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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)
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.