3501 13th Street NW

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Address: 3501 13th St NW, Washington, DC 20010, USA

Washington DC + Apartment Buildings

Created date: September 9, 2024

Date last updated: November 25, 2024

2016 VOLUNTARY AGREEMENT OFFERS REVENUE GROWTH POTENTIAL
In 2016, the Property entered into a Voluntary Agreement (VA) with tenants, approved by the Department of Housing and Community Development (DHCD) and the Rent Administrator. This agreement allows rent increases above D.C. Rent Control limits in exchange for completed property improvements. 29 units have achieved their VA rent increases, renting at $3.52 per square foot, with potential for further increases upon turnover. The remaining 13 units’ monthly rents can be increased by an average of $1,057 upon turnover, adding $13,741 in gross potential revenue. This agreement ensures sustained rental income growth and long-term investment stability.
CONDO-QUALITY RENOVATION CUSTOMIZABLE CLOSETS MICROWAVES
Monroe Tower underwent extensive renovations in the last decade, including lobby and common area upgrades in 2016, and condo-quality renovations in 30 units. These units now feature modernized kitchens, bathrooms, and in-unit washers/dryers, with rents averaging $3.52 per square foot. Renovations have reduced utility costs by passing heating, air conditioning, and electricity expenses to tenants. These upgrades secure long-term rental demand and lower maintenance costs.
VALUE-ADD POTENTIAL
Monroe Tower, with 97.6% occupancy, offers value-add potential. 13 legacy units can be increased beyond normal rent control limits, adding up to $13,741 of gross potential rent per month. Operating expenses are currently 32.3% higher than competitors, indicating potential for cost reduction through efficient staffing. This combination of revenue growth and expense reduction enhances the property's investment appeal.
SUPERIOR TRANSIT FROM CENTRAL LOCATION
Monroe Tower’s central NW Washington location offers excellent transit options, including nearby bus lines and the Columbia Heights Metro Station, just a three-minute walk away. Key areas like Logan Circle and Downtown are less than a 10-minute drive. The location also provides direct access to Silver Spring and Montgomery County, MD.
URBAN LOCATION & AMENITIES
Located in NW Washington, D.C., Monroe Tower ensures strong rental demand with easy access to employment hubs and urban amenities. The property is close to major destinations, including Downtown Silver Spring and Washington, D.C., with a high “Walk Score” of 95. Residents have walking access to retail, dining, and entertainment options, enhancing its appeal to renters.

Property Description

THE OPPORTUNITY Monroe Tower, a 42-unit mid-rise in Columbia Heights, Washington D.C., was built in 1927 and offers 27 one-bedrooms and 15 two-bedrooms. 30 units and common areas have been renovated, while 12 units still present a rent premium opportunity. The 2016 Voluntary Agreement (VA) provides flexibility to increase revenues beyond standard D.C. Rent Control, making it an appealing investment. 29 of the 42 units have reached their full market rent potential, while 13 units still offer significant "Petition Balance" rent increases under the VA.

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Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	42
Year Built:	1927
Lot Size:	0.29 Sq ft
Opportunity Zone:	No
Property Website	Click Here