G Street Apartments | 4951 G St SE
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G Street Apartments 4951 G St SE
45 Unit Block of Flats £5,964,689 (£132,549/Unit) Washington, DC 20019
EXECUTIVE SUMMARY
This investment combines the benefits of an assumable low-interest mortgage, a favorable unit mix, and the potential for increased rental income. Given the current market conditions and the property's attributes, it represents a promising opportunity for investors seeking to capitalize on the evolving real estate landscape in Washington, DC.
Assumable Mortgage at 3.2% Interest Rate
The property's assumable mortgage at a 3.2% interest rate is particularly advantageous in today's market, where average mortgage rates are around 7% . Assuming this mortgage allows you to take over the existing loan terms, including the lower interest rate, which can result in substantial savings over the loan's remaining five-year term. This strategy is increasingly popular among investors seeking to mitigate the impact of rising interest rates.
Occupancy and Unit Composition
With an 85% occupancy rate, 40 units are currently leased, leaving about 5 units currently vacant. The predominance of three-bedroom units aligns with the demand for larger rental spaces, potentially attracting families and groups seeking more living space.
Potential for Rent Increases
The current under-market rents offer an immediate opportunity to enhance revenue upon lease renewal. The property has 42 HCVP units. Transitioning the rents to current market rates offers significant income growth potential. There are only two delinquent units.
Assumable Mortgage at 3.2% Interest Rate
The property's assumable mortgage at a 3.2% interest rate is particularly advantageous in today's market, where average mortgage rates are around 7% . Assuming this mortgage allows you to take over the existing loan terms, including the lower interest rate, which can result in substantial savings over the loan's remaining five-year term. This strategy is increasingly popular among investors seeking to mitigate the impact of rising interest rates.
Occupancy and Unit Composition
With an 85% occupancy rate, 40 units are currently leased, leaving about 5 units currently vacant. The predominance of three-bedroom units aligns with the demand for larger rental spaces, potentially attracting families and groups seeking more living space.
Potential for Rent Increases
The current under-market rents offer an immediate opportunity to enhance revenue upon lease renewal. The property has 42 HCVP units. Transitioning the rents to current market rates offers significant income growth potential. There are only two delinquent units.
DATA ROOM Click Here to Access
PROPERTY FACTS
| Price | £5,964,689 | Building Class | C |
| Price Per Unit | £132,549 | Lot Size | 0.93 AC |
| Sale Type | Investment | Building Size | 42,794 SF |
| No. Units | 45 | Number of Floors | 3 |
| Property Type | Multifamily | Year Built/Renovated | 1967/2020 |
| Property Subtype | Apartment | Parking Ratio | 0.58/1,000 SF |
| Apartment Style | Low Rise |
| Price | £5,964,689 |
| Price Per Unit | £132,549 |
| Sale Type | Investment |
| No. Units | 45 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low Rise |
| Building Class | C |
| Lot Size | 0.93 AC |
| Building Size | 42,794 SF |
| Number of Floors | 3 |
| Year Built/Renovated | 1967/2020 |
| Parking Ratio | 0.58/1,000 SF |
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Heating
- Kitchen
- Refrigerator
- Oven
- Range
- Tub/Shower
SITE AMENITIES
- Laundry Facilities
- Furnished Units Available
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | Avg. Rent.Mo | SF |
|---|---|---|---|
| 2+1 | 15 | - | 780 |
| 3+2 | 15 | - | 875 |
| 4+2 | 15 | - | 950 |
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PROPERTY TAXES
| Parcel Number | 5342-0019 | Improvements Assessment | £1,558,470 |
| Land Assessment | £1,300,032 | Total Assessment | £2,858,502 |
PROPERTY TAXES
Parcel Number
5342-0019
Land Assessment
£1,300,032
Improvements Assessment
£1,558,470
Total Assessment
£2,858,502
ZONING
| Zoning Code | R-2 |
| R-2 |
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G Street Apartments | 4951 G St SE
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