3533 Ames Street NE

• FAVORABLE TAX INCENTIVES: The Property is located in both a Qualified Census Tract and an Opportunity Zone, providing potential tax benefits for future ownership.
• POTENTIAL MAP AMENDMENT & PLANNED UNIT DEVELOPMENT (PUD) CANDIDATE: The Property’s current RA-1 zoning allows for FAR 0.9, but its designations as "Moderate Density Residential" and "Neighborhood Commercial Center" in the Future Land Use Map (FLUM) and Generalized Policy Map (GPM), respectively, make a compelling case for a possible Map Amendment and Planned Unit Development (PUD), which may increase the allowable density up to 147,056 square feet.
• VALUE-ADD OPPORTUNITY: The Property has 30 renovated units which capture significant loss-to-lease and previous ownership has spent over $213,000 in non-revenue producing capital expenditures: leaving new ownership with the potential to capitalize on a proven value add strategy.
• RAPIDLY GROWING D.C. NEIGHBORHOOD: Favorable forward-looking submarket fundamentals provide stability and opportunity for new ownership.
• TRANSFORMATIVE DEVELOPMENT SURROUNDS: Favorable forward-looking submarket fundamentals provide stability and opportunity for new ownership.
• EASE OF TRANSPORTATION: The Property’s central location in Southeast allows convenient access to WMATA’s bus and metro lines throughout the city and into Maryland.

Property Description

THE OPPORTUNITY: Ames Street Apartments is a partially renovated, 73-unit apartment building located at the corner of Minnesota Avenue NE and E. Capitol Street NE in the Deanwood neighborhood of NE Washington, D.C..