715 50th St NE
Washington, DC 20019
715-731 50th Street NE (Opportunity Zone) · Land For Sale · 0.27 AC

Marcus and Millichap is pleased to exclusively represent the owner of 715-731 50th Street NE and 728-730 50th Street NE Washington, DC 20019. These parcels are an assemblage of fours lots on the east side of 50th Street NE comprised of 11,760 SF and two lots on the west side of 50th Street NE comprised of 5,393 SF. These parcels are situated in the thriving Deanwood subdivision and they are approximately five miles from downtown Washington DC. The development site is an opportunity for a Developer to build 54 multifamily units. The parcels are zoned RA-4 which offers a 3.5 FAR and a building height up to 90 feet. These parcels are located in an Opportunity Zone and HUB Zones and they are located approximately 1.5 miles from three different metro stations (Deanwood Metro, Benning Road metro and Capitol Heights metro). Development on this project with a 70% LTV would yield a Developer a 8.76% CAP Rate, once the buildings are stabilized, assuming a 5% vacancy rate. The gross annualized rent would be $1,005,048 ($1,551 per unit - monthly) based on the DC Housing Voucher Income for two Bedroom units in Deanwood. Nannie Helen Burroughs Avenue is a major throughfare one block away and it is street designated as a Great Streets Corridor. The Great Street designation by the District of Columbia government gives small businesses along these corridors grants to cover the costs of capital improvements and specific soft costs up to $75,000. The Washington, D.C. Economic Partnership reports that in 2017, up to $50,000 was awarded per location. The neighborhood is also home to a growing housing market. In 2017, Redfin named Deanwood one of the 10 hottest neighborhoods in the U.S. Upcoming Development. New development is underway in Deanwood with multiple planned and proposed projects are in the pipeline.