We are offering a rare opportunity to add a turnkey 4 unit apartment building to your portfolio. This is a perfect location & space for an owner to live in a spacious unit, and have 3 rentals paying the mortgage.
Location: Highly sought-after Capitol Hill East neighborhood between Lincoln Park and RFK Stadium. Building is 2 blocks from Stadium Armory Metro (Orange, Blue, and Silver Lines) and the new 19th Street shops and restaurants. Less than 5 minutes to I-295, Eastern Market, and H Street Corridor. Has a Walk Score of 80/100 and a Bike Score of 95/100.
Property: Corner lot features lush landscaping and beautiful large flagstone patio with no grass to maintain. Property includes vacant lot/space adjacent to building. Check with zoning to see what can be developed there.
Building: Solid 1940 construction - all brick with excellent pointing with strongly accented cement quoin stone. Flat graded leak-free roof with interior access. Large new windows installed 2016 providing excellent natural light on 3 sides of each unit. Well-decorated masonry construction center hall with carpeted stairs and floors. Dry basement divided into two spaces with 9 windows installed 2016. Large common basement area features polished concrete floor, dedicated secure storage units, and washers and dryers. Large owner area features excellent storage with separate supply room. Basement also includes 5 individual water heaters - one for each unit and one for laundry.
Expansion possibilities include third floor addition, basement apartment, basement storage rental (there is a separate entrance), and vacant lot for potential development (perfect for a prefabricated tiny house, but check with Zoning).
Units: The building has 2 one-bedroom units and 2 two-bedroom units. Three units are currently (1/23/24) occupied. Each well-maintained apartment has hardwood living room floors, carpeted bedrooms, and tile kitchen floors with custom light fixtures. All kitchens feature ample granite countertops, cherry cabinets with excellent storage, and quality appliances including refrigerators, gas ranges, built-in microwave ovens, and dishwashers. Ceiling fan light fixtures in each bedroom. Each unit is assessed for condition, immaculately cleaned, and completely painted between occupancies. Building thoroughly inspected by DCRA (public record) May 2022. These are luxurious units that rent fast, all feature either stainless steel appliances or sleek black ones, some have quiet Bosch dishwashers.
Unit Special Features:
Unit 1 (owner unit until 2022): Stainless steel appliances including Bosch dishwasher, 2021 bathroom with large walk in glass shower. New bedroom carpets.
Unit 2 - 2023 bathroom with new tub and contemporary bathroom tile.
Unit 3 - new stainless refrigerator and Bosch dishwasher. New bedroom carpets.
Income: Current monthly rents reflect owner's interest in providing high quality housing.
Zillow rental estimates for units in 20003:
Unit 1 - $3512
Unit 2 - $2375
Unit 3 - $3512
Unit 4 - $2375
The roof has potential for a 22 Kw solar system on the roof, which could generate $8000 per year in DC SRECs ($400 x 22 KwH). This does not include the potential money saved on generating electricity.
Expenses: Electricity and gas are separately metered and paid by tenants; current owner pays electric and gas for common areas. Each tenant pays owner $25 per month for water. Tenants are responsible for internet. Current owner pays for private trash collection.
