505 Florida Ave Washington, DC 20001
- Retail properties
- 2,072 SF
Current Use by Public Records
- Retail properties
Property Details for 505 Florida Ave
- Year built
- 1900
- Property size
- 2,072 SF
- Property type
- Retail properties
- Property subtype
- Office Properties & Spaces
Description
This exceptional storefront property at 505 Florida Avenue NW, Washington, DC 20001, presents a compelling value-add investment opportunity. The 2,072 square foot building, constructed in 1900, sits on a 1,182 square foot lot and features two stories. Currently vacant, it offers immediate occupancy and significant upside potential. The property boasts flexible MU-4 zoning, allowing for a variety of uses including retail, office, and potentially residential development, subject to necessary approvals. With only two parking spaces on-site, additional parking solutions may need to be considered. Its prime location in the Ledroit Park neighborhood places it within walking distance of the Shaw-Howard University Metro station (Green Line) and Howard University, ensuring high visibility and accessibility. The property's proximity to a rapidly developing area, with approximately 1,675 multifamily units proposed or under construction nearby, further enhances its investment appeal. The asking price is $950,000. This location is also situated within an Opportunity Zone, potentially offering tax incentives for qualified investors. This is a rare chance to acquire a versatile property in a thriving Washington, D.C. neighborhood.
Value Estimation
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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
- -77.0189
- Latitude
- 38.9149
