1340 21st St NW | Washington, DC 20036
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1340 21st St NW
Washington, DC 20036
Renovated | Assumable Mtg | 3.24% Int. Rate · Residential Property For Sale · 10 Units
Investment Highlights
- Rent Control Exempt Ten Unit Multifamily Building in Dupont Circle.
- Ability To Raise Net Operating Income by Over 50% by Setting Market Rents.
- Separately Metered Electrical and Heating in Each Unit With Recently Redone Roof.
- An Assumable First Mortgage with a 3.26% Interest Rate
- One of Washington D.Cs Highest Demand Rental Markets.
- Attractive Unit Mix of Four Studio, Four One Bedroom, and Two Two Bedroom Units.
Executive Summary
Marcus & Millichap is pleased to exclusively represent the owner of 1340 21st Street NW, Washington DC, a ten-unit apartment in the Dupont Circle subdivision.
This 6,025 SF three-story apartment building has a Rent Control exemption and an attractive unit mix of four studio units, one one-bedroom w/ den, three one-bedroom, and two two-bedroom units. The building has had significant renovations including a new roof, newer windows, upgrades to the electrical and plumbing systems, newer HVAC systems (10), and appliances, and all the units were recently painted. This building has one vacant studio unit.
This property also has an assumable mortgage with a 3.26% interest rate. 1340 21st Street NW also provides an owner an opportunity to raise rents approximately 24% to be in line with market rate rents in Dupont Circle. Additionally, value can be added by charging utility-bill-back for water and gas service. Together, this investment opportunity allows a buyer the ability to raise the building’s net operating income by 50% in the first year.
1340 21st Street NW sits just one block away from historic Dupont Circle and two blocks away from The Dupont Circle Metro Station. The Dupont Circle submarket rental Rates are of the highest in the city and are 39% higher than the national average. Situated between Embassy Row, George Washington University, and Downtown DC, Dupont Circle offers investors the ability to capitalize on the enduring allure and potential for appreciation. This investment promises both immediate returns and long term value in one of the nation's most sought-after urban enclaves.
This 6,025 SF three-story apartment building has a Rent Control exemption and an attractive unit mix of four studio units, one one-bedroom w/ den, three one-bedroom, and two two-bedroom units. The building has had significant renovations including a new roof, newer windows, upgrades to the electrical and plumbing systems, newer HVAC systems (10), and appliances, and all the units were recently painted. This building has one vacant studio unit.
This property also has an assumable mortgage with a 3.26% interest rate. 1340 21st Street NW also provides an owner an opportunity to raise rents approximately 24% to be in line with market rate rents in Dupont Circle. Additionally, value can be added by charging utility-bill-back for water and gas service. Together, this investment opportunity allows a buyer the ability to raise the building’s net operating income by 50% in the first year.
1340 21st Street NW sits just one block away from historic Dupont Circle and two blocks away from The Dupont Circle Metro Station. The Dupont Circle submarket rental Rates are of the highest in the city and are 39% higher than the national average. Situated between Embassy Row, George Washington University, and Downtown DC, Dupont Circle offers investors the ability to capitalize on the enduring allure and potential for appreciation. This investment promises both immediate returns and long term value in one of the nation's most sought-after urban enclaves.
PROPERTY FACTS Under Contract
| Price Per Unit | £312,970 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.04 AC |
| Net Initial Yield | 6.06% | Building Size | 6,025 SF |
| No. Units | 10 | Average Occupancy | 100% |
| Property Type | Residential | Number of Floors | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1910/2023 |
| Apartment Style | Low Rise |
| Price Per Unit | £312,970 |
| Sale Type | Investment |
| Net Initial Yield | 6.06% |
| No. Units | 10 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.04 AC |
| Building Size | 6,025 SF |
| Average Occupancy | 100% |
| Number of Floors | 4 |
| Year Built/Renovated | 1910/2023 |
Unit Amenities
- Kitchen
- Oven
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 4 | - | 450 - 475 |
| 1+1 | 4 | - | 400 - 695 |
| 2+1 | 2 | - | 795 - 895 |
PROPERTY TAXES
| Parcel Number | 0069-0832 | Improvements Assessment | £2,197,845 |
| Land Assessment | £588,305 | Total Assessment | £2,786,150 |
PROPERTY TAXES
Parcel Number
0069-0832
Land Assessment
£588,305
Improvements Assessment
£2,197,845
Total Assessment
£2,786,150
zoning
| Zoning Code | RA-2/DC (Provide strong protections to retain its low scale, predominantly residential character, independent small retail businesses, and streetscapes.) |
| RA-2/DC (Provide strong protections to retain its low scale, predominantly residential character, independent small retail businesses, and streetscapes.) |
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