14 Unit - Luxury Multifamily Building | 1810 I St NE
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14 Unit - Luxury Multifamily Building 1810 I St NE
14 Unit Apartment Building $4,320,000 ($308,571/Unit) 7.12% Cap Rate Washington, DC 20002
Investment Highlights
- New Construction in Trinidad Submarket, Within Walking Distance to H Street NE Corridor
- Priced at 7.13 Percent CAP Rate, With Ability to Achieve 7.36 Percent CAP Rate Once Fully Stabilized
- Attractive Unit Mix Featuring 11 Two-Bedroom/Two-Bath Units, Including One Large Penthouse Suite, and Two One-Bedroom Units with Dens
- Located Within One Mile of Union Market and Union Station’s Metro and Rail
Executive Summary
Marcus & Millichap is pleased to present for sale the multifamily property located at 1810 I Street NE in the Trinidad NE corridor of Washington,
D.C. This 14-unit apartment building is a newly constructed, three-story property situated on a 0.09-acre lot, with select units featuring private
balcony access. Each of the 14 units feature condo-level nishes, including granite countertops, stainless steel appliances, custom cabinetry,
and more. The property also offers three parking spaces for tenants.
The building includes high-end amenities, such as quartz countertops, gas stoves, Samsung washer/dryers in every unit, Hardi Board and stucco
exterior, and a TPO roof. Additionally, 14 condo deeds have been completed and require only ling by the new owner. Construction of this
modern development was completed in 2024.
The Trinidad NE corridor is an evolving and thriving neighborhood known for its mix of new residential developments and a variety of local
businesses, including cafes, retailers, and international eateries. The property is ideally located one mile from Union Market, a premier dining
and shopping destination, and is within walking distance of Hechinger Mall, which is set to be redeveloped into 2.4 million square feet of mixeduse space.
Currently, 10 of the 14 units are occupied, generating an annual income of $307,550 and operating at a 7.12 percent cap rate. Once fully leased,
the property is projected to achieve a net operating income (NOI) of $318,076, increasing the cap rate to 7.36 percent. Additionally, this
investment offers a compelling ve-year levered return of 15.76 percent, making it particularly attractive in today’s market. Future appreciation
potential, driven by the area’s ongoing revitalization, further enhances the investment’s long-term value. 1810 I Street NE presents a rare
opportunity for investors to acquire a strategically positioned asset with both immediate income upside and substantial long-term growth
potential in one of Washington, D.C.’s most sought-after neighborhoods.
D.C. This 14-unit apartment building is a newly constructed, three-story property situated on a 0.09-acre lot, with select units featuring private
balcony access. Each of the 14 units feature condo-level nishes, including granite countertops, stainless steel appliances, custom cabinetry,
and more. The property also offers three parking spaces for tenants.
The building includes high-end amenities, such as quartz countertops, gas stoves, Samsung washer/dryers in every unit, Hardi Board and stucco
exterior, and a TPO roof. Additionally, 14 condo deeds have been completed and require only ling by the new owner. Construction of this
modern development was completed in 2024.
The Trinidad NE corridor is an evolving and thriving neighborhood known for its mix of new residential developments and a variety of local
businesses, including cafes, retailers, and international eateries. The property is ideally located one mile from Union Market, a premier dining
and shopping destination, and is within walking distance of Hechinger Mall, which is set to be redeveloped into 2.4 million square feet of mixeduse space.
Currently, 10 of the 14 units are occupied, generating an annual income of $307,550 and operating at a 7.12 percent cap rate. Once fully leased,
the property is projected to achieve a net operating income (NOI) of $318,076, increasing the cap rate to 7.36 percent. Additionally, this
investment offers a compelling ve-year levered return of 15.76 percent, making it particularly attractive in today’s market. Future appreciation
potential, driven by the area’s ongoing revitalization, further enhances the investment’s long-term value. 1810 I Street NE presents a rare
opportunity for investors to acquire a strategically positioned asset with both immediate income upside and substantial long-term growth
potential in one of Washington, D.C.’s most sought-after neighborhoods.
Financial Summary (Actual - 2024) Click Here to Access |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$99,999
|
$9.99
|
| Other Income |
$99,999
|
$9.99
|
| Vacancy Loss |
$99,999
|
$9.99
|
| Effective Gross Income |
$99,999
|
$9.99
|
| Taxes |
$99,999
|
$9.99
|
| Operating Expenses |
$99,999
|
$9.99
|
| Total Expenses |
$99,999
|
$9.99
|
| Net Operating Income |
$99,999
|
$9.99
|
Financial Summary (Actual - 2024) Click Here to Access
| Gross Rental Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Other Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Vacancy Loss | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Effective Gross Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Taxes | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Operating Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Total Expenses | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
| Net Operating Income | |
|---|---|
| Annual | $99,999 |
| Annual Per SF | $9.99 |
Property Facts
| Price | $4,320,000 | Apartment Style | Mid Rise |
| Price Per Unit | $308,571 | Lot Size | 0.09 AC |
| Sale Type | Investment | Building Size | 10,568 SF |
| Cap Rate | 7.12% | No. Stories | 4 |
| No. Units | 14 | Year Built | 2024 |
| Property Type | Multifamily | Parking Ratio | 0.28/1,000 SF |
| Property Subtype | Apartment | Opportunity Zone |
Yes
|
| Price | $4,320,000 |
| Price Per Unit | $308,571 |
| Sale Type | Investment |
| Cap Rate | 7.12% |
| No. Units | 14 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Lot Size | 0.09 AC |
| Building Size | 10,568 SF |
| No. Stories | 4 |
| Year Built | 2024 |
| Parking Ratio | 0.28/1,000 SF |
| Opportunity Zone |
Yes |
Unit Amenities
- Balcony
- Dishwasher
- Disposal
- Microwave
- Heating
- Kitchen
- Refrigerator
- Oven
- Tub/Shower
- Deck
- Den
- Loft Layout
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 2 | $1,854 | 611 |
| 1+1 | 1 | $1,916 | 367 |
| 2+2 | 11 | $3,122 | 816 |
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Walk Score ®
Very Walkable (84)
Bike Score ®
Very Bikeable (79)
zoning
| Zoning Code | RA-2 (Permit flexibility of design by permitting all types of urban residential development if they conform to the height, density, and area requirements.) |
| RA-2 (Permit flexibility of design by permitting all types of urban residential development if they conform to the height, density, and area requirements.) |
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14 Unit - Luxury Multifamily Building | 1810 I St NE
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