5024 H St Se WASHINGTON Washington, DC 20019

Property Details for 5024 H St Se WASHINGTON

Year built

1940

Property size

4,500 SF

Property type

Commercial real estate

APN

5341 0039

Description

This turnkey five-unit apartment building in Washington, DC's Marshall Heights neighborhood presents a compelling investment opportunity. The property, located at 5024 H St SE, boasts 4,500 square feet on a sizable 6,758 square foot lot zoned R-2, offering potential for expansion. Built in the 1940s-1950s and extensively renovated in 2020, the three-story building features five units: four two-bedroom units and one one-bedroom unit. Currently, occupancy is at 40%, with two units generating monthly rental income of $1,472 and $1,525 respectively, inclusive of all utilities (electricity, water, sewer, and trash). The District of Columbia Housing Authority (DCHA) has approved a rent of $1,757 per month for the three vacant, move-in ready units. All units feature updated kitchens, bathrooms, appliances, and flooring, along with individual HVAC systems and water heaters. A large unfinished utility room adjacent to the basement unit provides potential for expansion. The property's strong pro-forma NOI of $64,563 translates to an attractive 9.56% cap rate, significantly exceeding the current 8.33% cap rate. The asking price of $675,000 represents a price per unit of $135,000 and a price per square foot of $150. The net rentable square footage is 3,250 square feet. This property offers significant upside potential for investors seeking a value-add opportunity in a growing market. Further details are available in the Offering Memorandum.