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Bethune House 401 Chaplin St SE 43 Unit Apartment Building $4,625,000 ($107,558/Unit) Washington, DC 20019
Investment Highlights
- FEDERAL AND LOCAL SUBSIDIES
- ON-SITE PARKING
- FAVORABLE UNIT MIX
- WELL-MAINTAINED PROPERTY
Executive Summary
Feldman Ruel is pleased to present Bethune House, a 43-unit multifamily property located at 401 Chaplin Street SE in the Fort Dupont Park neighborhood of Washington, D.C. The subject property consists of 23 one-bedroom, onebathroom units, 1 two-bedroom, one-bathroom unit, and 19 two-bedroom, one-and-one-half-bathroom units. Of the 43 total units, 10 are under a project-based voucher contract, and 21 are under HUD Housing Assistance Payment (HAP) contract, ensuring strong collections and predictable income.
The remaining 12 units have a fifty percent set-aside and are reserved for tenants making fifty percent of the Area Median Income (AMI). The subject property has been well maintained and offers immediate expense upside by replacing the current hotel-style air conditioning units with electric heat pumps, alleviating the burden of gas heat from the owner. The cost to up-fit has a two-year payback and will allow tenants to be in full control of their heating and air conditioning year round.
The remaining 12 units have a fifty percent set-aside and are reserved for tenants making fifty percent of the Area Median Income (AMI). The subject property has been well maintained and offers immediate expense upside by replacing the current hotel-style air conditioning units with electric heat pumps, alleviating the burden of gas heat from the owner. The cost to up-fit has a two-year payback and will allow tenants to be in full control of their heating and air conditioning year round.
Property Facts Under Contract
| Price | $4,625,000 | Building Class | C |
| Price Per Unit | $107,558 | Lot Size | 0.66 AC |
| Sale Type | Investment | Building Size | 47,457 SF |
| No. Units | 43 | Average Occupancy | 86% |
| Property Type | Multifamily | No. Stories | 5 |
| Property Subtype | Apartment | Year Built | 1965 |
| Apartment Style | Mid-Rise | Parking Ratio | 0.32/1,000 SF |
| Zoning | RA-1 | ||
| Price | $4,625,000 |
| Price Per Unit | $107,558 |
| Sale Type | Investment |
| No. Units | 43 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.66 AC |
| Building Size | 47,457 SF |
| Average Occupancy | 86% |
| No. Stories | 5 |
| Year Built | 1965 |
| Parking Ratio | 0.32/1,000 SF |
| Zoning | RA-1 |
Amenities
Unit Amenities
- Disposal
- Refrigerator
- Range
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 23 | - | 750 |
| 2+1.5 | 19 | - | 1,000 |
| 2+1 | 1 | - | 1,000 |
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Property Taxes
| Parcel Number | 5398E-0804 | Improvements Assessment | $2,595,060 |
| Land Assessment | $1,160,270 | Total Assessment | $3,755,330 |
Property Taxes
Parcel Number
5398E-0804
Land Assessment
$1,160,270
Improvements Assessment
$2,595,060
Total Assessment
$3,755,330
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Bethune House | 401 Chaplin St SE
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