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615 Kennedy Street NW

WASHINGTON, DC 20011
  • $3,300,000
  • STATUS: Active
  • ON SITE: 14 Days
  • ID#: DCDC2140670
UPDATED: 101 min ago
$3,300,000
  • 0
    BEDS
  • 0.05
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
2024
County:

School Ratings & Info

Description

Marcus & Millichap is pleased to exclusively represent the owner of 615 Kennedy Street NW, DC 20011, in the Brightwood subdivision. This new construction build is situated on a .05-acre lot, amassing six stories with a rooftop deck.Included in the 8,276 Square Feet of rentable space are six bi-level units and two penthouse each with a separate rooftop deck. Each of the eight units are delivered with condo level finishes including granite countertops, stainless steel appliances, custom granite tops, and much more. The property also comes with two parking spaces for future tenants.A buyer can achieve a NOI of approximately $219,283 in year 1, which operates at a 6.64% Cap Rate based off the sales price. This investment also yields a 15.76% 5- year levered return, which is highly attractive in todays market. Future appreciation based off of the corridors revitalization should also be considered when analyzing this investment.Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away).The Kennedy Street corridor is a designated Great Street corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Pearson Smith Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-21T22:50:56.88.
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615 Kennedy Street NW WASHINGTON, DC 20011

  • Price: $3,300,000
  • Status: Active
  • On Site: 14 Days
  • Updated: 101 min ago
  • ID#: DCDC2140670
0
Beds
0
Baths
0
½ Baths
0.05
Acres
2024
Built
Neighborhood:
Brightwood
County:
Washington
School District:
District Of Columbia Public Schools
Property Description
Marcus & Millichap is pleased to exclusively represent the owner of 615 Kennedy Street NW, DC 20011, in the Brightwood subdivision. This new construction build is situated on a .05-acre lot, amassing six stories with a rooftop deck.Included in the 8,276 Square Feet of rentable space are six bi-level units and two penthouse each with a separate rooftop deck. Each of the eight units are delivered with condo level finishes including granite countertops, stainless steel appliances, custom granite tops, and much more. The property also comes with two parking spaces for future tenants.A buyer can achieve a NOI of approximately $219,283 in year 1, which operates at a 6.64% Cap Rate based off the sales price. This investment also yields a 15.76% 5- year levered return, which is highly attractive in todays market. Future appreciation based off of the corridors revitalization should also be considered when analyzing this investment.Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away).The Kennedy Street corridor is a designated Great Street corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.
Exterior Features

Construction Materials MixedTileOther Garage YN No Location Type Urban Parking Features Fenced Parking Types Driveway Property Condition Excellent Soil Types Mixed View City Water Access YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 9931.00 Cooling Central A/C Heating Central Heating YN Yes Net Square Feet 8276.00

Property Features

Acceptable Financing CashConventionalJoint VenturePrivate Accessibility Features 2+ Access Exits Annual Gross Expense 61951.00 Central Air YN Yes Construction Completed YN Yes Cooling Fuel Electric Electric 200+ Amp Service Ground Rent Payment Frequency Annually Heating Fuel Electric Historic YN No Hot Water Electric Lease Considered YN No Navigable Water YN N Net Operating Income 206168.00 New Construction YN Yes Number Of Units Total 8 Operating Expense 61951.00 Original MLSNumber 803051144968 Ownership Interest Fee Simple Property Sub Type Five Or More Units Sale Type Standard Sewer Public Septic Tax Annual Amount 16764.00 Tax Lot 75 Vacation Rental YN No Water Source Public Year Built Effective 2024 Zoning MU-4 Zoning Description Intended to permit moderate-density mixed-use development at a limited height and with an emphasis on housing.

Listing courtesy of Marcus & Millichap Real Estate: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Pearson Smith Realty. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-21T22:50:56.88.
 
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