1927 15TH ST NW
Washington, DC 20009

Description:

1927 15th St NW presents a fully leased, income-producing three-unit asset in the heart of the U Street/14th Street corridor—one of Washington, DC’s most dynamic and consistently high-demand rental submarkets. With all three units now stabilized, the property generates $9,249 per month ($110,988 annually) in gross rental income, offering immediate cash flow with no lease-up risk. The asset features a highly desirable unit mix of two two-bedroom residences and one one-bedroom residence, each with in-unit washer/dryer and separately metered electricity, supporting operational efficiency and tenant appeal. Apt 2 (1BR/1BA) is leased through April 30, 2027 at $3,350/month (including parking). Apt 1 (2BR/1BA) is leased through July 31, 2026 at $3,475/month (including parking). Apt G (2BR/1BA) is leased through May 31, 2027 at $2,424/month. The staggered lease structure provides both income stability and future rent growth opportunities, allowing an investor to strategically adjust rents over time in alignment with market conditions. At the current asking price, the property presents an estimated cap rate ranging from the mid-4% to approximately 5.0%, depending on expense assumptions and management approach. The property benefits from a current Certificate of Occupancy (July 2024) and a valuable rent-control exemption, offering long-term flexibility for rental increases and asset management strategy—an increasingly important advantage in the DC market. Since 2020, the building has undergone meaningful capital improvements, including full brick façade repointing with gable reconstruction, slate roof stabilization, updated HVAC systems (Apts 1 & G), modernized kitchens and finishes, enhanced lighting, and exterior stair upgrades—significantly reducing near-term capital expenditure risk. Additional features include two secured off-street parking spaces with protected garage access, a premium amenity that enhances rental value and tenant retention in this highly walkable, transit-oriented location. Positioned within walking distance to Metro, restaurants, retail, and nightlife, the U Street corridor continues to demonstrate strong tenant demand, low vacancy, and long-term appreciation fundamentals. For investors seeking a stabilized, rent-control-exempt asset with immediate cash flow, minimal deferred maintenance, and durable long-term upside, 1927 15th St NW represents a compelling opportunity in one of DC’s most resilient urban rental markets.