2006 U Street

The Grove'', located in the exclusive Poverty Ridge neighborhood in Midtown, is an excellent long-term investment opportunity with several different ways to create additional value. The Property consists of two adjacent parcels improved with a triplex and a single-family house, both beautifully renovated and fully leased to long-term and high-income professional tenants. The 2006-2010 U Street parcel features a single-story triplex building and detached three-car garage on a 5,663 square foot parcel of land. The 2016 U Street parcel features a single-family residence featuring two bedrooms and two full bathrooms situated on a 6,098 square foot parcel of land. /// What makes this investment truly unique is the amount of excess land available to create upside by constructing additional units. With nearly 7,000 square feet of buildable land surrounding the existing structures, a new owner can add several additional units by right or, with slight adjustment to parcel boundaries, separately sell each parcel. Additionally, the C-2 zoning and 6.0 FAR allows up to 60,000+ SF of new multifamily residential development on the entire 11,761 SF parcel that extends from U Street to Uptown Alley, thus creating a unique covered land play'' in the best neighborhood in Midtown. /// The two properties, which must be purchased together, are offered at $1,497,500 which is $374,375 per residential unit or $127 per square foot for the underlying land. The in-place capitalization rate is 4.35% based on existing income and expenses.