$2,800,000
1516 OATES ST NE Washington, DC 20002
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$2,800,000
Est. payment /mo
9,384 SqFt
UPDATED:
10/25/2024 08:36 PM
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 9,384 sqft
Price per Sqft $298
MLS Listing ID DCDC2162694
Originating Board BRIGHT
Year Built 1938
Annual Tax Amount $11,925
Tax Year 2023
Lot Size 8,614 Sqft
Acres 0.2
Property Description
THE OPPORTUNITY
This 14-unit apartment building in the heart of Washington, D.C.’s H Street Corridor presents a prime investment opportunity. With 100% vacancy, it offers immediate potential for repositioning in a highly sought-after neighborhood. The high absorption rates of similar properties in the area highlight the market demand, making this a lucrative opportunity to capitalize on.
100% VACANT ASSET
The property will be delivered 100% vacant, making this opportunity free from the elongated TOPA timelines. With no tenants in place, ownership will be able to immediately implement their business plan and begin adding value from day one.
VALUE-ADD OPPORTUNITY
With a focus on unit upgrades and strategic conversion, this property offers significant cash flow potential. Upon stabilization, projected monthly income exceeds $40,000, making this a highly attractive investment with strong return prospects.
TRANSFORMATIVE DEVELOPMENT
The Property is surrounded by major revitalization projects like Ivy City, NewCityDC, Union Market, and the H Street Corridor. These areas are seeing billions in redevelopment, including new retail, office spaces, and residential projects. This wave of transformation positions the property for long-term value
appreciation in a thriving submarket.
H STREET CORRIDOR
Located just two blocks from the vibrant H Street Corridor, one of D.C.’s fastest-growing areas. With its dynamic mix of dining, nightlife, arts, and entertainment, the neighborhood draws locals and visitors alike, ensuring strong demand for housing.
LIFESTYLE AMENITIES
With a Walk Score 85, this Property provides easy access to numerous lifestyle amenities. Within a five-minute walk, you’ll find Hechinger Mall, home to CVS, Safeway, ALDI, and more. Whole Foods and Giant are just a short drive away, offering convenience for residents.
TRANSPORTATION EASE
The location offers excellent connectivity, whether by car, public transit, or D.C.’s StreetCar. The nearby streetcar provides access along H Street to Union Station, while major highways like Route 50 and I-295 are just minutes away. For commuters, MetroBus stops on every corner ensure easy travel throughout the D.C. metropolitan area.
SELF-CONTAINED ASSET
Each unit is separately metered for all utilities, placing the responsibility for utility usage and payments entirely on the tenants. This arrangement significantly lowers the owner’s operating costs and eliminates the risk of unpaid utility bills affecting the property’s cash flow, which in turn will increase investor returns.
This 14-unit apartment building in the heart of Washington, D.C.’s H Street Corridor presents a prime investment opportunity. With 100% vacancy, it offers immediate potential for repositioning in a highly sought-after neighborhood. The high absorption rates of similar properties in the area highlight the market demand, making this a lucrative opportunity to capitalize on.
100% VACANT ASSET
The property will be delivered 100% vacant, making this opportunity free from the elongated TOPA timelines. With no tenants in place, ownership will be able to immediately implement their business plan and begin adding value from day one.
VALUE-ADD OPPORTUNITY
With a focus on unit upgrades and strategic conversion, this property offers significant cash flow potential. Upon stabilization, projected monthly income exceeds $40,000, making this a highly attractive investment with strong return prospects.
TRANSFORMATIVE DEVELOPMENT
The Property is surrounded by major revitalization projects like Ivy City, NewCityDC, Union Market, and the H Street Corridor. These areas are seeing billions in redevelopment, including new retail, office spaces, and residential projects. This wave of transformation positions the property for long-term value
appreciation in a thriving submarket.
H STREET CORRIDOR
Located just two blocks from the vibrant H Street Corridor, one of D.C.’s fastest-growing areas. With its dynamic mix of dining, nightlife, arts, and entertainment, the neighborhood draws locals and visitors alike, ensuring strong demand for housing.
LIFESTYLE AMENITIES
With a Walk Score 85, this Property provides easy access to numerous lifestyle amenities. Within a five-minute walk, you’ll find Hechinger Mall, home to CVS, Safeway, ALDI, and more. Whole Foods and Giant are just a short drive away, offering convenience for residents.
TRANSPORTATION EASE
The location offers excellent connectivity, whether by car, public transit, or D.C.’s StreetCar. The nearby streetcar provides access along H Street to Union Station, while major highways like Route 50 and I-295 are just minutes away. For commuters, MetroBus stops on every corner ensure easy travel throughout the D.C. metropolitan area.
SELF-CONTAINED ASSET
Each unit is separately metered for all utilities, placing the responsibility for utility usage and payments entirely on the tenants. This arrangement significantly lowers the owner’s operating costs and eliminates the risk of unpaid utility bills affecting the property’s cash flow, which in turn will increase investor returns.
Location
State DC
County Washington
Zoning RF-1
Interior
Hot Water Natural Gas
Heating Other
Cooling Window Unit(s)
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Accessibility Other
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District District Of Columbia Public Schools
Others
Tax ID 4075//0828
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Listed by Ari Firoozabadi • Greysteel Company LLC
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