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© 2019 Greysteel
Martin’s View205 Elmira Street SW | Washington, D.C.
OFFERING SUMMARY
UNIT MIX SUMMARY
Unit Type No. of Units
Avg SF
Effective Rent/Unit
Market Rent/Unit
Studio 8 490 $788 $1,225
1 BDR 92 680 $1,009 $1,325
2 BDR 43 730 $1,083 $1,525
3 BDR 13 800 $1,374 $1,625
Totals/Wtd. Averages
156 694 $1,049 $1,400
Renovated UnitsSince acquiring the Property in 2018 ownership has renovated 71 of the 156 units, or 46% of all units.
Access to National HarborThe Property is located less than 10 minutes from National Harbor, offering residents access to high-quality jobs, shopping, entertainment, and dining.
Favorable Unit MixAmong the 156 units at the Property there are 43 two-bedroom and 13 three-bedroom units. These larger units are attractive for renters seeking family-oriented accommodations and collect higher rental revenues.
Access to St. Elizabeth’s Hospital RedevelopmentThe Property is located less than 10 minutes from the St. Elizabeth’s Hospital redevelopment.
Value-Add PotentialThe average effective rent at the Property is $1,049 which is 33% lower than the average HCVP rent in the Congress Heights neighborhood. New ownership can create value by biting into this loss-to-lease over time.
Subject to Loan AssumptionThis offering is subject to a loan assumption. The $9.504MM loan is interest-only through December 2020 at a 4.11% fixed rate. The 10-year loan runs through Dec. 1, 2027.
Major Capital Upgrades Addressed
New ownership will benefit from the $600,000+ of capital upgrades incurred by the current owner, including:
• Roof tile and gutter repairs (~$23,000)
• Installation of CO detectors (~$4,000)
• Facade repairs to multiple buildings(~$51,000)
• Installation of eight new call boxes(~$12,500)
• Repaving of one parking lot (~$6,000)
• Bringing 10 formerly “down” units backonline (~$460,000)
INVESTMENT SUMMARY
Year Built 1944
Units 156
Construction Brick Masonry
Zoning RA-1
Total Rentable SF 107,360 SF
Average Unit Size 694 SF
Occupancy (02/2020) 85.0%
Average Market Rent $1,400
Average Rent Roll Rent $1,049
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WASHINGTON, D.C.
VIRGINIA
495
395
695
295
5
214
4
295
1
50
SUITLAND PARKWAY
CAPITAL BELTWAY
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20
5-MILE
MARTIN’S VIEW
INVESTMENT SALES CONTACTS FINANCE CONTACT
W. KYLE TANGNEY HERBERT SCHWAT DUTCH SEITZ BRENDAN SCANLONManaging [email protected]. SP98369974
[email protected]. SP98377485
Investment [email protected]. SP200203000
Senior [email protected]. SP98372374
7735 Old Georgetown Road | Suite 301 | Bethesda, MD 20814202.280.2722 | www.greysteel.com
D.C. License No: LL98371301Principal Broker | Ari Firooabadi | BR98371298
For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO | [email protected] | 202.417.3873Offices Nationwide | License Information and Online Disclosures
Greysteel, seller, and their respective representatives make no representations or warranties, express or implied,regarding the accuracy or completeness of the information in this Offering. All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This Offering is subject to prior placement, withdrawal, cancellation or modification without notice.
© 2020 Greysteel
DEVELOPMENTS 1 11th Street Bridge
2 Audi Field
3 Department of Homeland Security
4 Hill East Development
5 The Wharf DC
6 Town Square at Suitland Federal Center
7 Washington Wizards Practice Facility
GOVERNMENT8 BridgePoint Hospital National Harbor
9 Joint Base Anacosita-Bolling
10 Joint Base Andrews
11 Suitland Federal Center/Development
EDUCATION12 Georgetown University
13 George Washington University
14 Prince George’s Community College
MEDICAL SERVICES15 United Medical Center
PARKS & RECREATION16 AMC Rivertowne Movie Theater
17 FedEx Field
18 Fort Dupont Park
19 MGM National Harbor
20 Nationals Park
21 RFK Stadium
22 The Yards Park
SHOPPING & RESTAURANTS 23 Centre at Forestville
24 Eastover Shopping Center
25 Marlow Heights Shopping Center
26 National Harbor
27 Penn Mar Shopping Center
28 Penn Station Shopping Center
29 Potomac Yard Center
30 Rivertowne Commons Marketplace
31 Tanger Outlet National Harbor
32 The Shops at Iverson
33 Washington Navy Yard
TRANSIT 34 Ronald Reagan Washington
National Airport
Suitland Metro Station
AREA MAP
