2712 WISCONSIN AVE NW, WASHINGTON, DC 20007
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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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Keen-Summit – Investment Sales
Harold Bordwin
Principal and Co-President 914.980.8555 hbordwin@keen-summit.com
Chris Maloney
Senior Managing Director 646.381.9205 cmahoney@keen-summit.com
Robert Meehling
Senior Managing Director 301.202.3553 bobby.meehling@berkadia.com DC, DRE #BR40000206
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Louis Jacobe
Director 240.396.1088 louis.jacobe@berkadia.com DC, DRE #SP200203315
Heather Milazzo
Managing Director 646.381.9207 hmilazzo@keen-summit.com
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On behalf of ownership, Berkadia and Keen-Summit are pleased to present for sale Wisconsin House (the “Property”), a 108-unit well-amenitized multifamily asset located in the highly sought-after Glover Park submarket of Northwest Washington, DC.
Wisconsin House provides unparalleled connectivity to many of Washington, DC’s most popular lifestyle amenities putting residents within walking distance from Georgetown’s 2.3 million square feet of retail, home to some of the area’s best dining and shopping options. Situated in one of DC’s best neighborhoods and just steps away from Whole Foods, Giant, Trader Joe’s, Safeway, and CVS to name a few makes Wisconsin House a top option for renters and a compelling investment opportunity for investors.
The Property’s central location also allows connectivity to all major employment hubs in the DC MSA – downtown DC (2.7 miles); Rosslyn Ballston Corridor (2.4 miles); Bethesda (4.3 miles); National Landing’s Amazon HQ 2 (6 miles); and Tysons Corner (12 miles).
With the right variety of floor plans, Wisconsin House boasts very spacious units. From units facing Wisconsin Avenue and the rooftop terrace, the property features beautiful views of neighboring National Cathedral, Naval Observatory, British and Russian Embassies, and Washington DC’s prominent monuments.
Built in 1957, Wisconsin House performs very well as it sits fully occupied at rents averaging $2.41/SF with room for further growth. Also, based on current applications, the property’s occupancy is expected to remain strong.
Most recently, the Property’s exceptional leasing activity indicates strong support for growing rents on-site within DC rent control guidelines. In the trailing 60 days new tenant rents have increased by 3.3% when compared to the whole Property’s actual average in-place rent. Also, year-to-date new tenant rents were materially higher than the average rent achieved in preceding years, 5.5% on average. Submarket fundamental trends have also been robust and are forecasted to continue, with projected rent growth for similar product of about 6.0% annually through 2025.
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Prime Location
01
Located steps from National Cathedral, Wisconsin House offers excellent walkability to Whole Foods, Trader Joe’s, Safeway, and Buzzuto’s Cathedral Heights retail center where residents can enjoy multiple restaurant options such as popular Barcelona Wine Bar and Raku-An Asian Diner, as well as Giant Food, CVS, and more.
Employment Connectivity
02
Residents can easily access downtown Bethesda, the National Institutes of Health, 130 million square feet of office in downtown DC, National Landing (Amazon HQ2), the Rosslyn-Ballston Corridor, and Tysons Corner employment hubs within a 20-minute drive. This represents approximately 65% of the office market in the DC MSA, making it one of the most well-connected assets in the region.
Unmatched Renter Demographics
03
With about $150,000 in median HH income, 89.8% achievement of bachelor’s degree or higher, and a 49.9% renter population, investors will benefit from a strong tenancy for the foreseeable future.
Recent Property Performance
04
Outstanding recent property trends with a 3.73% effective increase on recent 6 new leases. In addition to strong recent performance, new ownership has a compelling opportunity to fully capitalize on Other Income line items via marking to market parking rents, pet rent, and upfront admin fees.
Below Replacement Cost in Supply Constrained Market
05
There are no units under construction within a 1-mile radius and only 833 units across 2 developments west of Connecticut Avenue NW to deliver in the next 4 years.
PROPERTY DESCRIPTION
ADDRESS YEAR BUILT TOTAL UNITS AVERAGE UNIT SIZE PARKING
ZONING TAX LOT MILLAGE RATE LAND AREA BASEMENT AREA STORAGE AMENITIES
2712 Wisconsin Avenue NW, Washington, DC 20007 1957 109 690 SF. 39 total parking spots | 28 inside two level garage | 6 uncovered surface | 5 covered surface RA-4 (3.5 Allowable FAR) Two tax lots: 1932 0806 $0.85 PER $100 ASSESSED VALUE 17,272 SF 5,090 SF Storage area in basement Rooftop Terrace, Laundry Facility in basement
CONTACT US
berkadia – financing
Ted Hermes
Managing Director 703.408.7701 ted.hermes@berkadia.com
Phil Brannigan
Senior Director 781.801.2378 phil.brannigan@berkadia.com
2712 WISCONSIN AVE NW, WASHINGTON, DC 20007
LOCATION
2712 Wisconsin Avenue NW, Washington, DC 20007
1957
108
690 SF.
39 total parking spots | 28 inside two level garage | 6 uncovered surface | 5 covered surface
RA-4 (3.5 Allowable FAR)
Two tax lots: 1932 0806
$0.85 PER $100 ASSESSED VALUE
17,272 SF
5,090 SF
Storage area in basement
Rooftop Terrace, Laundry Facility in basement