Washington, DC 20002,1516 OATES ST NE
Washington, DC 20002,1516 OATES ST NE
Washington, DC 20002,1516 OATES ST NE
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$2,800,000
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9,384 SqFt
Active

1516 OATES ST NE Washington, DC 20002

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UPDATED:

10/25/2024 08:36 PM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 9,384 sqft

Price per Sqft $298

MLS Listing ID DCDC2162694

Originating Board BRIGHT

Year Built 1938

Annual Tax Amount $11,925

Tax Year 2023

Lot Size 8,614 Sqft

Acres 0.2

Property Description

THE OPPORTUNITY
This 14-unit apartment building in the heart of Washington, D.C.’s H Street Corridor presents a prime investment opportunity. With 100% vacancy, it offers immediate potential for repositioning in a highly sought-after neighborhood. The high absorption rates of similar properties in the area highlight the market demand, making this a lucrative opportunity to capitalize on.

100% VACANT ASSET
The property will be delivered 100% vacant, making this opportunity free from the elongated TOPA timelines. With no tenants in place, ownership will be able to immediately implement their business plan and begin adding value from day one.

VALUE-ADD OPPORTUNITY
With a focus on unit upgrades and strategic conversion, this property offers significant cash flow potential. Upon stabilization, projected monthly income exceeds $40,000, making this a highly attractive investment with strong return prospects.

TRANSFORMATIVE DEVELOPMENT
The Property is surrounded by major revitalization projects like Ivy City, NewCityDC, Union Market, and the H Street Corridor. These areas are seeing billions in redevelopment, including new retail, office spaces, and residential projects. This wave of transformation positions the property for long-term value
appreciation in a thriving submarket.

H STREET CORRIDOR
Located just two blocks from the vibrant H Street Corridor, one of D.C.’s fastest-growing areas. With its dynamic mix of dining, nightlife, arts, and entertainment, the neighborhood draws locals and visitors alike, ensuring strong demand for housing.

LIFESTYLE AMENITIES
With a Walk Score 85, this Property provides easy access to numerous lifestyle amenities. Within a five-minute walk, you’ll find Hechinger Mall, home to CVS, Safeway, ALDI, and more. Whole Foods and Giant are just a short drive away, offering convenience for residents.

TRANSPORTATION EASE
The location offers excellent connectivity, whether by car, public transit, or D.C.’s StreetCar. The nearby streetcar provides access along H Street to Union Station, while major highways like Route 50 and I-295 are just minutes away. For commuters, MetroBus stops on every corner ensure easy travel throughout the D.C. metropolitan area.

SELF-CONTAINED ASSET
Each unit is separately metered for all utilities, placing the responsibility for utility usage and payments entirely on the tenants. This arrangement significantly lowers the owner’s operating costs and eliminates the risk of unpaid utility bills affecting the property’s cash flow, which in turn will increase investor returns.

Location

State DC

County Washington

Zoning RF-1

Interior

Hot Water Natural Gas

Heating Other

Cooling Window Unit(s)

Heat Source Natural Gas

Exterior

Waterfront N

Water Access N

Accessibility Other

Parking Type On Street

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District District Of Columbia Public Schools

Others

Tax ID 4075//0828

Ownership Fee Simple

SqFt Source Assessor

Special Listing Condition Standard


Bright MLS (BMLS)
Listed by Ari Firoozabadi • Greysteel Company LLC

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Gary Pallay

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+1(908) 698-1053

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1516 OATES ST NE