1666 Connecticut Ave NW Washington, DC 20009

113,302 SF 0.3 ac lot Built 1962

Entity Owned 1-yr Hold Free & Clear

Property ID

US16-0069632

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This seven-story, 84,393 square foot Class B office building at 1666 Connecticut Ave NW, Washington, DC 20009, is a value-add investment opportunity. Built in 1962 and renovated in 2021, the property boasts a 10.50% cap rate and 80.7% occupancy as of February 1, 2024. Eleven tenants occupy the space, including a long-term anchor tenant (Appalachian Regional Commission) leasing 38% of the rentable building area through June 2035. The weighted average remaining lease term is approximately 8 years. The building benefits from a prime location at the intersection of Connecticut Avenue, R Street, and 20th Street, near Dupont Circle and the Kalorama neighborhood. Its proximity to the Dupont Circle Metrorail station (Red Line) ensures excellent accessibility. The surrounding area offers a vibrant mix of residential, commercial, and cultural attractions. Recent improvements totaling $3.5 million include lobby upgrades, a spec suite program (resulting in significant leasing activity – over 55,600 square feet leased since 2020), and common area enhancements. The property's MU-20 zoning allows for flexibility in future uses. Historically, the building has maintained high occupancy rates (90% over 15 years and 95% over 30 years), demonstrating consistent tenant demand. The building's strong anchor tenant, recent renovations, and desirable location position it favorably for continued occupancy growth and strong returns.