Price Reduction - Views - New Construction
Address
615 Kennedy Street NW, Washington, DC
Price
$ 2,900,000
Property Attributes
- MLS#DCDC2140670
- TypeCommercial
- CountyWASHINGTON
- CityWashington
- NeighborhoodBrightwood
- Zip20011
- StyleApartment Building
- Year Built2024
- Taxes$ 5461
- Price$ 2,900,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage8276
- Lot Size0.05 Acres
Data Source:
Bright MLS
Property Description
This new construction build is situated on a .05-acre lot, amassing six stories with a rooftop deck. Included in the 8,276 Square Feet of rentable space are six bi-level units and two penthouse each with a separate rooftop deck. Each of the eight units are delivered with condo level finishes including granite countertops, stainless steel appliances, custom granite tops, and much more. The property also comes with two parking spaces for future tenants. A buyer can achieve a NOI of approximately $219,283 in year 1, which operates at a 6.64% Cap Rate based off the sales price. This investment also yields a 15.76% 5- year levered return, which is highly attractive in todays market. Future appreciation based off of the corridors revitalization should also be considered when analyzing this investment. Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away). The Kennedy Street corridor is a designated Great Street corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.
| Price History | |
|---|---|
| 5/7/2024 | Listed $3,300,000 |
| 6/3/2024 | 13% - $2,900,000 |
General Features
| Sewer | Public Septic |
|---|---|
| Heating | Central |
| Cooling | Central A/C |
| Possession | Settlement |
| Zoning | MU-4 |
| Construction Materials | Mixed,Tile,Other |
| Year Built | 2024 |
| Electric | 200+ Amp Service |
| View | City |
| Property SubType | Five Or More Units |
| Tax Year | 2023 |
| Percent Ownership | Fee Simple |
| Cool Fuel | Electric |
| Business Type | Apartment Building |
| Accessibility | 2+ Access Exits |
| County | WASHINGTON |
| Net Operating Income | 206168.00 |
| Operating Expense | 61951.00 |
| New Construction | Yes |
| Property Type | Commercial Sale |
| Subdivision Name | BRIGHTWOOD |
| Water Access Y/N | No |
| Property Use | Investment |
| Status | ACTIVE |
| Directions | 600 Block of Kennedy Street NW |
| ModificationTimestamp | 2024-06-07T11:38:52 |
| City | WASHINGTON |
| Buyer Agent Compensation | 1.25 |
| Zoning Description | Intended to permit moderate-density mixed-use development at a limited height and with an emphasis on housing. |
| NumberOfUnitsTotal | 8 |
| Lot Size Units | Square Feet |
| Lot Size Square Feet | 2374.00 |
| Tax Assessed Value | 642490.0 |
| Waterfront Y/N | No |
| Street Name | KENNEDY |
| Tax Annual Amount | 5461.0 |
| Property Condition | Excellent |
| Price Per Sq Ft Total AG | 292.01 |
| Acceptable Financing | Cash,Conventional,Joint Venture,Private |
| Construction Completed Y/N | Yes |
| Historic Y/N | No |
| Lease Considered Y/N | No |
| Vacation Rental Y/N | No |
| Days on Market | 29 |
| Location Type | Urban |
| Standard Status | Active |
| Year Built Source | Estimated |
| Legal Subdivision | Petworth |
| Tax Lot | 75 |
| Cap Rate | 6.25 |
| Buyer Agent Compensation Type | % Of Gross |
| Association Recreation Fee | No |
Interior Features
| Heating Fuel | Electric |
|---|---|
| Hot Water | Electric |
| Total Stories | 5 |
| Heating Y/N | Yes |
| Street Suffix | STREET |
| Central Air Y/N | Yes |
| Total Restrooms | 16 |
| Clear Span Ceiling Height | 15' to 18' |
Exterior Features
| Parking Features | Fenced |
|---|---|
| Water Source | Public |
| Total Parking Spaces | 2 |
| Type of Parking | Driveway |
| Water View Y/N | No |
| Building Area Total | 9931.00 |
| Lot Size Acres | 0.05 |
| Lot Size Source | Assessor |
| Soil Types | Mixed |
| Land Assessed Value | 462650.00 |
| Navigable Water Y/N | No |
| Water Oriented Y/N | No |
| Fencing Y/N | Yes |
| Car Parking Spaces | 2 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Commercial Average in 20011
Price
Taxes
Visits
Year Built
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