801 49th St NE, Washington, DC 20019 For Sale

The Offering

As the exclusive listing agent, the Zupancic Group of Marcus & Millichap is pleased to present 801 49th Street NE, a 14-unit multifamily property in Deanwood, a growing neighborhood with immediate access to restaurants and retail and less than 10 minutes from the transformational RFK Stadium development. This offering presents the opportunity to acquire an asset that has undergone upgrades, features an optimal unit mix, and is well-positioned for value-add upside with the potential for future rental growth and appreciation in value due to a location in such a high growth submarket. The property is ideally located directly next to a police station, enhancing overall safety and stability for both tenants and investors.

The Asset

801 49th Street NE is a 14-unit, 16,600 gross square foot building consisting of three stories plus a basement. The property features an optimal unit mix, with 12 two-bedroom, one-bathroom units, and two (2) four-bedroom, two-bathroom units. All units feature washers and dryers, and select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. Each unit is completely self-contained for all utilities except for water and sewer, and the property was converted to all-electric utilities, with separate electric meters for each individual unit. An investor has the opportunity to execute a strong value-add strategy in the short, medium, and long-term by incrementally increasing rents for the two-bedroom units to market, while receiving strong rents for each of the four-bedroom units in the basement. Many major capital expenditures have already been completed, limiting immediate costs for an investor.

The Location

801 49th Street NE is well-positioned for future appreciation in value and rental growth as it is located in one of the fastest-growing neighborhoods of Washington, DC. The property is located less than 10 minutes from the much anticipated, $3.7 billion RFK Stadium development. The development, a major mixed-use district anchored by a new Washington Commanders stadium expected to open around 2030, will transform the surrounding neighborhoods with new restaurants, retail, entertainment, nightlife and more. The Deanwood neighborhood already has newly constructed residential and commercial developments along Minnesota Avenue near the Deanwood Metro Station, Nannie Helen Burroughs Avenue, Benning Road, and Eastern Avenue, which will continue to drive rental demand as even more restaurants, retail, and jobs are brought to the area. There are also plenty of nearby convenient retail options nearby like 7-11, Subway, and popular neighborhood openings like the Deanwood Deli and The Strand.