Very attractive assumable loan terms will help maximize investor returns.

Lender Type: Life Insurance Company

Original Loan Amount: $17,500,000

Current Loan Amount: around $15.6 million (depending on the final closing date)

Loan Term: 20 Years

Maturity Date: 2/1/2040

Amortization: 35 years

Fixed Interest Rate: 3.22%

Prepayment: open throughout the term at greater of 1% or yield maintenance at Treasuries plus 50 basis points. Prepayment allowed last 90 days of loan term at par.

Not being subject to rent control coupled with a very attractive assumable loan will maximize buyer returns, both unleveraged and leveraged.  

With a half mile radius Median Household Income of about $130K+ and 73% achieving a Bachelor’s Degree or Higher, the Property’s target renter demographic is very strong. 

Just 0.3 miles away, about a 7-minute walk to Columbia Heights Metro (Yellow and Green Lines), residents are hyper-connected to major employment hubs and lifestyle drivers of Adams Morgan, 14th & U Street Corridor, Downtown DC, Dupont Circle, Union Station, NoMa, and more. Columbia Uptown benefits from an 89 Walk Score and 96 Bike Score and sits walking distance from DC’s largest retail development, DC USA boasting 890,000 square feet of retail space. Anchored by Target, Marshalls, and Best Buy the DC USA development also includes and is surrounded by an array of other household name retailers and local and national restaurants.

Current ownership has completed significant capital improvements including a full elevator modernization (cab interiors & mechanicals) costing about $700K, lobby & common area renovations, exterior upgrades, and a host of other mechanical upgrades. As a result of these improvements and maintaining modern unit interiors, a buyer will be able to realize outsized rent growth and capitalize on durable NOI.