119 Kennedy St Nw, Washington, DC 20011

$2,875,000
List Price
$2,875,000
Days on Market
41
Status
ACTIVE
MLS#
DCDC2145916
Lot Size (Acres)
0.18
Year Built
1935
County
Washington DC
School District
District Of Columbia Public Schools

Property Description

This property is situated on a.18-acre lot with an existing four-unit building. This MU-4 Zoning parcel, with a 3.0 FAR allows for development up to 32,500 square feet with fifty feet of frontage, as a matter of right. The investment includes the ability to build between 35-40 apartment or condominium units in a corridor experiencing a significant revitalization. A buyer can achieve a NOI of approximately $800,000, after construction and stabilization with 38 multifamily units. If this building is developed as condominiums, a Developer could sell the condo units at an average of $386,157 per unit. The Brightwood/Petworth submarket, and specifically Kennedy Street, are benefiting from not only a strong condominium sales market averaging sales values over $542 per square foot, but also from rising multifamily rents. Therefore, both strategies should be considered when looking at this investment opportunity. 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 (5 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

Taxes
$60184
School District
District Of Columbia Public Schools
Heating
Forced Air
Heating Fuel
Electric
Cooling
Central A/C
Water
Public
Sewer
Other

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