655 K St Nwa Washington, DC 20001-2385

Property Details for 655 K St Nwa

Year built

2015

Lot size

0.66 lot acres

Property size

273,276 SF

Property type

Office Properties & Spaces

APN

0451 2001

APU

4512001

Description

This exceptional investment opportunity presents a fee-simple interest in a 10,904-square-foot CVS Pharmacy located at 655 K St NW, Washington, DC 20001. The property, built in 2015, is situated on the ground floor of a Class A, ten-story mixed-use building, benefiting from dual street access with high vehicular traffic exceeding 45,000 vehicles daily. The NNN lease with CVS Pharmacy, a credit-rated tenant with a corporate guarantee, commenced April 1, 2015, and expires January 31, 2036, offering a remaining lease term of 11.2 years. The lease includes two five-year renewal options, with rent bumps of 10% in the first option period and fair market value in the second. The property boasts a strong net operating income (NOI) of $1,016,040, resulting in a compelling 7.13% cap rate. The asking price is $14,250,000. This prime location within the Mt. Vernon Triangle district is surrounded by a vibrant mix of hotels (over 7,000 rooms), apartments (over 11,000 units), and significant office space (27 million square feet within a half-mile radius), supporting a daytime population exceeding 300,000. The area's demographics are exceptional, with over 64,000 residents within a one-mile radius and average household incomes exceeding $172,000 annually. This offering provides a rare chance to acquire a stable, high-performing asset with significant long-term potential in a premier location.

Location Insight

City

Washington

County

District Of Columbia

State

DC

Longitude

-77.0209

Latitude

38.9029

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments