615 Kennedy St Nw, Washington, DC 20011

$2,900,000
List Price
$2,900,000
Price Change
▼ $400,000 1717438039
Days on Market
73
Status
ACTIVE
MLS#
DCDC2140670
Lot Size (Acres)
0.05
Year Built
2024
County
Washington DC
School District
District Of Columbia Public Schools

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 today’s market. Future appreciation based off of the corridor’s 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.

Additional Information

Subdivision
Brightwood
Taxes
$5461
Stories
5
School District
District Of Columbia Public Schools
View
City
Heating
Central
Heating Fuel
Electric
Cooling
Central A/C
Water
Public
Sewer
Public Septic

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Listing courtesy of Marcus & Millichap Real Estate. Contact: (202) 536-3700