1375 Fairmont Street NW

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Address: 1375 Fairmont St NW, Washington, DC 20009, USA
Created date: June 25, 2024
Date last updated: July 8, 2024

Property Description

Columbia Uptown is a 90-unit, elevator-served mid-rise apartment complex that is being offered for sale free and clear, or with the option to assume the in-place Principal Life Insurance loan. Located on the corner of 14th Street NW and Fairmont Street NW, between the Logan Circle and Columbia Heights neighborhoods of NW Washington, D.C., the property is exempt from rent control regulations, allowing ownership flexibility to achieve full market rent without restrictions. Recent renovations include modernization of the lobby and common areas, upgrades to the elevator systems, and in-unit upgrades such as stainless-steel appliances, dishwashers, granite countertops, refurbished hardwood floors or carpeting, new cabinetry, and sleek upgraded bathrooms. Apart from the 90 market-rate apartments, Columbia Uptown has multiple other income streams that provide additional revenue. The property has 55 off-street parking spaces that rent for $200 per month, a rooftop lease with cellular provider T-Mobile for $4,089 per month, and 4,423 square feet of ground floor retail across three spaces on 14th Street NW. The commercial spaces, which average $46 per square foot in rent, are currently occupied by Domino’s Pizza, Uptown Mart, and New Amsterdam (Dry) Cleaners. Altogether, these additional revenue streams totaled $346,000 in 2022 and will continue to provide a growing boost to ownership’s bottom line moving forward. The prime location of the property in the heart of Washington’s top residential, retail, dining, and entertainment destination ensures renter demand from an affluent, vibrant, and energetic demographic, as the property is located along the 14th Street NW Corridor of Washington, D.C., with direct access to major transportation hubs through multiple public transit options.

Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 90
Year Built: 1951
Lot Size: 0.88 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 1375 Fairmont Street NW, Washington, DC 20009, USA
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