Greysteel has been retained as the exclusive advisor and agent for the disposition of a multifamily community in Washington, D.C. Managing Director Kyle Tangney and Investment Associate Herbert Schwat are responsible for marketing the property.
Located at 1825 Maryland Ave. NE, the 24-unit community features a mix of 16 two-bedroom and nine three-bedroom units. The 33,320-square-foot property is located on a 0.4-acre land parcel and was completed in 1961. The asset is strategically situated four blocks away from the H Street Corridor and three blocks away from both Benning and Bladensburg Roads, areas in which significant new development is expected.
“Current ownership has established a value add framework for a new owner to execute since a voluntary agreement was already executed with residents, and permits to build two additional units in the lower level were received. This allows new ownership immediate potential to increase building revenues,” Tangney said in prepared remarks.
According to public records, the property last traded for almost $1.4 million back in 2012.
Image courtesy of Greysteel