23 Unit Apartment - Value Add Opportunity — Sale in Washington, DC

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Multifamily Property
  • Location: Washington, DC 20002

Photos

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Investment Figures

Cap rate
8.99%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to exclusively represent the owner of 1850–1854 Kendall Street NE, Washington, DC , two adjacent apartment buildings totaling 23 apartment units in the rapidly evolving Ivy City/Brentwood submarket of Northeast Washington, DC. This bank-owned asset presents a significant value-add and redevelopment play following fire damage sustained in late 2025. The properties are currently vacant and require a comprehensive renovation, creating the opportunity for an investor or developer to reposition the asset in a supply-constrained rental market. The three-level buildings total approximately 26,951 square feet and feature a desirable unit mix of ten three-bedroom/one-bath units, eleven two-bedroom/one-bath units, and two one-bedroom/one-bath units. All apartments are separately metered for gas and electricity, and each unit includes existing ductwork infrastructure for central air conditioning and heating systems. While the properties require substantial rehabilitation, the renovation scope and associated risk are reflected in the offering price. Based on renovated comparable properties within the immediate submarket, projected stabilized gross rental income is approximately $546,000 annually. This projection assumes average monthly rents of approximately $1,600 for one-bedroom units, $1,800 for two-bedroom units, and $2,250 for three-bedroom units. The submarket continues to demonstrate strong rental demand, supported by limited housing supply, improving neighborhood amenities, and accessibility to major employment centers throughout Washington, DC. Strategically positioned along the New York Avenue NE corridor, 1850–1854 Kendall Street NE benefits from proximity to several transformative developments and neighborhood anchors. The properties are located approximately four blocks from Gallaudet University, eight blocks from Union Market, and within close proximity to Union Station and the proposed Washington Commanders stadium redevelopment. The

Market Context

This multifamily in Washington, DC is listed for sale. It is offered at an approximate 9.0% capitalization rate, a key benchmark for income-producing multifamily assets. Compare it against other multifamily listings for sale in Washington, DC — view the full market.

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