525 7th St NE
Rarely available value-add 9 unit apartment building on a leafy residential street in Capitol Hill
Marketing description
Rare value-add opportunity to purchase 9 unit building with rent upside in Capitol Hill. The building has 2 vacancies and the most recent lease signed was at $3,100/month (HCVP) for a renovated 2 bedroom/1 bath. Rents for legacy tenants are lower. Pro forma NOI is almost $175,000, a 7.8% cap at the list price.
The building has comparably large units for the area. Out of 9 units, 5 have already been converted to 2 bedroom/ 1 bath. The rest of the units are 1 bedrooms and there is an opportunity to convert them to 2s on turns.
Utilities are sub metered. All units feature central heat and 5 also have central cooling (the others have window A/C). There are 4 parking spaces in the rear.
The property is in historic Capitol Hill. Walk score is 83. Nearby amenities include Whole Foods (0.3 mi), Union Station (0.7 mi), Trader Joe's (0.9 mi), and Stanton Park (0.3 mi).
Investment highlights
- Excellent Location: 83 walk score, 85 transit score, 98 bike score
- Value-Add Opportunity: 2 vacant units
- Partially Renovated
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