Courtyard on Constitution 201 16th St NE 44 Unit Apartment Building For Sale Washington, DC 20002

As the exclusive listing broker, The Zupancic Group of Marcus & Millichap is excited to present Courtyard on Constitution, a 44-unit condominium building that is currently operating as a multifamily rental property. The asset is located on the corner of 16th Street NE and Constitution Avenue NE in Kingman Park and is nestled conveniently between Capitol Hill and RFK Stadium, which is set to experience tremendous growth and development in the coming years. This offering presents a rare and exciting opportunity to invest in an asset in a
prime location with minimal deferred maintenance but significant value-add upside through future increases in cash flow.
Courtyard on Constitution consists of 44 condominium units (Certificate of Occupancy is for 42 units, with 57 separate tax parcels, 13
of which are parking spaces). The community is owned by one LLC entity and operates as a multifamily rental community. The property is approximately 29,743 gross square feet and sits on an approximately 32,812 gross square foot lot with an RF-1 zoning designation. The property features 24 one-bedroom, one-bathroom units, and 20 two-bedroom, one-bathroom units. The property currently is operating with eight (8) physical vacancies, with average in-place rents per unit of $1,495, which is 34% below the market average rent for comparable one-and-two bedroom units. All units were renovated in 2011 to feature stainless steel appliances, electric heat pumps, electric hot water heaters, new wood floors, upgraded kitchen appliances, cabinetry, dishwashers, and washers and dryers. The property is separately metered for electric and gas utilities and the tenants are responsible for their utility expenses with the exception of 18 units that run on a separate electric grid. The utility expenses are compensated through higher relative rents for those select units. A new roof was also added in 2011, which features solar panels, and the electric service was heavied-up to 125 amps per unit. Finally, the property has 18 parking spots situated on a large parking lot in the rear lot, a significant amenity for downtown DC.