Active
1516 Oates St NE
Washington DC, 20002
$2,800,000
$298.38 per sqft
Active
9,384 sqft
Commercial
Built in 1938
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.
DCDC2162694
MLSⓇ ID
October 3, 2024
Listed
November 22, 2024
Updated
Map
1516 Oates St NE
Washington DC, 20002
Interior Features
Fireplace
No
Cooling
Yes
Cooling Description
Window Unit(s)
Heating
Yes
Heating Description
Natural Gas
Exterior/Building Features
Lot Size
0.2 Acres
Sewer
Public Sewer
Other Property Details
Taxes
$11,925
Tax Frequency
Annually
Days on Market
23
Garage
No
Parking
On Street
View
No
County
WASHINGTON
Water Source
Public
Pool
No
Listed by Greysteel Company LLC
Listing Contact: 2022802722
The IDX display contains information sourced from the Bright MLS, Inc. as of 11/22/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.
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Data last updated on 11/22/2024 at 1:40 AM UTC