Description

1833 Swann Street NW is a recently gut-renovated 100% vacant 9-unit multifamily building located in the heart of Dupont Circle. The 5,671-square-foot turnkey building is comprised of a unit mix of one (1) one-bedroom unit and eight (8) two-bedroom units.

Turnkey Asset: Each of the building’s nine units are all-electric and feature central A/C, stainless steel appliances, quartz countertops in the kitchens, LED lighting, LVT flooring, in-unit washer and dryers, and individual water heaters. The building itself features a new Yale Wireless Entry System, a Wi-Fi connected security system, a new TPO roof, refurbished windows, and new carpeting in the common areas. The turnkey nature of the asset will limit any upfront costs that a buyer will have to occur allowing them to spend their time focusing on curating a lease-up process to their liking.

Coveted Blue Chip Location: 1833 Swann is located in Dupont Circle, an amenity-rich neighborhood with public transportation (Dupont Circle Metro Station), retail, restaurants, cafes, parks, gyms, and grocery stores all within walking distance.

Strong Rental Submarket & Flexibility in Investment Strategy: Renovated one-bedroom and two-bedroom units in the Dupont Circle neighborhood of Northwest DC can achieve well into the $5’s per square foot in rent. On a rent figure basis, one-bedrooms that range in size from 450-550 square feet have been proven to be able to achieve $2,500+ per month and two-bedrooms that range in size from 600-700 square feet have been proven to be able to achieve $3,100+ per month. The fact that the building is vacant and renovated also presents flexibility for multiple rental models such as furnished rentals, student housing, subsidized housing (HCVP), market-rate, or even housing dedicated towards satisfying an organization’s needs to host specific clientele.

100% Vacant - Not Subject to TOPA: The building’s nine units are unoccupied, which means the sale will not be subject to the Tenant Opportunity to Purchase Act (TOPA). This makes transaction timelines more predictable, and a buyer can have the confidence in the opportunity to close on the property without uncertain timelines or impediments.