Malcom Place | 1416 Chapin St NW
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Malcom Place 1416 Chapin St NW
16 Unit Block of Flats £2,340,420 (£146,276/Unit) 7% Net Initial Yield Washington, DC 20009
Investment Highlights
- Attractive Unit Mix: Consists of 16 Spacious Units, Featuring 12 Efficiencies and 4 One-Bedroom Units.
- High Upside Investment: In a Submarket with Low Vacancy Rates, Opportunity to Stabilize Rents Quickly, Enhancing Cash Flow Potential Within 90 Days.
- Unparalleled Access: Situated Three Blocks From the U Street Corridor and U Street Metro Station
- Low Risk Investment: Priced at a Stabilized 7.00% Cap Rate Using Conservative Market Rents
- Low Utility Expense: Each Unit is Separately Metered for Electric
Executive Summary
Marcus & Millichap is pleased to exclusively represent the owner of 1416 Chapin Street NW, Washington, DC, a 16-unit multifamily property in the vibrant Columbia
Heights neighborhood.
This 11,520-square-foot, four-story building features an attractive unit mix of 12 efficiency units and 4 one-bedroom units. Each unit is separately metered for electricity,
minimizing ownership expenses. While the property currently has 10 vacant units, the Columbia Heights submarket boasts a vacancy rate of just 2.4%, ensuring
investors a swift lease-up and stabilization timeline. No immediate capital expenditures are required, as the units are ready for lease-up.
1416 Chapin Street NW presents a compelling value-add opportunity. With the ability to lease up the 10 vacancies at market-rate rents in a low-vacancy submarket, the
pro forma 7.00% cap rate and first-year total return of 8.59% highlight the potential for strong cash flow and appreciation.
This property is located just three blocks from the bustling U Street Corridor and the U Street Metro Station, offering tenants exceptional walkability and access to some
of Washington, DC’s best retail, dining, and entertainment. Columbia Heights continues to be one of the city's most desirable rental submarkets, with low vacancy rates
and rental rates that consistently outperform the national average.
Situated in a thriving urban core, 1416 Chapin Street NW offers investors a rare opportunity to acquire a well-positioned asset with immediate income upside and long-term
value in one of Washington, DC’s most sought-after neighborhoods.
Heights neighborhood.
This 11,520-square-foot, four-story building features an attractive unit mix of 12 efficiency units and 4 one-bedroom units. Each unit is separately metered for electricity,
minimizing ownership expenses. While the property currently has 10 vacant units, the Columbia Heights submarket boasts a vacancy rate of just 2.4%, ensuring
investors a swift lease-up and stabilization timeline. No immediate capital expenditures are required, as the units are ready for lease-up.
1416 Chapin Street NW presents a compelling value-add opportunity. With the ability to lease up the 10 vacancies at market-rate rents in a low-vacancy submarket, the
pro forma 7.00% cap rate and first-year total return of 8.59% highlight the potential for strong cash flow and appreciation.
This property is located just three blocks from the bustling U Street Corridor and the U Street Metro Station, offering tenants exceptional walkability and access to some
of Washington, DC’s best retail, dining, and entertainment. Columbia Heights continues to be one of the city's most desirable rental submarkets, with low vacancy rates
and rental rates that consistently outperform the national average.
Situated in a thriving urban core, 1416 Chapin Street NW offers investors a rare opportunity to acquire a well-positioned asset with immediate income upside and long-term
value in one of Washington, DC’s most sought-after neighborhoods.
Property Facts
| Price | £2,340,420 | Apartment Style | Mid Rise |
| Price Per Unit | £146,276 | Building Class | C |
| Sale Type | Investment | Lot Size | 0.14 AC |
| Net Initial Yield | 7% | Building Size | 11,520 SF |
| Sale Conditions | High Vacancy Property | Average Occupancy | 38% |
| No. Units | 16 | Number of Floors | 4 |
| Property Type | Residential | Year Built | 1900 |
| Property Subtype | Apartment | Parking Ratio | 0.35/1,000 SF |
| Price | £2,340,420 |
| Price Per Unit | £146,276 |
| Sale Type | Investment |
| Net Initial Yield | 7% |
| Sale Conditions | High Vacancy Property |
| No. Units | 16 |
| Property Type | Residential |
| Property Subtype | Apartment |
| Apartment Style | Mid Rise |
| Building Class | C |
| Lot Size | 0.14 AC |
| Building Size | 11,520 SF |
| Average Occupancy | 38% |
| Number of Floors | 4 |
| Year Built | 1900 |
| Parking Ratio | 0.35/1,000 SF |
Site Amenities
- Laundry Facilities
- Bicycle Storage
Unit Mix Information
| Description | No. Units | Avg. Rent.Mo | SF |
|---|---|---|---|
| Studios | 12 | - | 400 |
| 1+1 | 4 | - | 675 |
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Walk Score ®
Walker's Paradise (95)
Transit Score ®
Excellent Transit (81)
Bike Score ®
Very Bikeable (84)
PROPERTY TAXES
| Parcel Numbers | Improvements Assessment | £1,924,832 | |
| Land Assessment | £467,368 | Total Assessment | £2,392,200 |
PROPERTY TAXES
Parcel Numbers
Land Assessment
£467,368
Improvements Assessment
£1,924,832
Total Assessment
£2,392,200
zoning
| Zoning Code | RA-2 (Moderate- or high-density residential areas suitable for multiple dwelling unit development and supporting uses) |
| RA-2 (Moderate- or high-density residential areas suitable for multiple dwelling unit development and supporting uses) |
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Malcom Place | 1416 Chapin St NW
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