61 Rhode Island Avenue NE

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Address: 61 Rhode Island Avenue NE, Washington, District of Columbia, US

Washington DC + Apartment Buildings

Created date: January 19, 2024

Date last updated: April 11, 2024

The Opportunity: The Property is a freshly renovated, 23-unit building located on Rhode Island Avenue NE in one of the most attractive submarkets in Washington D.C. With a mix of studio, one-bedroom, two-bedroom, and three-bedroom units, 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: The Property is currently receiving rents of $3,872 for three-bedrooms, $2,872 for two-bedrooms, $2,467 for one-bedrooms and $2,397 for efficiencies. 95% of the gross rent roll is subsidized and thereby guaranteed by the government, reducing the risk of non-payment. Additionally, there is a cell tower on the roof of the building, which is leased for $4,048 per month. Additional revenue could be generated by constructing a 24th rental unit at the property, which has received a 2017 BZA variance for 23 units and maintains an open space in the lower level to make this addition. Significant in-place cash flows will allow new ownership the benefit of a turnkey operation with no immediate capital expenditure needs.
Significant Renovations: The Property has undergone significant general upkeep and many of the units have been renovated over the past few years. Notable improvements include unit renovations, an upgrade from a boiler to baseboard heaters, an upgrade to FOBs and maglock for exterior doors and laundry, and a new roof. New ownership will not need to invest significant capital into the building and will potentially save on maintenance costs.
Ease of Transportation: Located on a major thoroughfare, 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 Metro stop less than mile away or bus stops on every corner that provide access to D.C.’s expansive MetroBus network.
Lifestyle Highlights 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 such as Chipotle, Popeyes, Dunkin’, and more. Within a 10-minute drive, residents can access Whole Foods, Union Market, 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.

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Available

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	23
Year Built:	1913
Opportunity Zone:	No
Property Website	Click Here