$799,000
11 N Street NW presents a compelling opportunity to acquire an occupied two-unit investment property in the heart of Truxton Circle with $6,194 in current monthly scheduled rent and $74,328 in annual scheduled income. The property is configured as a 3-bedroom, 1.5-bath upper residence and a separate 1-bedroom, 1-bath lower residence. Both units are currently occupied on month-to-month leases under the Housing Choice Voucher program. Per the seller, the current rents are fully subsidized and the property has experienced no known payment issues.
At the current rent roll, the $799,000 offering price represents an approximately 9.3% gross yield before operating expenses. Current ownership has not actively pursued rent increases, providing potential future income upside subject to applicable voucher-program requirements, rent-reasonableness determinations, existing leases and District regulations.
Practical investment features include two rear off-street parking spaces, washer/dryer in each unit, and independent front and rear access for both residences. Both HVAC systems and both water heaters have been replaced during the current ownership period. The property is all-electric, with the lower tenant currently paying electric directly while ownership pays water for both residences and electric for the upper unit.
Situated in Truxton Circle with convenient access to NoMa, Union Market, downtown Washington and major transportation routes, 11 N Street NW offers investors immediate in-place income at an approachable basis, together with the opportunity to improve operating performance and the property itself over time. Purchaser to take title subject to the existing tenancies. Additional financial information is available upon request.
4
Beds
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3
Baths
11 N St Nw, Washington
Listing courtesy of Compass. Contact:
