November 18, 2024 – Christian Barreiro and Dennis Cravedi of Horvath & Tremblay have successfully completed the sale of eleven (11) multi-family units in Washington, DC. Horvath & Tremblay exclusively represented the seller and procured the buyer to complete the transaction. The desirable asset sold for $2,950,000 which represents a price of $268,182 per unit.
The multi-family property is located at 1711 T Street NW in the blue-chip Dupont Circle neighborhood of Washington, DC (the “Property”). The Property is a short walk from Dupont Circle and is steps from the U Street corridor (north of the Property) and the 14th Street corridor (east of the Property), the area’s primary commercial corridors offering a wide array of shopping, dining, grocers, public parks, and entertainment options. 1711 T Street NW offers both strong cashflow with immediate income upside from an in-place 70% voluntary agreement. The Property consists of 8,715 gross square feet within a three-story brick building (no basement) with eleven (11) spacious units consisting of ten (10) one bedroom units, and one (1) two bedroom unit. The Property is flexibly zoned (RA-2) and currently features two off-street parking spaces at the rear of the building, with the potential for two more. The property has two vacant units that present investors with the opportunity to add value immediately and capitalize on the broad range of renters that seek out Dupont Circle for housing including government and corporate workers, attorneys, graduate students, lobbyists, and short-term renters just to name a few. Also, the building’s iconic location in Dupont Circle, a desirable neighborhood that has been completely built out, will consistently drive rental demand and enable the asset to serve as a strong investment for years to come.
Horvath and Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in New England. Their advisors specialize in the sale of apartment buildings, mixed-use properties, and development projects. They have experience successfully structuring portfolio sales and 1031 exchanges. They have a dedicated buy side desk that provides real time inventory and market data to each individual client placing capital or fulfilling a 1031 exchange requirement. The firm is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.