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Rare vacant 4-unit building in a burgeoning market. Vacant Asset - The asset will be delivered vacant, allowing new ownership the ability to implement their value-add strategy day one. TOPA-Free Asset - Because of its vacancy, the transaction is exempt from D.C.’s Tenant Opportunity to Purchase Act (TOPA), reducing the escrow period substantially and eliminating external expenses common during tenant negotiations. Approved Plans - Current ownership has completed preliminary site work and has conceptual site plan approval to add bedrooms in all units. Increasing the bedroom density, will give future ownership the ability to double their NOI upon stabilization. Unused/Underutilized Square Footage - This building features substantial unused gross square footage in the lower level. Already excavated and underpinned, the unused square footage will allow the purchaser to increase their return on investment adding additional units and/or bedrooms to the building. Value-Add - This asset presents an opportunity to add value through some combination of physical upgrades, increase in rents, and/or additional rentable square footage. With the ability to add units in the lower level, as well as add bedrooms onto existing unit’s, ownership has the ability to increase the value of the investment day one. Self-Contained Asset - The building is separately-metered, meaning the tenant is fulling responsible for paying all utilities. Passing both electric and gas costs onto the tenant, will save ownership from future uncontrollable utility expenses.
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Listing information last updated on April 13th, 2021 at 12:19pm EDT.