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Court Square Apartments
705 4th Street NW
Washington, DC 20001
County: District of Columbia
41 Units
Building: 20,250 sq ft
Lot: 7,125 sq ft
Occupancy: 71%
Price: $5,000,000
Price Per Unit: $121,951
GRM: 11.33
Cap Rate: 4.60%
Year Built: 1926
This 41 unit
Walk-Up Style Multi-Family building is located in
Judiciary Square, a submarket that is highly sought
after by investors. This submarket is experiencing
high barriers to entry as a result of very little
trade in recent years. Located at 705 4th Street,
NW, this property is comprised of 28: Studios and
13: One Bedroom apartment units.
With an
average unit size of 450 SF for the Studios and 625
SF for the One Bedroom units, investors can
reposition this asset into high end rentals or
upscale lofts; capitalizing on their investment. The
original plan was to convert this property into a
condominium building which explains the lower than
market average 71% occupancy rate. However, changes
in the market caused the owners to keep it as a
rental property.
With a part-time on-site manager, the physical
condition of this property has been well maintained.
The windows and roof have been replaced within the
past six months and the current owners intend to
perform an electrical heavy up. This will allow the
property to run more efficiently by converting
existing fuse boxes into circuit breakers and
separately metering the utilities, thereby
maximizing profits.
This asset is positioned less than one mile from the
FBI building, National Convention Center, United
States Supreme Court building, and right in the
heart of the business district. Judiciary Square's
high demand by renters reassures investors that they
will be able to fully occupy this asset consistently
for many years to come.
Located in Judiciary Square - New Flat
Roof
One Block from Judiciary Square Metro - Spacious 5,000 SF
Basement
Value-Add Opportunity
call Ari Firoozabadi of Marcus &
Millichap at (202) 536-3794
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Apartment Investments
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Need to Know.
Comment
Dear
Richard,
Thank You very much for your help on the
financing. The rate turns out to be better than
expected...
Joe D.
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