350 U Street NE

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Address: 350 U Street NE, Washington, District of Columbia, US
Created date: January 19, 2024
Date last updated: May 17, 2024
  • The Opportunity: The Property is a renovated, 14-unit building located in one of the most attractive submarkets in Washington D.C. With a mix of one-bedrooms, two bedrooms, and a five-bedroom unit, the Property provides significant, low-risk cash flow. The Property is within walkable distance of any amenity a resident would need, and surrounded by many transformative development projects.
  • Fully Stabilized Asset: Current ownership has successfully implemented a heavy value-add business plan by renovating the building, addressing all major capital items and re-leased units at high rental rates following delivery of the 2021 renovation. The Property is receiving $5,757 for the five-bedroom unit, $3,113 for two-bedroom, and $2,648 for one-bedroom. 95% of the current rent roll is subsidized through housing vouchers, thus limiting exposure to rental losses. Significant in-place cash flows will allow new ownership the benefit of a turnkey operation with no repositioning needed.
  • Significant Renovations: The Property underwent a $700,000 full renovation in 2021, including a brand-new roof, windows, air conditioning system, water heater, and full unit renovations. New ownership will not need to invest significant capital into the building and will potentially save on maintenance costs. A full scope of work and renovation budget is available for review.
  • Ease of Transportation: Transportation from the Property is a breeze, whether you are traveling between states or a few blocks away. The Property is within a 15-minute drive of U Street, H Street, Howard University, and Union Station, allowing residents to explore the city or hop on an Amtrak train to anywhere on the East Coast. Residents with cars have ease of access to interstate highways, with Rhode Island Ave turning into Route 1, Route 50 five minutes away, and I-295 less than 15 minutes away. For trips downtown or to the surrounding metropolitan area, residents can utilize the Rhode Island Ave-Brentwood Red Line Metro stop less than mile away or bus stops on every corner that provide access to D.C.’s expansive MetroBus network.
  • Lifestyle Amenities at Your Fingertips: The Property is within a five-minute drive of the Rhode Island Place Shopping Center, which contains a CVS, Giant, Home Depot, 7-Eleven, Bank of America, and multiple food options. Within a 10-minute drive, residents can access Whole Foods, Union Market, Trader Joe’s, Target, and many other large retailers.
  • Transformative Developments Abound: The Property is encircled by three of DC’s most notable neighborhood revitalizations (Ivy City/New City DC, Union Market District, and the H Street Corridor) New City DC and the transformation of Ivy City has delivered ~2.2M GSF comprised of ~340K SF of Retail and ~175K SF of Office, featuring trendy restaurants, wine bars, and retailers like Target and Pet Smart. The 45 acres between Florida and New York Avenues next to Gallaudet University, better known as the Union Market District (and is approximately a mile from the Property), is in the process of finalizing an 8M SF redevelopment plan. The submarket features Trader Joes, Giant, and Whole Foods. The surrounding Union Market, Ivy City, and H Street Corridor neighborhoods have an additional 27 projects totaling 4.6 million square feet currently under construction or proposed.

Property Description

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Key Property Information

Listing Status: Available
Listing Type: Call for offers
Property Types: Apartment Buildings
No. of Units: 14
Year Built: 1961
Lot Size: 0.37 Sq ft
Opportunity Zone: No
Property Website Click Here
Address: 350 U Street NE, Washington, DC 20002, USA
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