March 18, 2024 – Christian Barreiro and Dennis Cravedi of Horvath & Tremblay have successfully completed the sale of a vacant twelve (12) unit multi-family property in Washington, DC. The duo exclusively represented the seller and procured the buyer to complete the transaction at a sale price of $1,200,000.
The Property is located at 5811 Field Place NE in Washington, DC. Located in the Deanwood neighborhood of Northeast Washington, DC just steps from the border with Prince George’s County, MD, the Property is located in a suburban pocket of the District surrounded by similar multi-family and residential properties. The asset is proximate to a good number of public and charter schools, as well as major DC highways and the Capitol Heights Metro Station, which is less than a mile away. The Property consists of a 100% vacant three-story, fully-detached, brick building with a certificate of occupancy for twelve (12) apartment units. The subject property is 8,514 square feet of gross building area and sits on a 6,500-square-foot RA-1 zoned parcel. Also, the building’s location in the Deanwood 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. The Property offered the desirable opportunity to purchase a fully-vacant, TOPA-free asset with a Certificate of Occupancy for twelve (12) apartment units that can be configured into three and four bedroom units with the ability to achieve $24K or more monthly rental income upon stabilization. The Property is positioned along a quiet tree lined residential street with close proximity to a wide array of public of charter schools, and public transportation options. The Property is 2-miles from US Highway 50, 4 miles from Interstate 95 and 6-miles from Downtown Washington, DC.
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.