1443 Euclid Street NW is a fully-occupied, 8-unit luxury condominium building in Columbia Heights with a 4.14% CAP Rate. This high-end property, constructed in 2018, includes a mix of one studio/1-bath unit; five 1-bed/1-bath units; and two 1-bed/1.5-bath units, on five levels. All units include top-of-the-line finishes in pristine condition, including Italian Fenix cabinetry in the kitchens and baths, wide plank French oak flooring, marble baths and backsplashes, and large floor-to-ceiling windows and sliding interior doors for tons of natural light. Seven of the units include private outdoor spaces, some quite large. All units include washers/dryers and separately metered electricity, HVAC and hot water.
Fully-occupied with a NOI of nearly $180,000 annually, this is a fantastic stable long-term rental property--so attractive that tenants have requested multi-year leases and escalated over the advertised rent in the past to secure a unit. The new owner may continue to operate this as a long-term rental, or, as units turn over, consider short-term/corporate/vacation rentals for a potentially higher return. As this property has already been converted to a condominium (and this sale includes all units in the building), the new owner will also have the option of selling the units off separately over time. (The current sale includes all units; units will not be sold individually.)
The location of this Columbia Heights gem can't be beat, with the green/yellow metro stop less than a 10-minute walk and Meridian Hill Park, several grocery stores and all the popular shops, bars and restaurants of 14th Street just steps away. 1443 Euclid boasts a Walk Score of 93 and a Bike Score of 91.
Because this is a 100% occupied building, out of consideration for tenants and due to COVID-19 precautions, no in-person showings will be available prior to submission of an LOI. However, floor plans, detailed photos and video tours of all eight units are available at https://www.loopnet.com/Listing/1443-Euclid-StNW-Washington-DC/19993014/.
Investment Highlights
FULLY OCCUPIED ASSET - The property is turnkey and fully occupied by great tenants, allowing new ownership the opportunity to take over a low-maintenance, high income-producing asset.
CONDOMINIUM OWNERSHIP - The property is already converted to a condominium, offering new ownership the opportunity to sell individual units over time. This sale includes all 8 units--the entire building.
LOW-MAINTENANCE PROPERTY - As the property was constructed in 2018, the units and common areas are in excellent condition, requiring very little maintenance. Additionally, there are few common amenities for ownership to maintain.
SEPARATELY METERED - All units include washers & dryers and are separately metered for electricity, HVAC and hot water.
INCREASED SHORT-TERM RENTAL POTENTIAL - The property has excellent long-term rental income and offers the option of increasing income by 30% or more as corporate/short-term/vacation rental housing.
COVETED OUTDOOR SPACES - Private outdoor spaces--some quite large--adjoin 7 of the 8 units, making this property very attractive among neighborhood rental options.
EXCEPTIONAL FINISHES - The units were built to a high-end condominium standard, including wide-plank French oak flooring, marble baths and Italian FENIX cabinetry.
FULL VIRTUAL TOUR available at https://www.loopnet.com/Listing/1443-Euclid-StNW-Washington-DC/19993014/
Location Highlights
WALKABLE LIFESTYLE - WALK SCORE 93 - Centrally-located to public transit, retail, restaurants, cafes, parks, gyms, and grocery stores, 1443 Euclid features a Walk Score of 93, "Walker’s Paradise – daily errands do not require a car," and a
Bike Score of 91, "Biker’s Paradise."
METRO-LOCATED - The property is located within 0.5 miles, or a 9-minute walk, to the Columbia Heights Metro Station, which services the Green and Yellow Line trains.
STRONG DEMOGRAPHICS - In 2019, average household income in Columbia Heights and adjacent neighborhoods was $139,000. Sixty-one percent of the nearly 106,000 people in the area occupied rental housing, and the population is growing at a rate of 7.15%.
A DIVERSE AND CULTURED NEIGHBORHOOD - With its mix of grand and humble historic buildings, Columbia Heights reels in a mix of creatives, international professionals and, thanks to its leafy parks, bikers and picnickers. It’s one of DC’s most densely populated neighborhoods, supporting a vibrant mix of restaurants and bars. Nearby, Meridian Hill Park, a two-level, European style park with terrazzo walls, is home to fountains, statues and, every Sunday, a lively afternoon drum circle. The area’s main drags are 11th, 14th and 16th streets starting at U Street NW. Along 16th Street, you’ll find embassies and international organizations, most housed in impressive early 19th-century structures with architectural flourishes – turrets, stained glass, balconies.
1443 Euclid Street NW is a fully-occupied, 8-unit luxury condominium building in Columbia Heights with a 4.14% CAP Rate. This high-end property, constructed in 2018, includes a mix of one studio/1-bath unit; five 1-bed/1-bath units; and two 1-bed/1.5-bath units, on five levels. All units include top-of-the-line finishes in pristine condition, including Italian Fenix cabinetry in the kitchens and baths, wide plank French oak flooring, marble baths and backsplashes, and large floor-to-ceiling windows and sliding interior doors for tons of natural light. Seven of the units include private outdoor spaces, some quite large. All units include washers/dryers and separately metered electricity, HVAC and hot water.
Fully-occupied with a NOI of nearly $180,000 annually, this is a fantastic stable long-term rental property--so attractive that tenants have requested multi-year leases and escalated over the advertised rent in the past to secure a unit. The new owner may continue to operate this as a long-term rental, or, as units turn over, consider short-term/corporate/vacation rentals for a potentially higher return. As this property has already been converted to a condominium (and this sale includes all units in the building), the new owner will also have the option of selling the units off separately over time. (The current sale includes all units; units will not be sold individually.)
The location of this Columbia Heights gem can't be beat, with the green/yellow metro stop less than a 10-minute walk and Meridian Hill Park, several grocery stores and all the popular shops, bars and restaurants of 14th Street just steps away. 1443 Euclid boasts a Walk Score of 93 and a Bike Score of 91.
Because this is a 100% occupied building, out of consideration for tenants and due to COVID-19 precautions, no in-person showings will be available prior to submission of an LOI. However, floor plans, detailed photos and video tours of all eight units are available at https://www.loopnet.com/Listing/1443-Euclid-StNW-Washington-DC/19993014/.
