633 21st Street NE

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Address: 633 21st Street NE, Washington, District of Columbia, US

Washington DC + Apartment Buildings

Created date: January 19, 2024

Date last updated: April 11, 2024

The Jacob is a newly built, 31-unit building located on the corner of 21st Street NE and Benning Road NE in one of the most rapidly developing submarket 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 lifestyle amenities, and surrounded by many transformative development projects.
The rental subsidies are guaranteed by the government, providing a low-risk, high-reward opportunity. The Property is receiving $3,872 for three-bedrooms, $2,872 for two-bedrooms, $2,467 for one-bedrooms, and $2,397 for studios. Significant cash flows will allow new ownership to earn higher, value add-like returns on their investment, in an asset that more closely resembles an urban core-style acquisition.
The Jacob was completed in 2020 and has all the amenities of a newly built property, including stainless steel appliances, granite countertops, new hardwood flooring, in-unit washers/dryers and dishwashers and submeters for all utilities including water. New ownership will not have to invest in capital expenditures to maintain the quality of the building. Additionally, newly built properties are exempt from D.C.’s strict rent control guidelines. Ownership will not be restricted on any rental increases on in-place or new tenants, allowing for rental growth in line with the market and inflation.
Transportation from The Jacob is a breeze, whether you are traveling between states or a few blocks away. The D.C. Street Car provides access to the entire H Street corridor and Union Station, allowing residents to explore H Street or hop on an Amtrak train to anywhere on the East Coast. Residents with cars have ease of access to interstate highways, with Route 50 and I-295 5 minutes away, and I-495 less than 15 minutes away. For trips downtown or to the surrounding metropolitan area, residents can utilize the Stadium-Armory Metro stop less than mile away or bus stops on every corner that provide access to D.C.’s expansive Metro Bus network.
A small community in a big city, this pocket of Washington D.C. has a distinct neighborhood feel. The area contains walkable access to everything a resident could want, from nature to nightlife. Located just 4 blocks west of the Property, the historic H Street commercial district has emerged as one of the fastest growing and in-demand corridors in Washington, D.C. with a flourishing dining, nightlife, arts, and entertainment scene. Residents retain access to relaxing nature walks, with a 15-minute walk to the beautiful U.S National Arboretum or Kingman and Heritage Islands Park. Residents maintain access to the rest of the city via bus routes and metro stops, without the busy crowds and constant noise of Downtown D.C.
With a walk score of 80, the Property has immediate walkable access to many lifestyle amenities. Located just a five-minute walk away, the Hechinger Mall contains a CVS, Safeway, ALDI, Chase Bank, and more. Additional options like Whole Foods and Giant are less than a 10-minute drive away, further west along H Street NE.
The Jacob is encircled by many of D.C.’s most notable neighborhood revitalizations (Benning Road, RFK Stadium, and the H Street Corridor) and nearby to the long-planned Hechinger Mall redevelopment. Additionally, 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. With billions of dollars flowing into the redeveloping neighborhood, the Property is poised for significant future growth as the local infrastructure continues to deliver.

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Available

Key Property Information

Listing Status:	Available
Listing Type:	Call for offers
Property Types:	Apartment Buildings
No. of Units:	31
Year Built:	2020
Opportunity Zone:	No
Property Website	Click Here