Listed by Greysteel Company LLC, Greysteel Company LLC Washington, D.C.
$1,175,000
1324 8th Street NW
Details
APN 0399-0000-0826
Property Type Hospitality, Mixed Use
Sub Type Apartment Building, Hotel
Square Footage 2,400
Net Rentable (SqFt) 2,400
Units 3
Occupancy 30%
Tenancy Multi
Lease Type Gross
Pro-Forma Cap Rate 8.49%
Pro-Forma NOI $99,740
Price per SqFt $490
Year Built 1900
Buildings 1
Stories 3
Lot Size (SqFt) 1,761
Zoning MU-4
Parking Spaces 2 spaces
Parking Per SqFt 0.83
Investment Type Value Add
Ownership Fee Simple
2,400 SF MU-4 Zoned building next to the Convention Center – Operating as a 3-unit (2 as AirBnBs)
Investment highlights
MU zoned townhome located less than a block from the Washington DC Convention Center
Currently operating as an Air BnB, bookings are supported by proximity to the convention center and nightlife hubs like Blagden Alley
While the property only has a certificate of occupancy for a single unit, the property has been divided into two 2bd/1ba units and one 1 bd/1ba unit with substantial unused density
Opportunity to officially convert to a 3-unit multifamily building, revert back to a single-family townhome, or pursue an inn designation and continue the short-term rental business plan
Listing Contacts
Listed by Greysteel Company LLC, Greysteel Company LLC Washington, D.C.
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