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
Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 26th March, 2023 3:10 AM (UTC)
