Value-Add Retail Space & Two Renovated Apts 1421 H St NE

Marcus & Millichap, in tandem with Ten-X, is pleased to present 1421 H Street NE, a mixed-use building with three stories, renovated in 2010, and located on the H Street Corridor.

1421 H Street NE is a 2,276-square-foot mixed-use property with a first- and second-floor retail space The second floor also includes a spacious lounge. This building also includes two apartment units — a studio and a one-bedroom unit. The building sits on a 0.03-acre parcel, zoned NMU-7B/H-A (mixed-use medium density use). The retail space is currently vacant, providing a new owner the opportunity to occupy this portion of the building or lease the space to a retail tenant. The residential units are separately metered and fully leased with market-rate tenants.

Market rents (retail and residential) for the H Street corridor are increasing every year, which provides a new owner the ability to increase cash flow with minimal capital improvements. Additionally, the property features two parking spaces at the rear. There is also additional street parking on H Street and Maryland Avenue.

The H Street corridor has experienced tremendous revitalization over the past several years. Retail, award-winning restaurants, and new commercial real estate development surround the area. Transportation can be easily accessed through Union Station and the NoMa-Gallaudet metro stations, metro bus lines, and the DC Streetcar are all accessible throughout the H Street corridor.

1421 H Street NE is centrally located between Union Market to the North (NoMa) to the northwest, and the historic neighborhood of Capitol Hill, which is located to the south. The property is also seven blocks away from Whole Foods and within walking distance of national retailers, including Starbucks, CAVA, and Orangetheory Fitness, as well as numerous recently delivered Class A mixed-use buildings. 1421 H Street NE offers an investor the opportunity to enter a rapidly transforming submarket at a relatively low cost compared to other neighborhoods in Washington, DC.

As the capital city of the United States, Washington, DC is located along the Potomac River, just inland from the Chesapeake Bay. In addition to the District of Columbia, the metro encompasses 22 counties and jurisdictions in portions of Maryland, Virginia, and West Virginia. The District and inner-ring suburbs are densely populated. Washington, DC, is the largest city in the metro, with a population of nearly 718,000 residents, followed by Arlington and Alexandria. Amazon is growing its presence in Northern Virginia, with its HQ2 location, and plans to finish the project’s first phase sometime in 2023. Subsequent phases, however, are in doubt. In March, the company delayed the construction of three, 22-story office towers and the Helix building.