Attention Investors - Exceptional Basis for a 52011;Unit Value2011;Add Play in Petworth. 4801 3rd St NW presents a rare opportunity to acquire a five2011;unit asset at a price point that supports meaningful repositioning and long2011;term appreciation. The property is currently operated under a group2011;rental structure with one long2011;term tenant, generating… Read More a combined monthly income of $8,084. With three 32011;bedroom units and two 22011;bedroom units, the building is well2011;positioned for an investor2011;driven transition to the voucher program. Recent Rent Resonablenss rent estimator guidance for this ZIP code reflects $4,113 for 3BR units and $2,805 for 2BR units, providing a clear framework for income growth once an investor implements a structured lease2011;up and compliance plan. A fully stabilized rent roll at these program2011;friendly levels would reflect an illustrative pro forma gross annual rent of approximately $185,712. After accounting for typical operating expenses in this asset class, investors often model an estimated stabilized NOI in the $115,000-$125,000 range, depending on final operating strategy, compliance execution, and program approvals. These figures are for illustrative underwriting purposes only and are not guarantees of future performance. At an asking price of $699,000, investors acquire a 52011;unit building in one of DC's most resilient rental corridors at a basis that allows room for operational improvements, licensing cleanup, and strategic repositioning. This profile also aligns well with 1031 exchange objectives, offering a low entry basis, durable demand drivers, and a clear path to forced appreciation through improved operations rather than speculative redevelopment. Many investors underwriting DC multifamily also evaluate potential tenant transition costs as part of their repositioning strategy. While every situation is unique and must comply with DC law, voluntary agreements and negotiated move2011;outs are common tools that investors model. If capital is allocated toward tenant transition costs, the increased stabilized income potential may shorten the payback period once the building is fully stabilized. Actual outcomes depend on the investor's execution, the tenant's cooperation, and program approval. Disclosure: The property is being delivered without a current Basic Business License (BBL). Investors should plan to complete the required licensing steps and ensure full compliance with DC rental regulations as part of their repositioning strategy. Read Less
Courtesy of Abel M Gebremichael, Keller Williams Capital Properties 202-243-7700
Listing Snapshot
Days Online
4
Last Updated
Property Type
Other
Square Ft.
4,074
Lot Size
0.06 Acres
Year Built
1936
MLS Number
DCDC2259262
Additional Details
Basement
Improved
Building
Built in 1936, Living area: 4074, Construction Materials: Brick
Cooling
None
Accessibility Features
2+ Access Exits
Heating
Hot Water
Lot
0.06 acres
Property
Other structures: Above Grade, Below Grade
Sewer
Public Sewer
Taxes
Annual Amount: $9,266, Year: 2024, Zoning: RA-1
Utilities
Water Source: Public
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