3017 Massachusetts Ave Washington, DC 20019

Property Details for 3017 Massachusetts Ave

Year built

1942

Property size

28,000 SF

Property type

Commercial real estate

Description

This exceptional multifamily investment opportunity presents a 31-unit apartment building in Washington, DC's desirable Penn Branch neighborhood. The property comprises four adjacent buildings totaling approximately 28,000 square feet on a 0.49-acre lot (21,303 sq ft). The buildings, constructed in 1942, feature a mix of 19 one-bedroom, 4 one-bedroom-with-den, and 8 two-bedroom units. Currently boasting 93.5% occupancy, the property offers significant potential for rent growth, with current average rents of $1,156 for one-bedroom and $1,025 for two-bedroom units. Recent capital expenditures include a new gas boiler, roof replacement, water heater, and silicone roof coating across various buildings. The property benefits from an on-site laundry facility and convenient access to major employers, schools, shopping, entertainment, and highways. Its location near Anacostia Park, Fort Circle Park, and public transportation (including WMATA bus routes and proximity to the Minnesota Avenue and Anacostia Metro stations) adds to its appeal. The property is zoned R-2 and offers a flexible exit strategy, with the potential to sell the four smaller buildings individually. This well-maintained property, with a history of low vacancy, presents a compelling investment opportunity with immediate value creation potential. The asking price is $3,210,000, representing a price per unit of $103,548 and a price per square foot of $114.64. The property's location near the convergence of Hillcrest, Dupont Park, and Fort Dupont provides convenient access to amenities and major transportation arteries.