1000-1016 H St Washington, DC 20002

Property Details for 1000-1016 H St

Year built

2027

Property size

68,914 SF

Property type

Land

Property subtype

Apartment buildings

Description

This exceptional 76-unit apartment building development project presents a compelling investment opportunity in Washington, DC's vibrant H Street NE corridor. Located at 1000-1016 H St NE, this fee-simple property boasts a prime location surrounded by high-income neighborhoods including Capitol Hill, NoMa, and Union Market. The 68,914 square foot building, currently 95% occupied, is a seven-story structure on a 15,540 square foot lot (APN: 0958-0000-0056). Completed in 2027, it features a Class B designation and a projected Pro-Forma NOI of $1,792,945. The property is zoned NMU-4/H-R, offering potential for expansion. The site's strategic location benefits from significant recent and planned public infrastructure investments, including over $200 million spent on the H Street NE streetcar and an additional $60 million budgeted for bus priority and infrastructure projects. Furthermore, the area shows a marked decrease in violent crime, reaching its lowest levels in nearly two decades. The surrounding area boasts an average household income exceeding $160,000 within a half-mile radius, and home prices have doubled since 2012. The project's proximity to numerous amenities, including Michelin Bib Gourmand restaurants, boutique gyms, and various grocery stores, further enhances its appeal to young professional renters. The adjacent church has expressed interest in exploring options to potentially expand the project beyond 76 units. This shovel-ready development, with approved permits, offers significant soft cost savings and represents a rare opportunity in a market with limited new construction. Direct competitors in the area were built pre-COVID, highlighting the project's modern appeal.

Location Insight

City

Washington

County

Washington

State

DC

Longitude

-76.9925

Latitude

38.9004