Description

THE OPPORTUNITY:
249 Oglethorpe Street NW is a five-unit property located along 3rd Street NW immediately north of Fort Slocum Park and a two-minute walk to Capital City Public Charter School in the Northwest DC neighborhood of Manor Park.

GREAT IN-PLACE CASH FLOW:
The Property boasts extremely high in-place rents of $1,740 for one-bedroom + den units and $1,967 for two-bedroom units, placing it among the top of comparable properties in the immediate submarket. Furthermore, the Property has 100% occupancy, showing its consistent, stable returns. This exceptional rent performance also positions the asset as a premium investment opportunity with robust gross annual income of $112,560 in 2024.

VALUE-ADD POTENTIAL:
The Property boasts extremely spacious units with the possibility of converting extra rooms into more bedrooms. The one-bedroom units’ dens could be converted into a second bedroom, while the two-bedroom units have large, stand-alone living rooms which tenants in the past have used as a third bedroom.

WELL-MAINTAINED ASSET:
The Property is extremely well-maintained, reflecting the commitment of current ownership. In 2024 alone, the owners invested over $22,000 in window replacements and structural upgrades, ensuring the building’s reliability and appeal. These enhancements improve tenant comfort and help preserve long-term value for investors.

CONVENIENT ACCESS TO NEIGHBORHOOD RETAIL:
Conveniently located just a 15-minute walk from Walmart and numerous retail and service providers along Georgia Avenue NW, this Property offers immediate access to everyday essentials. It is also a quick three-minute stroll to Capital City Public Charter School, sits adjacent to Fort Slocum Park, and lies an eight-minute walk from Takoma Community Center. This strategic setting positions residents within reach of key amenities, enhancing overall appeal and tenant satisfaction.