744 Girard Street NW

• FORECLOSURE SALE NOT SUBJECT TO TOPA
• Girard House will be sold via Foreclosure, which exempts this sale from the TOPA process. The new owner will have an opportunity to acquire the asset without having to go through the TOPA process, guaranteeing the acquisition of the asset without any encumbrances or delays. This allows borrowers to lock in on financing assumptions and ensure they have a path forward to closing within a short period of time.
• SUBSTANTIAL CAPITAL EXPENDITURES COMPLETED
• The building has recently undergone $3.6 Million dollars' worth of substantial renovations over the past 4 years, which include roofing upgrades, HVAC system overhauls, updates to kitchens and cabinetry, substantial plumbing upgrades, and refresh of common areas. New ownership would be assuming very little capital expenditure exposure, allowing a housing provider to implement their value-add through the lease-up of existing vacancies.
• PRIME LOCATION IN THE DISTRICT’S MOST POPULAR NEIGHBORHOOD
• Girard House is primely situated a half block off Georgia Avenue, just 2 blocks away from Howard University and four blocks away from Howard University Hospital Center. Residents have access to major grocery retailers such as Whole Foods Market and Streets Market, entertainment venues such as the 9:30 Club and the Howard Theatre, and ample restaurant options along Georgia Avenue and the U Street corridor just a five-minute walk away. The Property’s location ensures renter demand now and in the future from an affluent, vibrant, and energetic demographic.
• VALUE-ADD OPPORTUNITY
• New ownership will have the ability to add value via lease-up of existing vacancies and delivering new market-rate rentals to market. This will give the new owner the opportunity to increase net operating income during a short bridge period and stabilize the asset with substantial cashflow.
• AMPLE TRANSPORTATION OPTIONS
• 744 Girard Street NW, Washington, D.C., enjoys convenient access to various transit options, making commuting and traveling around the area relatively straightforward.
• • Via Bus: The location is served by several bus routes operated by the Washington Metropolitan Area Transit Authority (WMATA), including the 52, 53, 54, H2, H3, H4, and H8 bus lines. These multiple bus options provide transit to all points within DC and beyond into Montgomery County and Arlington, VA.
• • Metro: The Columbia Heights Metro Station and U Street Metro Station, both located approximately half a mile away, are the closest rail options for residents of Girard House. The stations are served by the Green and Yellow lines of the Washington Metro system, providing quick access to downtown DC, Virginia, and Maryland. Residents can reach the Columbia Heights and U Street stations by foot or by utilizing nearby bus routes for a seamless transit experience.
• • Airport: For air travel, Ronald Reagan Washington National Airport (DCA) is the closest airport to 744 Girard Street NW. DCA is situated approximately six miles away, making it a convenient option for both domestic and international flights. Residents can access the airport via various transportation methods, including Metro, taxi, rideshare services, or private vehicle, with travel time typically ranging from 20 to 30 minutes.

Property Description

THE OPPORTUNITY Girard House is a 36-unit asset located in the core Columbia Heights neighborhood, right around the corner from Howard University and the U Street Corridor. The Property consists of 31 one-bedroom units and 5 two-bedroom units, which have been recently updated in the past 10 years with a substantial renovation loan from DHCD, and parking for 7 cars across 4 garage spaces. The Property conveys with 9 vacancies, offering an immediate value-add opportunity on re-leases with minimal capital expenditures, as units have been recently improved. This property will be conveyed via a Foreclosure Auction on June 25th, 2024.