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3339 Mount Pleasant St NW
Washington D.C. 20010
The Opportunity
As exclusive agent, Berkadia is pleased to present for sale Park Pleasant Apartments; a well-kept, partially-renovated circa 1960s, properly-amenitized, 126-unit multifamily asset in Washington, DC’s Mount Pleasant submarket.
As a compelling investment opportunity, Park Pleasant offers investors:
AREA HIGHLIGHTS
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage company business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit www.berkadia.com/licensing.
Paul Hanafin
Managing Director
240.396.1082
paul.hanafin@berkadia.com
Robert Meehling
Senior Managing Director
301.202.3553
bobby.meehling@berkadia.com
Louis Jacobe
Director
240.396.1088
louis.jacobe@berkadia.com
Brian Crivella
Senior Managing Director
301.580.6685
brian.crivella@berkadia.com
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2023
BUILT
27
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Investment Sales
Ted Hermes
Managing Director
703.408.7701
ted.hermes@berkadia.com
Mortgage Banking
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Mount Pleasant is a dynamic community with multicultural restaurants and one Michelin-ranked Bib Gourmand restaurant (Elle). Trendy coffee shops and retail shops line the main corridor, which also hosts one of D.C.’s liveliest farmers’ markets each week. Boasting a walk score of 87, Mount Pleasant is a short walk to the Columbia Heights Metro, to the National Zoo and Rock Creek Park.
Vibrant Culture & Community
Park Pleasant is located one block from two metro bus lines (Metrobus 42 & 43) that provide service to downtown D.C. and Bethesda as well as the Columbia Heights station, serving the green and yellow line, is half a mile away.
Transit–Oriented
Within a mile radius of Park Pleasant, the median household income is $118,000 with 70% of residents holding a Bachelor's degree or higher and rentership is 60%.
Affluent Demographics
Mount Pleasant is a lively neighborhood in the Northwest quadrant of Washington, D.C with an active, thriving community and a quiet suburban character. The neighborhood’s rich historical connection to DC has made it a diverse, cultured, and community-driven neighborhood. Having its own main street, beautiful historic row-houses and apartment buildings, tree-lined streets, and park, many residents describe it as having a small-town feel. Pedestrian-friendly dining and retail, strong transit access, and access to jobs downtown have made it a desirable neighborhood for young professionals and families across many cultures and lifestyles.
126-Unit Multifamily Building
in Northwest DC
An excellent location in the Mount Pleasant submarket just half a mile from the Columbia Heights metro station, 4 city blocks from major retailers such as Target and Best Buy, and steps away from all that Mount Pleasant has to offer
Current & historical occupancy in the mid 90%s
Strong Income and NOI growth following pandemic
Opportunity to increase rents between 5%-10% on 29% of the building and up to 20% on 28% of the building, which is well-supported by rent comps
Value-add opportunity via upgrading 103 remaining unrenovated units (82% of inventory) and benefit from substantial rent increases
66 access controlled, paid parking spots
DC Metro Office
4445 Willard Ave, Suite 1200
Chevy Chase, MD 20815
Phil Brannigan
Director
781.801.2378
phil.brannigan@berkadia.com
Mount Pleasant "... remains a model for city dwellers who want to live in a real community, not a collection of marketing niches.”
Mount Pleasant is a lively neighborhood in the Northwest quadrant of Washington, D.C with an active, thriving community and a quiet suburban character. The neighborhood’s rich historical connection to DC has made it a diverse, cultured, and community-driven neighborhood. Having its own main street, beautiful historic row-houses and apartment buildings, tree-lined streets, and park, many residents describe it as having a small-town feel. Pedestrian-friendly dining and retail, strong transit access, and access to jobs downtown have made it a desirable neighborhood for young professionals and families across many cultures and lifestyles.
– Washington Post 2021
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