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.

©2024 Bright MLS, Inc. all rights reserved.

Data last updated on 11/22/2024 at 1:40 AM UTC

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