1444 Rock Creek Ford Road NW

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Address: 1444 Rock Creek Ford Rd NW, Washington, DC 20011, USA

Washington DC + Apartment Buildings

Created date: September 24, 2024

Date last updated: October 8, 2024

VALUE-ADD OPPORTUNITY
The Property offers new ownership the ability to generate higher revenues through multiple avenues:
• The Rockford has plans for the addition of two “matter-of-right” apartments on the terrace level, which currently serves as property storage. This addition does not require any additional zoning approvals. These spaces already have window wells and appropriate ceiling heights, making the conversion process straightforward.
• The Property has considerable rental upside with the highest rented apartments at the Rockford leasing for $476 above the average effective rent while market rents for comparable communities are leasing for as much as $676 above average effective rent but most notably new apartment deliveries are leasing for $1,000 more average effective rents.
• Select one- and two-bedroom apartments, which average 752 and 937 square feet respectively, have the potential to be reconfigured to add an additional bedroom upon turnover and lease at higher rents to residents seeking these unit configurations.
STRONG HISTORICAL OPERATIONS AND DEMAND
The Rockford’s location in a residential neighborhood with close proximity to shopping and employment drivers have contributed to consistently high rental demand. The Property consistently boasts a 98% annual occupancy rate and units which come available for rent are immediately leased. Rent collections at the community are also incredibly strong averaging nearly 99% over the last several years.
WELL MAINTAINED ASSET
Pride of ownership is evident in the meticulous care and maintenance of the property. In recent years, the owners have invested significantly in improvements, including a new roof ($266,000), resurfacing and striping the parking lot with a new dumpster slab ($89,650), and replacing two water heaters ($30,100). New ownership will benefit from the absence of deferred maintenance, enabling a focus on revenue-enhancing improvements.
SURROUNDED BY TRANSFORMATIVE DEVELOPMENT
Several major developments encircle the Property—most notably, The Parks at Walter Reed Development, a 66-acre redevelopment delivering 3.1 million square feet of multifamily, office, and retail featuring a 47,000 SF Whole Foods, which opened in June 2023, Chase Bank, Starbucks and much more. The proximity to these landscape changing developments will continue to increase the demand for the Rockford and support higher levels of market rent growth.
CONVENIENT TO EMPLOYMENT CENTERS
The Property’s location along 16th Street in upper Northwest Washington, D.C. provides residents a comparative ease of accessible to multiple major employment hubs in Silver Spring and Bethesda, Maryland, Downtown D.C. and Northern Virgina via public transportation options and major thoroughfares thus riving rental demand among tenants seeking housing accommodations with easy accessibility to their work.
WALK OR DRIVE TO NEIGHBORHOOD RETAIL
With a Walmart located less than half a mile away, as well as a variety of neighborhood retail and service providers along Georgia Avenue, Kennedy Street, upper and central 14th Street, Upshur Street, 9th Street, and The Parks at Walter Reed, the property attracts residents seeking essential everyday conveniences in an urban but quietly residential setting.

Property Description

THE OPPORTUNITY The Rockford Apartments is a 68-unit community located along 16th Street, immediately south of Downtown Silver Spring, MD and the Parks of Walter Reed in the NW D.C. neighborhood of Brightwood.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	68
Lot Size:	1.17 Sq ft
Opportunity Zone:	No
Property Website	Click Here