615 KENNEDY ST NW Active Save Request In-Person Tour Request Virtual Tour
Washington,DC 20011
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 9,931 sqft
Price per Sqft $292
Subdivision Brightwood
MLS Listing ID DCDC2140670
Originating Board BRIGHT
Year Built 2024
Annual Tax Amount $5,461
Tax Year 2023
Lot Size 2,374 Sqft
Acres 0.05
Property Description
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.
Location
State DC
County Washington
Zoning MU-4
Interior
Hot Water Electric
Heating Central
Cooling Central A/C
Heat Source Electric
Exterior
Garage Spaces 2.0
Waterfront N
Water Access N
View City
Accessibility 2+ Access Exits
Parking Type Driveway
Total Parking Spaces 2
Garage N
Building
Sewer Public Septic
Water Public
New Construction Y
Schools
School District District Of Columbia Public Schools
Others
Tax ID 3207//0075
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash,Conventional,Joint Venture,Private
Listing Terms Cash,Conventional,Joint Venture,Private
Financing Cash,Conventional,Joint Venture,Private
Special Listing Condition Standard