School District: District Of Columbia Public Schools
Address: 709 IRVING ST NE
State: District Of Columbia
709 Irving Street NE is a 5-unit boutique apartment building that has a strong performance history through providing housing for Catholic University students and other members of the burgeoning Brookland and Edgewood communities. The building consists of four (3) bedroom units and a (7) bedroom unit and offers a turnkey 5.23% cap rate investment. The Covid-19 pandemic did not affect asset performance, vacancy or operating expenses, and in 2019 and 2020 the average gross operating income was $205,573 with an average net operating income of $139,235. The building's oversized units have a history of high occupancy rates and monthly market rents that range from $3,000 to $6,386. Complimentary off-street parking is provided for the tenants in the rear. Fully renovated less than 10 years ago, this well-maintained asset eliminates any expenditures for a new operator and is a turnkey investment with no deferred maintenance. All units are separately-metered for electricity, helping an owner control operational expenses, and tenants are responsible for all utilities except trash and recycling.
Courtesy of: TTR Sotheby's International Realty 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: 28th November, 2021 2:09 PM