1516 OATES STREET NE, WASHINGTON, DC 20002

$2,800,000

THE OPPORTUNITY This 14-unit apartment building in the heart of Washington, D.C.'s H Street Corridor presents a prime investment opportunity. With 100% vacancy, it offers immediate potential for repositioning in a highly sought-after neighborhood. The high absorption rates of similar properties in the area highlight the market demand, making this… Read More a lucrative opportunity to capitalize on. 100% VACANT ASSET The property will be delivered 100% vacant, making this opportunity free from the elongated TOPA timelines. With no tenants in place, ownership will be able to immediately implement their business plan and begin adding value from day one. VALUE-ADD OPPORTUNITY With a focus on unit upgrades and strategic conversion, this property offers significant cash flow potential. Upon stabilization, projected monthly income exceeds $40,000, making this a highly attractive investment with strong return prospects. TRANSFORMATIVE DEVELOPMENT The Property is surrounded by major revitalization projects like Ivy City, NewCityDC, Union Market, and the H Street Corridor. These areas are seeing billions in redevelopment, including new retail, office spaces, and residential projects. This wave of transformation positions the property for long-term value appreciation in a thriving submarket. H STREET CORRIDOR Located just two blocks from the vibrant H Street Corridor, one of D.C.'s fastest-growing areas. With its dynamic mix of dining, nightlife, arts, and entertainment, the neighborhood draws locals and visitors alike, ensuring strong demand for housing. LIFESTYLE AMENITIES With a Walk Score 85, this Property provides easy access to numerous lifestyle amenities. Within a five-minute walk, you'll find Hechinger Mall, home to CVS, Safeway, ALDI, and more. Whole Foods and Giant are just a short drive away, offering convenience for residents. TRANSPORTATION EASE The location offers excellent connectivity, whether by car, public transit, or D.C.'s StreetCar. The nearby streetcar provides access along H Street to Union Station, while major highways like Route 50 and I-295 are just minutes away. For commuters, MetroBus stops on every corner ensure easy travel throughout the D.C. metropolitan area. SELF-CONTAINED ASSET Each unit is separately metered for all utilities, placing the responsibility for utility usage and payments entirely on the tenants. This arrangement significantly lowers the owner's operating costs and eliminates the risk of unpaid utility bills affecting the property's cash flow, which in turn will increase investor returns. Read Less

Courtesy of Ari Firoozabadi, Greysteel Company LLC [email protected]

Listing Snapshot

Days Online

Last Updated

Dec 21, 2024

Property Type

Five Or More Units

Square Ft.

9,384

Lot Size

0.2 Acres

Year Built

1938

MLS Number

DCDC2162694

30 Days Snapshot Of 20002

$882k

+15%

(avg) sold price

-16%

homes sold

+14%

(avg) days on market

Snapshot

Area Map

Additional Details

Building

10,952 net sqft, 9,384 total building sqft, Built in 1938, 14 units in building, Brick

Cooling

Electric, Window Unit(s)

Accessibility Features

Other

Heating

Natural Gas

Lot

8,614 sqft, 0.2 acres

Property

Soil Types: Unknown

Sewer

Public Sewer

Taxes

City/Town Tax: $11,001, City/Town Tax Pymnt Freq: Annually, Tax Annual Amount: $11,001, Tax Year: 2024

Utilities

Hot Water: Natural Gas

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1516 OATES STREET NE

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