School District: District Of Columbia Public Schools
Address: 101 WAYNE PL SE
State: District Of Columbia
The Opportunity - 4-Unit Cash flowing building in a burgeoning neighborhood.
Cash Flowing Asset - The average in-place monthly rent per unit is $1,394, which is strong for this submarket. With a majority of the cap-ex previously completed, ownership has the ability to step in and immediately capitalize on in place cash flow.
Rent Control Exempt - Being under five units, the asset is not subject to restrictive Rent Control laws and the inefficiencies associated with ensuring compliance. As rents continue to rise, ownership will have the ability to match future rents with the market.
Build Equity at a Discount - With the number of loan products out there for first time buyers, new ownership will have the ability to build equity at a discount compared to local rents. Occupy a Two-bedroom unit while renting out the other three units and pay significantly less in monthly mortgage than market rent for this unit type.
Favorable Unit Mix - The Property has a strong mix of four two-bedroom units. With the high demand of two-bedrooms, ownership will be able to reap the benefits of low vacancy and low unit-turnover.
Value-Add - This asset presents an opportunity to add value through some combination of physical upgrades and/or additional in-unit square footage. The enhanced amount of unit square footage should allow a purchaser to increase their return on investment by converting two-bedroom units to three-bedrooms. By adding additional bedrooms new ownership has the ability to increase the monthly revenue by over 25%.
Nearby New Development - The neighborhood has experienced a boon in development with plans calling for over 1,000 residential units and 1 million square feet of retail. Projects underway include the Congress Heights Town Center, St. Elizabeth’s East, Terrance Manor Redevelopment, and the Wheeler Renaissance. With so many new developments in the pipeline, Congress Heights will continue to be an attractive submarket for renters.
Courtesy of: Greysteel Company LLC Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 26th September, 2021 8:44 AM
Christian Saunders Real Estate specializes in Homes for Sale in Lackawanna County, Luzerne, Wayne, and Monroe. All of our agents have combined decades of experience assisting people with real estate transactions in Scranton, Clarks Summit, Dunmore, Old Forge, Moscow, Pittston, and surrounding areas.