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2301 6th St S 5 Unit Apartment Building $1,795,000 ($359,000/Unit) 5.31% Cap Rate Arlington, VA 22204
INVESTMENT HIGHLIGHTS
- 100% Leased
- Prime, Close-In Location
- Value-Add: Convert Garage to Studio Unit
- 5.31% Cap Rate
- Value-Add: Modernize Units to Bring Market Rents
EXECUTIVE SUMMARY
Arlington Realty, Inc. / Virginia Smith as exclusive agent, is pleased to offer the opportunity to acquire a Prime Multi-Family Investment Opportunity. Fully leased 5-unit garden-style building in sought after Penrose. Excellent upside - potential for added value in converting the garage into an efficiency apartment, and/or modernize the units, to bring the rent up to market rate. Currently leased below comps in the neighborhood. Current NOI of approx. $95,346/yr. (cap rate: 5.31%). Could be ideal for owner occupancy with additional rental apartments. Consisting of 5 apartments – 4 units with 2br./1ba. and 1 unit with 3br./1.5ba. Amenities include 6 off-street parking spaces, laundry room, storage room. Many recent updates (see agent for a full list). The property has been under the same family ownership for over 45 years. Just minutes to the Pentagon, Amazon HQ2, Washington DC, Reagan National Airport. Sold in As-Is condition.
PROPERTY FACTS
| Price | $1,795,000 | Building Class | C |
| Price Per Unit | $359,000 | Lot Size | 0.19 AC |
| Sale Type | Investment | Building Size | 5,550 SF |
| Cap Rate | 5.31% | Average Occupancy | 100% |
| No. Units | 5 | No. Stories | 3 |
| Property Type | Multifamily | Year Built | 1959 |
| Property Subtype | Apartment | Parking Ratio | 0.9/1,000 SF |
| Apartment Style | Garden | ||
| Zoning | RA8-18 - residential area designated for multifamily dwellings with specific development standards. | ||
| Price | $1,795,000 |
| Price Per Unit | $359,000 |
| Sale Type | Investment |
| Cap Rate | 5.31% |
| No. Units | 5 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Garden |
| Building Class | C |
| Lot Size | 0.19 AC |
| Building Size | 5,550 SF |
| Average Occupancy | 100% |
| No. Stories | 3 |
| Year Built | 1959 |
| Parking Ratio | 0.9/1,000 SF |
| Zoning | RA8-18 - residential area designated for multifamily dwellings with specific development standards. |
AMENITIES
UNIT AMENITIES
- Air Conditioning
SITE AMENITIES
- Laundry Facilities
- Bicycle Storage
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 2+1 | 4 | $1,850 | - |
| 3+1.5 | 1 | $2,400 | - |
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Walk Score®
Very Walkable (76)
Bike Score®
Very Bikeable (78)
PROPERTY TAXES
| Parcel Number | 24-029-029 | Improvements Assessment | $870,100 |
| Land Assessment | $467,900 | Total Assessment | $1,338,000 |
PROPERTY TAXES
Parcel Number
24-029-029
Land Assessment
$467,900
Improvements Assessment
$870,100
Total Assessment
$1,338,000
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2301 6th St S
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