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501 Mellon St SE 10 Unit Apartment Building For Sale Washington, DC 20032
Investment Highlights
- 501 Mellon Street is a 10-unit apartment building with three two-bedroom and seven one-bedroom units, all averaging 700-900 square feet.
- Offered to the market as a foreclosure sale with immense value-add opportunity to convert to condos and/or raise NOI upon unit turnover.
- 67% of the 5-mile radius are renter-occupied households; of this, 39% are one and two-unit layouts, coinciding with the subject property’s unit mix.
- In Washington, DC’s Congress Heights neighborhood is within the metro’s Opportunity Zone and 5 minutes of public transportation.
- Currently, each unit is separately metered for electric and gas, shielding ownership from significant uncontrolled costs.
- Local POIs nearby include the Congress Heights Playground, the East Potomac Golf Course, the Mt. Vernon Hiking Trail, and Montgomery Dog Park.
Executive Summary
As the exclusive advisor, Realty One Group is pleased to present the multifaceted and value-add investment opportunity of the 10-unit apartment building at 501 Mellon Street SE, in Washington, DC.
The building spans 9,300 square feet among three stories and offers a unit mix of one and two-bedroom units. Offered vacant to the market as a foreclosure sale, this multifamily building is a great redevelopment opportunity. An investor can strategically reconfigure select units or build upon the current property with expansion. Each unit is self-contained, and the property runs on electricity, gas, and water. With substantial upgrades, the property has potential for expansion and increased revenue. New ownership will inherit a property with some deferred maintenance. There is a strong foundation for future growth and profitability.
501 Mellon Street SE is on a residential street within the rapidly growing Congress Heights neighborhood of Southeast DC. It is 0.6 miles from St. Elizabeth's East, one of the largest developments in the DC area. The property is also located near convenient access to public transportation. Located amid Anacostia’s rapid redevelopment scene, the Property is primed to take advantage. Nearby projects include MLK Gateway and Saint Elizabeth. This location will be in high demand among future renters and investment professionals.
Congress Heights is emerging as a hub for leisure and sports thanks to the newly built Entertainment and Sports Arena and Gateway DC, a green space used for festivals, farmers markets, and other community events. Regarding rentals, Congress Heights is one of the most affordable places to live in the capital, with condos, apartments, houses, and 20th-century townhomes available for rent. Locals gather at community spaces like the Town Hall Education Arts Recreation Campus and the Congress Heights Arts and Culture Center.
501 Mellon St SE presents an exceptional opportunity for investors and developers to acquire an asset with significant value-add potential in a rapidly appreciating submarket primed for future growth.
Property tours are available by appointment only. Please contact the broker to schedule.
The building spans 9,300 square feet among three stories and offers a unit mix of one and two-bedroom units. Offered vacant to the market as a foreclosure sale, this multifamily building is a great redevelopment opportunity. An investor can strategically reconfigure select units or build upon the current property with expansion. Each unit is self-contained, and the property runs on electricity, gas, and water. With substantial upgrades, the property has potential for expansion and increased revenue. New ownership will inherit a property with some deferred maintenance. There is a strong foundation for future growth and profitability.
501 Mellon Street SE is on a residential street within the rapidly growing Congress Heights neighborhood of Southeast DC. It is 0.6 miles from St. Elizabeth's East, one of the largest developments in the DC area. The property is also located near convenient access to public transportation. Located amid Anacostia’s rapid redevelopment scene, the Property is primed to take advantage. Nearby projects include MLK Gateway and Saint Elizabeth. This location will be in high demand among future renters and investment professionals.
Congress Heights is emerging as a hub for leisure and sports thanks to the newly built Entertainment and Sports Arena and Gateway DC, a green space used for festivals, farmers markets, and other community events. Regarding rentals, Congress Heights is one of the most affordable places to live in the capital, with condos, apartments, houses, and 20th-century townhomes available for rent. Locals gather at community spaces like the Town Hall Education Arts Recreation Campus and the Congress Heights Arts and Culture Center.
501 Mellon St SE presents an exceptional opportunity for investors and developers to acquire an asset with significant value-add potential in a rapidly appreciating submarket primed for future growth.
Property tours are available by appointment only. Please contact the broker to schedule.
Property Facts
| Sale Type | Investment | Lot Size | 0.18 AC |
| Sale Condition | Short Sale | Building Size | 9,300 SF |
| No. Units | 10 | Average Occupancy | 0% |
| Property Type | Multifamily | No. Stories | 3 |
| Property Subtype | Apartment | Year Built | 1951 |
| Apartment Style | Low-Rise | Parking Ratio | 0.22/1,000 SF |
| Building Class | C | Opportunity Zone |
Yes
|
| Zoning | R-3 - Low to medium density residential development. | ||
| Sale Type | Investment |
| Sale Condition | Short Sale |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Building Class | C |
| Lot Size | 0.18 AC |
| Building Size | 9,300 SF |
| Average Occupancy | 0% |
| No. Stories | 3 |
| Year Built | 1951 |
| Parking Ratio | 0.22/1,000 SF |
| Opportunity Zone |
Yes |
| Zoning | R-3 - Low to medium density residential development. |
Amenities
Unit Amenities
- Cable Ready
- Ceiling Fans
- Refrigerator
- Oven
- Tub/Shower
Site Amenities
- 24 Hour Access
- Laundry Facilities
- Storage Space
Unit Mix Information
| Description | No. Units | Avg. Rent/Mo | SF |
|---|---|---|---|
| 1+1 | 7 | - | 728 |
| 2+1 | 3 | - | 1,045 |
1 1
Moderately walkable
60/100
Exceptionally drivable
90/100
Good public transit
70/100
Moderately bikeable
60/100
Property Taxes
| Parcel Number | 5984-0043 | Improvements Assessment | $471,860 |
| Land Assessment | $318,760 | Total Assessment | $790,620 |
Property Taxes
Parcel Number
5984-0043
Land Assessment
$318,760
Improvements Assessment
$471,860
Total Assessment
$790,620
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501 Mellon St SE
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