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615 Kennedy Street NwWashington, DC 20011MLS Number DCDC2140670

  • Price: $2,900,000
  • 40 Days on Market
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Federal 30-year interest rate: 6.95% last updated on Jun 13, 2024
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615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011615 Kennedy Street Nw Washington DC 20011
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  • 0.05Acreage
  • 2024Year Built
  • UrbanLocationType
  • 292Price Per Square Foot
This new construction build is situated on a .05-acre lot, amassing six stories with a rooftop deck. Included in the 8,276 Square Feet of rentable space are six bi-level units and two penthouse each with a separate rooftop deck. Each of the eight units are delivered with condo level finishes including granite countertops, stainless steel appliances, custom granite tops, and much more. The property also comes with two parking spaces for future tenants. A buyer can achieve a NOI of approximately $219,283 in year 1, which operates at a 6.64% Cap Rate based off the sales price. This investment also yields a 15.76% 5- year levered return, which is highly attractive in today's market. Future appreciation based off of the corridor's revitalization should also be considered when analyzing this investment. Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away). The Kennedy Street corridor is a designated “Great Street” corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from “The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.
Listed by Brian C Hosey, Marcus & Millichap Real Estate

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Yeonas & Shafran Real Estate, LLC
Yeonas & Shafran Real Estate, LLC
Office: 703-790-3330
1309 Vincent Pl
McLean, VA 22101

More Info

Location Information

  • UsmAreaWashington

Parking

  • Parking FeaturesFenced
  • Parking TypesDriveway

Basic Information

  • Date Listed05/07/2024

Location

  • Address615 Kennedy Street Nw
  • Building Number615
  • CountyWashington
  • Directions600 Block of Kennedy Street NW
  • In City Limits YNYes
  • StateDC
  • SubdivisionBrightwood
  • TownWashington
  • Zip20011

Interior

  • Clear Span Ceiling Height15' to 18'

Utilities

  • Central Air YNYes
  • CoolingCentral A/C
  • Cooling FuelElectric
  • Electric200+ Amp Service
  • Heat SystemCentral
  • Heating FuelElectric
  • Heating YNYes
  • SewerPublic Septic
  • Water HeaterElectric
  • Water SourcePublic

Basic Information

  • Broker NameMarcus & Millichap Real Estate
  • List Price$2,900,000
  • LocationTypeUrban
  • MLS NumberDCDC2140670
  • MLS Property TypeCommercial Sale
  • Price Per Square Foot292
  • StatusACT
  • Units8

Building

  • Building Area SourceEstimated
  • Building Area Total9931
  • Construction Completed YNYes
  • Construction MaterialsMixed, Tile, Other
  • Stories5
  • Total Garage And Parking Spaces2
  • Total Restrooms16
  • Year Built2024
  • Year Built Effective2024

Amenities

  • Accessibility Amenities2+ Access Exits

Other

  • Annual Gross Expense61951
  • Cap Rate6
  • Gross Scheduled Income206168
  • Operating Expense61951
  • Soil TypesMixed

Tax Information

  • Assessment Year2023
  • City Town Tax$5,461
  • City Town Tax Payment FrequencyAnnually
  • Tax Assessment Amount$642,490
  • Tax Lot75
  • Tax Year2023
  • Taxes$5,461
  • Total Taxes Payment FrequencyAnnually

Property

  • Acreage0.05
  • Business TypeApartment Building
  • Lot Size SourceAssessor
  • Lot Size Square Feet2,374
  • New Construction YNY
  • Property ConditionExcellent
  • Property SubTypeFive Or More Units
  • ZoningMU-4
  • Zoning DescriptionIntended to permit moderate-density mixed-use development at a limited height and with an emphasis on housing.

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Copyright 2024 BRIGHT, All Rights Reserved.  Information Deemed Reliable But Not Guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Yeonas & Shafran Real Estate participates, and is provided by BRIGHT through a licensing agreement. The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.Data last updated June 16, 2024. Some properties which appear for sale on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale.

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