2493 Alabama Ave Washington, DC 20020

Property Details for 2493 Alabama Ave

Year built

1946

Property size

5,040 SF

Property type

Commercial real estate

APN

5730-0912

Description

This exceptional multifamily investment opportunity presents a four-unit apartment building located at 2493 Alabama Ave SE, Washington, DC 20020. The property, built in 1946, boasts a total of 5,040 square feet, with 3,360 square feet of net rentable space. Currently, three of the four units are occupied, each generating approximately $1,000 in monthly rent. Each unit is a two-bedroom, one-bathroom layout, but the design allows for potential reconfiguration to add another bedroom, significantly increasing rental income. Nearby properties are achieving monthly rents of $2,500 through the voucher program for three-bedroom units, suggesting substantial upside potential. The property sits on a 4,292 square foot lot and is zoned RA-1, potentially allowing for the addition of units in the approximately 1,680 square foot unfinished basement. The building's strategic location in Randle Heights, adjacent to new multifamily construction and less than half a mile from Skyland Town Center, further enhances its investment appeal. The asking price is $1,000,000, representing a price per square foot of $198.41 and a price per unit of $250,000. This property offers a compelling combination of immediate income generation and significant value-add potential through renovations and potential expansion. The current 75% occupancy rate provides a solid foundation for future growth. This is a rare opportunity to acquire a multifamily asset in a rapidly developing area with substantial upside potential.