1516 Oates Street NE Washington, DC 20002

Multi-Family Residence

Beds

Baths

10,952 Sq. Ft.

0.2 Acre Lot

Property Activity

Time on Site

days

Days on Market

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Saves

Last updated on 11/15/2024 4:58 AM

Listing Details

THE OPPORTUNITY This 14-unit apartment building in the heart of Washington, D.C.âs 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 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.âs 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, youâll 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.âs 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 ownerâs operating costs and eliminates the risk of unpaid utility bills affecting the propertyâs cash flow, which in turn will increase investor returns. Continue reading

MLS#

DCDC2162694

Property Type

Multi-Family

Year Built

1938

Square Feet

10,952 sq. ft

Price per Sq. Ft.

$298.38

Lot Size

0.2