1701 E ST NE
Washington, DC 20002

Description:

We are pleased to exclusively represent the owner of 1701 E Street NE, an exceptional opportunity to acquire a rarely available, turn-key six-unit apartment building in the thriving Kingman Park neighborhood. Built in 2008 and offering approximately 8,088 rentable square feet on a prominent corner lot with dedicated parking, this well-maintained asset provides investors immediate in-place income with upside potential through lease-up and market rent growth. 100% occupied and all Voucher tenants. Each of the six spacious three-bedroom units averages 1,300 square feet and features separate metering, individual circuit panels, central air conditioning, water heaters, and in-unit laundry. The building includes hardwood floors, double-pane windows, and dedicated parking for residents. The current annual income is over $292,000 as a fully occupied building, representing an average market rent above $4,000 per unit per month. This asset offers an immediate opportunity to earn a 8.45% CAP rate. This REO property is ideally positioned along the rapidly redeveloping H Street and Benning Road corridors. The location benefits from strong transit connections via multiple bus lines and the H Street Trolley, with easy access across the city and a wide range of shopping and dining options. Notably, the asset is just minutes from the site of the future Washington Commanders stadium at the old RFK Stadium grounds, which is expected to further catalyze redevelopment and enhance neighborhood appeal.