A Fully Renovated Three Unit Building | 2016 1st St NW
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A Fully Renovated Three Unit Building 2016 1st St NW
3 Unit Apartment Building $1,200,000 ($400,000/Unit) Washington, DC 20001
Investment Highlights
- Newly Renovated Vacant Three Unit Multifamily Asset in the Heart of LeDroit Park
- A TOPA Free Investment Opportunity
- Full Renovation in 2024 including New Energy Efficient HVAC Systems, New Windows, New Roof, and High-Level Finishes.
- One Two-Bedroom, One One-Bedroom With a den, and One One-Bedroom Unit all with Front and Rear Access
- Attractive FHA Loan Options Available for an Owner Occupant
- Off-Street Parking (2) and Located Six Blocks from the Shaw Metro
Executive Summary
Marcus & Millichap is pleased to exclusively represent the owner of 2016 1st Street NW, DC 20001, in the Le Droit Park subdivision. This newly renovated building is situated on a .04-acre lot, amassing three levels.
Zoned RF-1, this historically zoned building includes 2,859 square feet of rentable space with three separately metered three units, comprised of a one-bedroom unit, a one-bedroom unit with a den and a two bedroom unit. Each of the units have energy efficient HVAC systems, new high efficiency washer and dryers, waterless tank water heaters, new luxury laminate flooring, stainless steel appliances, and granite counter tops, The building has also received a complete renovation in 2023 with a new roof, new electrical wiring, and new plumbing. The units all have front and rear alley access including patio deck spaces on the second and third floors. There are two parking spaces with access from the alley in the rear of the building.
2016 1st Street NW is being sold vacant and TOPA free. An investor can achieve a stabilized NOI of approximately $84,081 +/- upon stabilization. This building offers a unique opportunity for a homeowner that wants to reside in one unit and lease out the two remaining units or an investor seeking cash-flow in this low-vacancy submarket.
2016 1st Street NW is located six blocks from the Shaw metro station, and it is centrally located between Howard University, two hospitals and walking distance to the central business district. LeDroit Park if one of Washington DC’s most affluent neighborhoods. The average median household income is $131,694 as of 2024, which is 175% of the national average. In addition, 41% of habitants hold a Master’s Degree or higher certification and 59% of the residents are between the ages of 25 and 44.
Known for its Victorian Architecture, LeDroit Park has a profound history tied to Howard University, which borders the neighborhood. LeDroit Park has a consistent tenant base and is one of the highest demand rental markets in the city.
Zoned RF-1, this historically zoned building includes 2,859 square feet of rentable space with three separately metered three units, comprised of a one-bedroom unit, a one-bedroom unit with a den and a two bedroom unit. Each of the units have energy efficient HVAC systems, new high efficiency washer and dryers, waterless tank water heaters, new luxury laminate flooring, stainless steel appliances, and granite counter tops, The building has also received a complete renovation in 2023 with a new roof, new electrical wiring, and new plumbing. The units all have front and rear alley access including patio deck spaces on the second and third floors. There are two parking spaces with access from the alley in the rear of the building.
2016 1st Street NW is being sold vacant and TOPA free. An investor can achieve a stabilized NOI of approximately $84,081 +/- upon stabilization. This building offers a unique opportunity for a homeowner that wants to reside in one unit and lease out the two remaining units or an investor seeking cash-flow in this low-vacancy submarket.
2016 1st Street NW is located six blocks from the Shaw metro station, and it is centrally located between Howard University, two hospitals and walking distance to the central business district. LeDroit Park if one of Washington DC’s most affluent neighborhoods. The average median household income is $131,694 as of 2024, which is 175% of the national average. In addition, 41% of habitants hold a Master’s Degree or higher certification and 59% of the residents are between the ages of 25 and 44.
Known for its Victorian Architecture, LeDroit Park has a profound history tied to Howard University, which borders the neighborhood. LeDroit Park has a consistent tenant base and is one of the highest demand rental markets in the city.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$105,060
|
$36.75
|
| Other Income |
-
|
-
|
| Vacancy Loss |
$3,060
|
$1.07
|
| Effective Gross Income |
$102,000
|
$35.68
|
| Taxes |
$8,069
|
$2.82
|
| Operating Expenses |
$9,850
|
$3.45
|
| Total Expenses |
$17,919
|
$6.27
|
| Net Operating Income |
$84,081
|
$29.41
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $105,060 |
| Annual Per SF | $36.75 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | $3,060 |
| Annual Per SF | $1.07 |
| Effective Gross Income | |
|---|---|
| Annual | $102,000 |
| Annual Per SF | $35.68 |
| Taxes | |
|---|---|
| Annual | $8,069 |
| Annual Per SF | $2.82 |
| Operating Expenses | |
|---|---|
| Annual | $9,850 |
| Annual Per SF | $3.45 |
| Total Expenses | |
|---|---|
| Annual | $17,919 |
| Annual Per SF | $6.27 |
| Net Operating Income | |
|---|---|
| Annual | $84,081 |
| Annual Per SF | $29.41 |
Property Facts
| Price | $1,200,000 | Building Class | C |
| Price Per Unit | $400,000 | Lot Size | 0.04 AC |
| Sale Type | Investment | Building Size | 2,859 SF |
| No. Units | 3 | No. Stories | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1908/2024 |
| Property Subtype | Apartment |
| Price | $1,200,000 |
| Price Per Unit | $400,000 |
| Sale Type | Investment |
| No. Units | 3 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 2,859 SF |
| No. Stories | 3 |
| Year Built/Renovated | 1908/2024 |
Unit Amenities
- Air Conditioning
- Balcony
- Dishwasher
- Washer/Dryer
- Deck
- Den
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 2+1 | 1 | $3,000 | 1,100 |
| 1+1 | 2 | $2,750 | 800 - 900 |
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Walk Score ®
Very Walkable (88)
Transit Score ®
Excellent Transit (73)
Bike Score ®
Very Bikeable (79)
PROPERTY TAXES
| Parcel Number | 3116-0011 | Total Assessment | $949,300 (2023) |
| Land Assessment | $536,980 (2023) | Annual Taxes | $8,069 ($2.82/SF) |
| Improvements Assessment | $412,320 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
3116-0011
Land Assessment
$536,980 (2023)
Improvements Assessment
$412,320 (2023)
Total Assessment
$949,300 (2023)
Annual Taxes
$8,069 ($2.82/SF)
Tax Year
2024
zoning
| Zoning Code | RF-1 (The purpose of the RF-1 zone is to provide for areas predominantly developed with row houses on small lot.) |
| RF-1 (The purpose of the RF-1 zone is to provide for areas predominantly developed with row houses on small lot.) |
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A Fully Renovated Three Unit Building | 2016 1st St NW
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