709 IRVING ST NE

$2,650,000

709 IRVING ST NE, WASHINGTON, DC 20017

For Sale

MLS ID: DCDC2005008

  • 0.118 Acres
  • 1932 BUILT

Property Details

709 Irving Street NE is a 5-unit boutique apartment building that has a strong performance history through providing housing for Catholic University students and other members of the burgeoning Brookland and Edgewood communities. The building consists of four (3) bedroom units and a (7) bedroom unit and offers a turnkey 5.23% cap rate investment. The Covid-19 pandemic did not affect asset performance, vacancy or operating expenses, and in 2019 and 2020 the average gross operating income was $205,573 with an average net operating income of $139,235. The building's oversized units have a history of high occupancy rates and monthly market rents that range from $3,000 to $6,386. Complimentary off-street parking is provided for the tenants in the rear. Fully renovated less than 10 years ago, this well-maintained asset eliminates any expenditures for a new operator and is a turnkey investment with no deferred maintenance. All units are separately-metered for electricity, helping an owner control operational expenses, and tenants are responsible for all utilities except trash and recycling.

Chris Burns

LISTING AGENT

Amenities

Exterior & Building

  • water Source Public
  • Heat Type Central
  • Air Conditioning Central A/C
  • sewer Public Sewer

Financial Details

  • Sales Price $2,650,000
  • Real Estate Tax $13,874
  • Zoning RF-1

Area & Lot

  • Status For Sale
  • Lot Area 0.118 Acres
  • MLS ID DCDC2005008
  • Type COMMERCIAL
  • Year Built 1932
  • School District DISTRICT OF COLUMBIA PUBLIC SCHOOLS

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