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320 Constitution Ave NE 320 Constitution Ave NE 16 Unit Apartment Building £2,168,549 (£135,534/Unit) 6.84% Net Initial Yield Washington, DC 20002
INVESTMENT HIGHLIGHTS
- A 16-unit Apartment Building With a Desirable Unit Mix Featuring Six One-Bedroom and Ten Studio Apartments With Recent Upgrades
- Located in Capitol Hill, Just Six Blocks From the U.S. Capitol and Senate Offices
- Historically Strong Market-Rate Occupancy With Minimal Turnover
- Recent Capital Improvements Include New Windows, Chillers, Boiler, Water Treatment Units, and a New Water Heater
- Walking Distance to Judiciary Square, L’Enfant Plaza, and Union Station Metro Stations
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to represent the owner of 320 Constitution Avenue NE in Washington, D.C, a recently renovated sixteen apartment in the heart of Capitol Hill.
This 10,500 square foot apartment building is located just six blocks from the U.S. Capitol and the Senate office buildings. It is also within walking distance of both the Judiciary Square and L’Enfant Plaza Metro stations, providing tenants with convenient access to the entire D.C. metropolitan area. Recent improvements include newer windows, chillers, a water heater, a boiler, water treatment units, and cosmetic upgrades to 15 of the 16 units.
The property offers a desirable mix of six one-bedroom apartments and ten studio apartments, with each unit being separately metered and featuring hardwood floors, a dedicated cooling system, and access to a shared laundry facility.
320 Constitution Avenue NE provides a new owner with the opportunity to acquire a stabilized asset in the historic Capitol Hill submarket and achieve a CAP rate above 6.00% with the current market-rate tenants. The average rent in this building is $2.46 PSF—below the submarket average of $3.20 PSF for Class C buildings—offering a significant opportunity for a future owner to increase NOI annually.
This asset offers exceptional walkability, providing immediate pedestrian access to Union Station, Amtrak, Eastern Market, three Metro stations, the H Street corridor, Smithsonian museums, the National Mall, the U.S. Botanic Garden, local parks (including Stanton Park and Senate Park), Georgetown Law School, and a wide range of lifestyle amenities.
As a result of these favorable conditions, the property has consistently maintained near-full occupancy with market-rate tenants. Its consistently low vacancy underscores the strength of its irreplaceable location and tenant appeal, aligning well with the submarket’s resilience and long-term value trajectory.
This 10,500 square foot apartment building is located just six blocks from the U.S. Capitol and the Senate office buildings. It is also within walking distance of both the Judiciary Square and L’Enfant Plaza Metro stations, providing tenants with convenient access to the entire D.C. metropolitan area. Recent improvements include newer windows, chillers, a water heater, a boiler, water treatment units, and cosmetic upgrades to 15 of the 16 units.
The property offers a desirable mix of six one-bedroom apartments and ten studio apartments, with each unit being separately metered and featuring hardwood floors, a dedicated cooling system, and access to a shared laundry facility.
320 Constitution Avenue NE provides a new owner with the opportunity to acquire a stabilized asset in the historic Capitol Hill submarket and achieve a CAP rate above 6.00% with the current market-rate tenants. The average rent in this building is $2.46 PSF—below the submarket average of $3.20 PSF for Class C buildings—offering a significant opportunity for a future owner to increase NOI annually.
This asset offers exceptional walkability, providing immediate pedestrian access to Union Station, Amtrak, Eastern Market, three Metro stations, the H Street corridor, Smithsonian museums, the National Mall, the U.S. Botanic Garden, local parks (including Stanton Park and Senate Park), Georgetown Law School, and a wide range of lifestyle amenities.
As a result of these favorable conditions, the property has consistently maintained near-full occupancy with market-rate tenants. Its consistently low vacancy underscores the strength of its irreplaceable location and tenant appeal, aligning well with the submarket’s resilience and long-term value trajectory.
FINANCIAL SUMMARY (PRO FORMA - 2025) |
ANNUAL | ANNUAL PER sq ft |
|---|---|---|
| Gross Rental Income |
£232,403
|
£22.13
|
| Other Income |
-
|
-
|
| Vacancy Loss |
£6,972
|
£0.66
|
| Effective Gross Income |
£225,431
|
£21.47
|
| Taxes |
-
|
-
|
| Operating Expenses |
-
|
-
|
| Total Expenses |
£78,492
|
£7.48
|
| Net Operating Income |
£146,939
|
£13.99
|
FINANCIAL SUMMARY (PRO FORMA - 2025)
| Gross Rental Income | |
|---|---|
| Annual | £232,403 |
| Annual Per sq ft | £22.13 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Vacancy Loss | |
|---|---|
| Annual | £6,972 |
| Annual Per sq ft | £0.66 |
| Effective Gross Income | |
|---|---|
| Annual | £225,431 |
| Annual Per sq ft | £21.47 |
| Taxes | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Operating Expenses | |
|---|---|
| Annual | - |
| Annual Per sq ft | - |
| Total Expenses | |
|---|---|
| Annual | £78,492 |
| Annual Per sq ft | £7.48 |
| Net Operating Income | |
|---|---|
| Annual | £146,939 |
| Annual Per sq ft | £13.99 |
PROPERTY FACTS
| Price | £2,168,549 | Apartment Style | Low-Rise |
| Price Per Unit | £135,534 | Costar Property Class | C |
| Sale Type | Investment | Total Plot Size | 0.12 ac |
| Yield | 6.84% | Property Size | 10,500 sq ft |
| No. Units | 16 | No. Floors | 2 |
| Property Type | Build-to-Rent | Year Built | 1918 |
| Property Subtype | Apartment | ||
| Use Class | RF-1/CAP | ||
| Price | £2,168,549 |
| Price Per Unit | £135,534 |
| Sale Type | Investment |
| Yield | 6.84% |
| No. Units | 16 |
| Property Type | Build-to-Rent |
| Property Subtype | Apartment |
| Apartment Style | Low-Rise |
| Costar Property Class | C |
| Total Plot Size | 0.12 ac |
| Property Size | 10,500 sq ft |
| No. Floors | 2 |
| Year Built | 1918 |
| Use Class | RF-1/CAP |
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT PCM | sq ft |
|---|---|---|---|
| Studios | 10 | - | 600 |
| 1+1 | 6 | - | 750 |
1 1
Walk Score®
Excellent pedestrian access (92)
Transit Score®
Excellent Public Transport (89)
Bike Score®
Ideal For Cyclists (97)
PROPERTY TAXES
| Parcel Number | 0784-0020 | Improvements Assessment | £1,433,677 |
| Land Assessment | £1,248,682 | Total Assessment | £2,682,359 |
PROPERTY TAXES
Parcel Number
0784-0020
Land Assessment
£1,248,682
Improvements Assessment
£1,433,677
Total Assessment
£2,682,359
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320 Constitution Ave NE | 320 Constitution Ave NE
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