2801 15th Street Northwest, Washington, DC 20009

THE OPPORTUNITY

Meridian Heights is a 62-unit apartment building located at 2801 15th Street NW in Washington, DC's Meridian Hill neighborhood. The six-story, 34,230 square foot property is being offered mostly vacant (1 occupied unit) and holds 53 studios and 9 one-bedrooms. It is a true blank canvas: a buyer can renovate, redevelop, or reposition to highest and best use, free of the relocation and phasing constraints that typically govern a DC value-add play.

USE-CASE OPTIONALITY

Meridian Heights gives a buyer a clean slate and several paths to highest and best use:

• Renovate and re-lease all 62 units on an accelerated timeline, with the in-place RAD-registered rents (averaging roughly $1,734) establishing basis.
• Reconfigure floor plans to add bedrooms where layouts allow, increasing density, revenue per unit, and rent-cap upside.
• Add new units or amenities by activating underutilized space within the property.
• Substantially rehabilitate or redevelop the building into a modern community, with rent-ceiling reset potential.
• Reposition as student housing, given proximity to Howard University.

A vacant building offers maximum flexibility, with variable business plans accessible.

OFFERED BELOW REPLACEMENT COST

Priced below replacement cost in a high-barrier submarket, Meridian Heights lets a buyer establish an attractive going-in basis with meaningful room to add value. The Property's vacant condition lets a buyer acquire at a low basis, invest renovation capital, and still stabilize below both replacement cost and prevailing market values.

LIMITED NEW SUPPLY

There are currently zero multifamily units under construction within a one-mile radius, even though that radius captures some of the District's densest, most in-demand renter neighborhoods, including 14th Street, parts of Dupont Circle, and virtually all of Adams Morgan, Mount Pleasant, and Columbia Heights. A developer who renovates or redevelops here will be delivering brand-new product into proven, supply-starved submarkets with no competing deliveries chasing the same renters. With citywide construction starts at a decade low, the window belongs to whoever moves first.

LOCATION

Meridian Heights occupies one of Washington, DC's most walkable, in-demand residential corridors, at the meeting point of the Meridian Hill, Adams Morgan, and Mount Pleasant neighborhoods, with the District's best green space, retail, and transit at its doorstep:

• Meridian Hill (Malcolm X) Park, one of the city's most beloved green spaces, steps from the Property.
• Girard Street Park, a neighborhood park and recreation space directly adjacent.
• The 14th & U Street corridor, a premier destination for retail, dining, and nightlife.
• 18th Street, the heart of Adams Morgan's restaurant and entertainment scene.

Together, these amenities anchor durable renter demand and support the premium rents of the surrounding comparable set.

HOWARD UNIVERSITY

Howard University's housing shortage is structural and worsening—a fact every local operator already knows. Undergraduate enrollment surpasses 11,500 students against just 5,423 on-campus beds, and the University's largest-ever freshman classes keep widening the gap. Howard has responded by master-leasing and partnering with apartment communities to secure beds, including Carver & Slowe in Shaw, The Lanes at Union Market, Clover at the Parks, and even vie Towers in Hyattsville, Maryland—miles from campus. Meridian Heights sits less than a mile from Howard—roughly 0 .9 miles—far closer than many of the beds the University is already reaching for. A vacant building reconfigured to add bedrooms and leased by the bed taps directly into this deep, durable, and recession-resistant demand.