January 28, 2025 – Christian Barreiro and Dennis Cravedi of Horvath & Tremblay have successfully completed the sale of a vacant twenty-two (22) unit multi-family property in Washington, DC. Horvath & Tremblay exclusively represented the seller in the transaction. The desirable asset sold for $4,400,000.
The multi-family property is located at 3228 Hiatt Place NW in the Columbia Heights neighborhood of Northwest Washington, DC. The Property is situated in between 16th Street NW and 14th Street NW, the area’s primary commercial and commuter corridors and is adjacent to the Powell Recreation Center and steps from the DC USA Shopping Mall. The asset is proximate to a good number of public and charter schools, as well as major DC highways and the Columbia Heights Metro Station, which is 0.3-miles away. 3228 Hiatt Place NW is 2-miles from US Highway 50, 4 miles from Interstate 95 and 6-miles from Downtown Washington, DC. The Property consists of a 100% vacant four-story plus attic level, fully detached, brick building with a certificate of occupancy for twenty-two (22) apartment units. The subject property has approximately 24,000 square feet of gross building area, including an additional ~500 square foot sub-cellar for storage, and sits on an 8,029-square-foot RA-2 zoned parcel. The current owner has already improved the utilities to the building by installing new separate meter sockets for both electric and gas as well as new 2 PSIG piping connections for the gas. The electrical service is 2,000 AMP, three-phase service for the entire building. The building’s location in the Columbia Heights neighborhood is expected to consistently drive rental demand and cause the asset, upon renovation, to serve as a reliable and appreciating 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.