1700 Irving Street NW
Multi-Family | 7 Units | 5,392 SqFt
Marketing description
Horvath & Tremblay is pleased to present the opportunity to acquire 1700 Irving Street NW, a well-maintained boutique 7-unit multifamily property located in the heart of Mount Pleasant neighborhood of Northwest DC. Known for its walkability, neighborhood charm, and strong renter appeal, Mt. Pleasant continues to attract both investors and residents seeking an urban residential environment with convenient access to transit, retail, dining, and outdoor amenities. The neighborhood’s average home values exceeding $1 million further underscore the long-term desirability of the submarket.
The property has been well maintained by current ownership and professional third-party management, which should result in minimal deferred maintenance for a prospective purchaser. While many units have been updated historically, a new owner may still have the opportunity to implement fresher interior renovations to further enhance rental income over time. Three apartments have had HVAC units replaced in the past 6 years, and the central water heater to the building was replaced in 2022.
The property benefits from a partially tenant-paid utility structure. Each unit is separately metered for electric, which is paid directly by tenants and includes central A/C operation, limiting exposure to rising electricity costs. The landlord is responsible for gas and water/sewer expenses, providing a balanced but partially exposed utility arrangement. The property also sits on a 5,000+ square foot lot with rear alley access and tenant parking, providing an attractive amenity and potential supplemental income opportunity.
Located just 0.3 miles from the Columbia Heights Metro Station and within walking distance of the Mt. Pleasant retail corridor, Rock Creek Park, Smithsonian National Zoological Park, and Adams Morgan, the property offers residents convenient access to some of Washington, DC’s most desirable neighborhood amenities. Additionally, four of the seven units feature functional outdoor patio space, a sought-after feature that enhances tenant appeal relative to comparable apartment offerings in the market.
Investment highlights
Strong Mt. Pleasant Location – Situated within Mount Pleasant, one of Washington, DC’s most walkable and desirable residential neighborhoods, known for its neighborhood charm, strong renter demand, and average home values exceeding $1 million.
Well-Maintained Property – Ownership and professional third-party management have maintained the property over time, with recent capital expenditures including the replacement of HVAC units in three apartments (last 3 years), new water heater (2022), replacement of mailboxes, and many of the windows and sliding glass doors.
Value-Add Potential Through Strategic Unit Renovations – While several units have been updated historically, a new owner would have the opportunity to further modernize interiors over time and capture additional rental upside.
Partial Tenant-Paid Utility Structure with Central A/C – Units feature central air conditioning and are separately metered for electric, which is paid directly by tenants, helping reduce exposure to electricity-related operating costs. The landlord remains responsible for gas and water/sewer expenses, resulting in a partially shared utility structure.
Large Lot & Ample Tenant Parking – The 5,000+ SF lot provides valuable rear alley access and existing tenant parking, a desirable amenity in the submarket and potential supplemental income source for future ownership. An owner could also look in the future to expand on the footprint of the building and add additional by-right square footage.
Additional Storage / Future Flexibility – Lower-level storage space (~600 SF) may provide an opportunity for future repurposing or additional rentable utility depending on a new owner’s business plan.
Excellent Walkability & Transit Connectivity – Located approximately 0.3 miles from the Columbia Heights Metro Station and within walking distance to the Mt. Pleasant retail corridor, Rock Creek Park, Smithsonian National Zoo, and Adams Morgan.
Private Outdoor Patio Space – Four of the seven units feature functional large outdoor patio areas, providing a differentiated amenity that enhances tenant appeal relative to comparable apartment offerings in the surrounding market.
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