$1,400,000
$1,400,000
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3,962 SqFt
SOLD DATE : 05/04/2023
Key Details
Sold Price $1,400,000
Property Type Multi-Family
Sub Type End of Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 3,962 sqft
Price per Sqft $353
MLS Listing ID DCDC2088054
Sold Date 05/04/23
Style Traditional
Abv Grd Liv Area 3,156
Originating Board BRIGHT
Year Built 1922
Annual Tax Amount $9,956
Tax Year 2021
Lot Size 4,372 Sqft
Acres 0.1
Property Description
The Opportunity: This four-unit property has two newly updated three-bedroom units, one newly updated two-bedroom unit, and one one- bedroom unit and is located in the attractive 16th Street Heights submarket of NW Washington D.C. The building has undergone significant renovations and will provide stable, low-risk income for new ownership. Additionally, attractive financing options are available for properties with four or less units, adding additional value to the Property.
Proven Value-Add: Current ownership has implemented a significant value-add business plan by renovating and re-leasing the units at high market rents. The three-bedroom units are rented for $3,872, the two-bedroom unit for $2,872 and the one-bedroom unit for $2,467. 98% of the current rent roll is subsidized through housing vouchers, thus limiting risk of non-payment of rent.
Significant Renovations: The property has recently undergone significant renovations in the past year. Three of the four units were fully updated and the roof was replaced in 2021. Unit upgrades include new hardwood flooring, electric stoves, and dishwashers. New ownership will not be required to put additional capital expenditures into the units and will face lower maintenance costs in the future.
Convenient Location: The Property is conveniently located on 13th Street NW and less than a block from the shops, restaurants, and bars of Georgia Avenue NW. Downtown Petworth and Rock Creek Park are within a mile radius. Residents have access to many lifestyle amenities and parks right down the road.
Get Paid to Build Equity: With as little as 5% down on a $1,500,000 loan amortized over 30 years at a 6.5% interest rate, ownership can expect a monthly payment of approximately $9,007, taxes included. With in-place rents averaging $3,271 per unit, new ownership can live in one of the units while still generating $806 of income per month. A fantastic opportunity for anyone looking to live rent free with the benefit of additional income after mortgage payments.
Location
State DC
County Washington
Zoning RF-1
Interior
Hot Water Electric
Heating Heat Pump - Electric BackUp, Heat Pump(s)
Cooling Central A/C
Heat Source Electric
Exterior
Garage Garage - Front Entry
Garage Spaces 1.0
Waterfront N
Water Access N
Accessibility None
Parking Type Detached Garage
Total Parking Spaces 1
Garage Y
Building
Foundation Brick/Mortar
Sewer Public Septic, Public Sewer
Water Public
Architectural Style Traditional
Additional Building Above Grade, Below Grade
New Construction N
Schools
School District District Of Columbia Public Schools
Others
Tax ID 2814//0039
Ownership Fee Simple
SqFt Source Estimated
Special Listing Condition Standard
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Bought with Ari Firoozabadi • Greysteel Company LLC
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "