Description
The PMs of The City REALTY is excited to present 501 Mellon Street SE DC, a 10-unit multifamily building that is a great redevelopment opportunity. The property is currently operating as a multifamily rental property. The asset is located on a residential street within the rapidly growing Congress Heights neighborhood of Southeast DC, just 0.6 miles from the St. Elizabeths East, one of the largest developments in the DC area. The property is also located near convenient access to Public Transportation. 501 Mellon St. SE presents an exceptional opportunity for investors and developers to acquire an asset with significant value-add potential in a rapidly appreciating submarket primed for future growth.The property is approximately 9.300 gross square feet and sits on an approximately 7,989 gross square foot lot that is zoned R-3. The unit mix is comprised of 3 two- bedroom, and 7 one-bathroom units. Floor plans are identical that range in size from 700-900 square feet for the two-bedroom units, The property currently has 8 physical vacancies that need full rehab. Homes are spacious and an investor can strategically reconfigure select units and or build upon current property with expansion.Each unit is self-contained, and the property runs on electric, gas and water. The owner is only responsible for paying for water, sewer, trash and common area electric and common area gas expenses. Roof and foundation are in good condition. This property will need substantial rehab.THE OPPORTUNITYLocated in one of D.C.+GGs fastest-growing neighborhoods, 501 Mellon Street is a multi- family community that could be converted into condos in the Congress Heights area. With substantial upgrades the property has potential for expansion and increased revenue. New ownership will inherit a property with some deferred maintenance. There is a strong foundation for future growth and profitability.TOPAThe building will be delivered with 1 to 2 persons who still have occupancy. New ownership will benefit from transparency and efficiency of escrow, closing, and lending timelines.AREA REDEVELOPMENTLocated amid Congress heights and Anacostia+GGs rapid redevelopment scene, the Property is primed to take advantage. Nearby projects include MLK Gateway, & Saint Elizabeth. This location will be in high demand among future renters and investment professionals.UNIT MIXThe Asset+GGs diverse unit mix allows the owner to receive an increase in demand from different types of tenants. The Property encompasses (7) one-bedroom units, (3) two- bedroom units.
Description
The PMs of The City REALTY is excited to present 501 Mellon Street SE DC, a 10-unit multifamily building that is a great redevelopment opportunity. The property is currently operating as a multifamily rental property. The asset is located on a residential street within the rapidly growing Congress Heights neighborhood of Southeast DC, just 0.6 miles from the St. Elizabeths East, one of the largest developments in the DC area. The property is also located near convenient access to Public Transportation. 501 Mellon St. SE presents an exceptional opportunity for investors and developers to acquire an asset with significant value-add potential in a rapidly appreciating submarket primed for future growth.The property is approximately 9.300 gross square feet and sits on an approximately 7,989 gross square foot lot that is zoned R-3. The unit mix is comprised of 3 two- bedroom, and 7 one-bathroom units. Floor plans are identical that range in size from 700-900 square feet for the two-bedroom units, The property currently has 8 physical vacancies that need full rehab. Homes are spacious and an investor can strategically reconfigure select units and or build upon current property with expansion.Each unit is self-contained, and the property runs on electric, gas and water. The owner is only responsible for paying for water, sewer, trash and common area electric and common area gas expenses. Roof and foundation are in good condition. This property will need substantial rehab.THE OPPORTUNITYLocated in one of D.C.+GGs fastest-growing neighborhoods, 501 Mellon Street is a multi- family community that could be converted into condos in the Congress Heights area. With substantial upgrades the property has potential for expansion and increased revenue. New ownership will inherit a property with some deferred maintenance. There is a strong foundation for future growth and profitability.TOPAThe building will be delivered with 1 to 2 persons who still have occupancy. New ownership will benefit from transparency and efficiency of escrow, closing, and lending timelines.AREA REDEVELOPMENTLocated amid Congress heights and Anacostia+GGs rapid redevelopment scene, the Property is primed to take advantage. Nearby projects include MLK Gateway, & Saint Elizabeth. This location will be in high demand among future renters and investment professionals.UNIT MIXThe Asset+GGs diverse unit mix allows the owner to receive an increase in demand from different types of tenants. The Property encompasses (7) one-bedroom units, (3) two- bedroom units.
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