515 Constitution, Washington, DC 20002 | For Sale

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For Sale $1,200,000 ($411.10 per Sq Ft)

$1,200,000 ($411.10 per Sq Ft)
  • (0)
  • Unknown Bedrooms
  • Unknown Bathrooms
  • 2,919 Sq Ft
  • 1,337 Sq Ft

Description

Rare opportunity to purchase a FULLY-TENANTED, pretty bayfront Victorian 4 unit property in PRIMO location steps to Stanton Park, Union Station Metro, Eastern Market, US Capitol Complex and everything the Hill has to offer. Walk Score of 92, Bike Score of 97.
All 4 units offer tall ceilings, beautiful original mantels and tilework on decorative fireplaces, nice original doors and trim throughout, including the main hallway staircase banister and spindles. The upper 3 units have pretty pine floors, their living areas at front get good light from large bay windows, their updated kitchens have a single run of upper and lower cabinets w/formica countertops, bathrooms are updated and each includes a linen closet. The upper 2 units have quite large screened-in porches providing 3-season additional space to relax and unwind. On the main level unit that porch space has been enclosed w/windows and incorporated into the unit as an un-conditioned sun room, along w/private stairs to backyard.
The spacious-feeling lower level studio unit is carpeted, has 8’ tall ceilings, a large walk-in closet, an updated bathroom, newer L-shaped open kitchen w/formica countertops, and direct access to the spacious shared fully-fenced backyard patio where tenants enjoy relaxing and entertaining, sheltered by a large tree. There is a gate for pedestrian access to the alley, making it easy for bikes/strollers.
Well-maintained building: screened-in rear porches were recently re-built and re-supported; brickwork was repointed on sides and at rear; the main hallway was recently repainted and re-carpeted; and the newish metal roof was recoated in the past 5 years. There is a single boiler for heat to the building, a single 75 gallon water heater for the building. These systems are located in a separate space on lower level, accessed from outside the building through pedestrian gate to alley. Each unit has 1 window unit A/C that conveys w/sale. Each unit has its own electric meter and electricity is paid individually by each unit. Gas is paid by owner.
The 3 1BR/1BA units on upper floors are each month to month, the lease on the lower level studio unit ends 12/31/24. Subject to rent control, the 2023 annual rent was $72,223 and the 2024 monthly rent roll totals $6502 ($78,024 per year). TOPA notice will be given. This property has had VERY little turnover, 3 are long-term tenants. PROPERTY CONVEYS WITH TENANTS IN PLACE. Property offers possibilities for investor looking to take over a FULLY-TENANTED 4-unit property, or for a savvy owner-occupier who might wish to occupy one or more units for themselves and continue renting out the others. All prospective buyers are advised to run numbers w/a financial advisor knowledgeable about DC TOPA regarding 4 unit buildings, and see how this may work financially BEFORE attempting to see the property. To avoid unnecessarily inconveniencing tenants, seller is requiring proof of funds or lenders letter before scheduling all showings. Shown strictly by appointment during business hours, w/minimum 24 business hour advance notice. Initial showings are likely to be for just one of the 4 occupied units, arrangements to view other units would be made w/submission of an offer to purchase the property. TENANTS CONVEY WITH THE SALE OF THE PROPERTY. Note that sf figures are not to be used for valuation purposes.

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Amenities

Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt

Income

Rental Units


The income description goes here to explain

Expenses

Property Details

List Price $1,200,000
Property Type Fourplex (4-units)
Usable Sqft 2,919
Number of Stories 0 stories
Parking Spots 0 spots
Year Built 1907
Last Sold Unknown
Sold Price Unknown
APN # 0839//0042
MLS # DCDC2146612
Property ID 320596635
Lot Sqft 1,337
Zoning RESIDENTIAL
Total Units 4
Days on Market 189
Original List Price Unknown
Applicances Disposal,Oven/Range - Electric,Oven/Range - Gas,Refrigerator,Water Heater%
Date Updated December 17, 2024
Date Created June 17, 2024
Unit # Beds Baths Current Rent Proforma Rent
Unit #1 $72,223 $0

Listing Provided By

Jeanne H Harrison an agent of Compass. Lic #SP98360563


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Data last updated: December 23, 2024.
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