1944 3Rd St Washington, DC 20002
- Apartment buildings
- 8,638 SF
Current Use by Public Records
- Apartment buildings
Property Details for 1944 3Rd St
- Year built
- 2022
- Property size
- 8,638 SF
- Property type
- Apartment buildings
Description
This exceptional investment opportunity presents a fully leased, three-story apartment building located at 1944 3rd Street NE, Washington, DC 20002. The property, built and renovated in 2022, boasts 8,638 square feet of net rentable space situated on a 7,031 square foot lot. The building comprises seven units, offering a mix of two- to six-bedroom apartments, each with two bathrooms. Currently operating at 100% occupancy as of November 1, 2023, the property generates a substantial net operating income (NOI) of $304,000, with a pro-forma NOI projected at $378,750. This translates to a current cap rate of 5.53% and a pro-forma cap rate of 6.89%. The asking price is $5,500,000, representing a compelling return on investment. The property is zoned RF1 and features rear parking. Its prime location in Eckington offers convenient access to the Rhode Island Metro station, Union Market, and numerous shops and restaurants on 12th Street. The building's current tenants are under the Housing Choice Voucher Program (HCVP). While TOPA rights have not yet been conveyed to tenants, this is not anticipated to pose a significant issue. This stabilized multifamily asset offers a rare opportunity to acquire a high-performing property in a desirable Washington, D.C. neighborhood.
Value Estimations
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AI approach
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Washington
- County
- District Of Columbia
- State
- DC
- Longitude
- -77.0024
- Latitude
- 38.9169
