95
Units
2010
Built
974
Average Unit Size
The Opportunity
Berkadia is pleased to exclusively present for sale The Washington Center (“the Property”), a 95 unit multifamily asset, built in 2010, located in the rapidly evolving NoMa neighborhood in Northeast Washington, DC.
The Property is currently operated as fully furnished, short-term housing for student interns, but it will be delivered vacant, offering new ownership the opportunity to reposition. The asset is already set up with core features of a traditional multifamily building, including 36 total parking spots, a well-amenitized fitness center with cardio and weight-training equipment, and a business center with multiple lounge areas. Additionally, it features 6,095+ SF of finished basement space mostly configured as classrooms and student lounges. This space provides further upside as it can be reconfigured and potentially create a new revenue source.
The Property offers excellent access to public transportation located just 0.3 miles from the NoMa–Gallaudet U metro stop and 0.7 miles from the Union Station metro stop. It also benefits from proximity to Capitol Hill, the epicenter of the federal government and one of the most dynamic employment hubs in the city.
NoMa—also known as the Union Market District—has experienced significant growth and is now one of DC’s most sought-after neighborhoods, known for its mix of arts, entertainment, and dining. The area is attracting a rapidly growing population of young professionals and continues to see new development. The submarket includes 14.2 million square feet of office space and over 662,000 square feet of neighborhood retail. Union Market, the neighborhood’s anchor 0.4 miles from the Property, is a premier destination food hall featuring more than 40 local vendors.
Visit Doc CenterINVESTMENT HIGHLIGHTS
PROXIMATE TO UNION MARKET AND
GALLAUDET UNIVERSITY
Located 0.4 miles from Union Market and half a mile from Gallaudet University, residents have unmatched walkability (96 walk score) to all lifestyle amenities. Union Market hosts the most vibrant dining scene in the DC Metro accompanied by endless shops, entertainment venues, neighborhood events, and continues to be the destination of choice for highly exclusive retailers and restaurateurs.
STRONG LOCAL RENTER DEMOGRAPHICS
The Property is surrounded by a robust renter demographic, with average household incomes of roughly $157K and 80% of residents holding a bachelor’s degree or higher within a quarter mile. Within one mile, 70% of households are renter-occupied, highlighting the area’s strong multifamily demand.
MARK TO MARKET OPPORTUNITY
Investors have a compelling investment opportunity with this asset in that new ownership will be able to mark the entire property to market off a clean slate due to its delivery as a vacant building. This will ensure investors maximize returns in a relatively short period of time as the property is projected to lease up quickly.
METRO CONNECTIVITY
Convenient metro access just 0.3 miles away to NoMa-Gallaudet U (Red Line) connecting residents to Union Station, Capital One Arena, and the Washington D.C. CBD all within three stops. Four stops from NoMa-Gallaudet, residents can access the Blue/Silver/Orange lines servicing Rosslyn Ballston Corridor, The Pentagon, Amazon HQ2, and the VT Innovation Campus.
RECENT UPGRADES
- Auditorium lighting upgrades:$115,000 in 2021
- P1 Flooring Replacement: $66,000 in 2022
- Security camera upgrades: $25,000 in 2023
- Auditorium AV upgrades: $130,000 in 2024
- Classroom screen upgrades: $12,000 in 2024
- Construction of the package room off the lobby: $65,000 in 2024
- Building Access Control/Lock upgrades: $82,000 in 2024 & 2025
- Server room upgrades: $10,000 in 2025
Total: $505,000
Gallery
Contact Us
DC METRO
4445 Willard Ave.
Suite 1200
Chevy Chase, MD 20815
Investment Sales
Robert Meehling
Senior Managing Director
301.202.3553
[email protected]
DC, DRE #BR40000206
Louis Jacobe
Director
240.396.1088
[email protected]
DC, DRE #SP200203315
Mortgage Banking
Ted Hermes
Managing Director
703.408.7701
[email protected]
Phil Brannigan
Senior Director
781.801.2378
[email protected]
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.
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