latitude

38.8965

CBSA code

47900

CBSA name

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

Property Tax & Assessments