2519–2521
PENNSYLVANIA 25TH STREET NW AVENUE NW
PENNSYLVANIA AVENUE NW
2519–2521 Pennsylvania Avenue NW
Washington, D.C.
OFFERING MEMORANDUM
Delivered Fully Vacant Trophy Location The Property will be delivered completely vacant, thus The Property’s location in a storied neighborhood just nine avoiding D.C.’s Tenant Opportunity to Purchase Act blocks from the White House presents opportunity for (TOPA) and allowing new ownership to begin their the sophisticated investor to add a trophy asset to their value-add strategy from day-one without delay. portfolio. The locale provides easy access to boutique stores, gourmet restaurants, and lively bars/pubs in High-Density Zoning Development Opportunity Georgetown, the West End, and Foggy Bottom. The Property sits on a 2,200 square foot lot. Favorable MU-6 zoning allows for a structure covering up to Access to Transit Options 7.2 floor-to-air ratio, up to 90 feet in height, and up This exceptionally convenient location offers easy access to 90% lot occupancy. The current structure (5,800 to federal employment centers via bus stations (less square feet) yields a 2.6 FAR and covers 72% of the lot, than a block away) and the Foggy Bottom Metro station allowing for significant additional density by-right per (two blocks away). Two major transportation corridors existing zoning. are directly accessible as well—Rock Creek Parkway and Pennsylvania Avenue NW. Universities/Employers The Property is surrounded by a host of top-tier universities and employers who present an abundant and consistent renter base • One half mile northwest of the George Washington University; • About a mile from the nationally ranked Georgetown University …which collectively serve a population of approximately 16,500 students and offer employment opportunities for hundreds of faculty, administrators, and staff. K Street NW, famous for its number of lobbyists and advocacy groups, is FOGGY BOTTOM-GWU METRO STATION (0.3 MILES) also located just one block away.
© 2019 Greysteel Floor Plans
Note: All measurements are approximate and should not be deemed 100% accurate
First Floor Layout Second Floor Layout
PARKING/ DUMPSTER AREA
© 2019 Greysteel Floor Plans
Note: All measurements are approximate and should not be deemed 100% accurate Third Floor Layout Fourth Floor Layout
RETAIL: 462.32 SF APARTMENT 2 (STUDIO) 450 SF
SUPPLY CLOSET
APARTMENT GSF OF THIRD FLOOR COMMON AREA GSF OF FOURTH FLOOR APARTMENT ~1,274.28 225 SF ~1,274.28 COMMON AREA 375 SF
APARTMENT 3 (2 BDR/1.5 BA) 600 SF APARTMENT 1 (1 BDR/1 BA) 450 SF
Fifth Floor Layout
APARTMENT 3 (CONTINUED) 402.22 SF
© 2019 Greysteel
ROSE PARK RECREATION CENTER SCHOOL WITHOUT WALLS AT BLUE DUCK TAVERN FRANCIS FRANCIS SWIMMING STEVENS POOL 23RD STREET NW DUPONT CIRCLE GEORGE’S KING OF FALAFEL & CHEESESTEAK (0.7 MILES) TAJ OF INDIA CUISINE LE PAIN QUOTIDIEN
ROCK CREEK AND POTOMAC PARKWAY NW
EMBASSY OF QATAR
M STREET NW M STREET NW COMMERCIAL CORRIDOR (GEORGETOWN) (0.3 MILES)
2519–2521 WEST END NEIGHBORHOOD PENNSYLVANIA LIBRARY AVENUE NW
PENNSYLVANIA AVENUEEMBASSY NW OF SPAIN
FLAVORS OF INDIA MARSHALL’S BAR CHARMTHAI
29 K STREET NW JARDENEA
DEVON & BLAKELY BURGER TAP & SHAKE DISTRICT COMMONS CIRCA
30N, 30S, 31, 33, 38B, D5 BUS ROUTES
FOGGY BOTTOM-GWU METRO STATION
THOMPSON 66 BOAT CENTER NEW HAMPSHIRE AVENUE NW
31, 32, 36, 39, H1, L1, X1 BUS ROUTES VIRGINIA AVENUE NW THE WATERGATE
66
LOCAL © 2019 RETAIL Greysteel MAP Property Details
2519–2521 Pennsylvania Avenue NW Washington, D.C. 20037
97 87 85 5,800 WALK SCORE TRANSIT SCORE BIKE SCORE BUILDING (Walker’s Paradise) (Excellent Transit) (Very Bikeable) GROSS SF
CONSTRUCTION MECHANICALS Framing Braced Framing Mixed - CPVC, Copper, Plumbing Glavanized Exterior Brick Façade Electric Baseboard (Apt); Forced Stories 5 Parking Surface Lot, Behind Heating Air (Commercial) Apartment Units 3 Roof Mansard & Flat Window Units (Apt); Central Air Conditioning (Commercial) Commercial Units 1 Balconies Metal Fire Escape Building 1 Electrical Mixed - Fuses & Circuit Breakers Year Built 1885
LOT SIZE RENTABLE SF TYPE OF OWNERSHIP ZONING PARCEL 2,200 SF 5,202 Fee Simple MU-6 0014-0028
UTILITIES - APARTMENTS
UTILITY Unit Mix Summary POWER SOURCE SERVICE Total Market Market Market Heat Electric Unit Type No. of Units Rentable SF* Rent Rent/Unit Rent/SF Cooking Electric Potential Efficiencies 1 450 $1,600 $3.56 $1,600 Hot Water Gas One Bedrooms 1 450 $1,900 $4.22 $1,900 Air Conditioning Electric Two Bedrooms 1 1,000 $3,200 $3.20 $3,200 Lights and Plugs Electric Retail/Commercial 1 3,302 $55.00** $55.00** $15,134.16 *Apartment SF are estimated Water/Sewer - **Annual Lease Rate
TAXES Zoning MU- 6 Zonning Regulation Reference Subtitle G, Chapter 3 TAX TAXABLE RATE Floor Area Ratio (Non-Residential) 2.0 YEAR PORTION Floor Area Ratio (Residential) 6.0 Floor Area Ratio (IZ) 7.2 Class 001 Residential 60.16% 0.85% Height 90 ft 2019 Lot Occupancy 80% Lot Occupancy (IZ) 90% Class 002 Commerical 39.84% 1.65% Rear Setback 15 ft² Green Area Ratio 0.30 Side Setback None required Penthouse Height / Stories 12 ft. (1 story), 18.5 ft (Penthouse Mechanical Space)
© 2019 Greysteel Rent Comparables
2519–2521 PENNSYLVANIA PENNSYLVANIA AVENUE NW AVENUE NW
L STREET NW 24TH STREET NW
3 GTON CIR IN CL SH E 5 A N 2 W W
1 Colonial Arms (0.2 Miles) K STREET NW 29 25TH STREET NW 2 2400 Pennsylvania Avenue (0.1 Miles) 4
3 2424 Penn (0.1 Miles) 23TH STREET NW 1 4 Circle Arms Apartments (0.2 Miles)
5 The Shoremeade (0.1 Miles) 66
UTILITY-ADJUSTED RENT PER UNIT Studio DIST. TO YEAR ASKING UTILITY-ADJUSTED UTILITY-ADJUSTED OCC. PROPERTY UNITS SF SUBJECT BUILT RENT RENT PER UNIT RENT PER SF RATE (MILES) Colonial Arms 195 1 650 $1, 25 $1,932 $2.9 96 0.2 2400 enns l ania A en e 195 5 399 $1, 96 $1, 96 $4. 5 93 0.1 2424 enn 1962 11 500 $1, 50 $1, 50 $3.50 9 0.1 Circle Arms Apartments 1964 16 390 $1, 23 $1, 23 $4.42 9 0.2 T e S oremeade 193 40 399 $1,4 $1,5 4 $3.9 94 0.1 Survey Average 447 $1,749 $1,766 $3.95 96% 2519 2521 enns l ania A en e 1885 1 450 --
1 BDR DIST. TO YEAR ASKING UTILITY-ADJUSTED UTILITY-ADJUSTED OCC. PROPERTY UNITS SF SUBJECT BUILT RENT RENT PER UNIT RENT PER SF RATE (MILES) 2400 enns l ania A en e 195 25 21 $2,406 $2,406 $3.34 93 0.1 2424 enn 1962 15 600 $2,200 $2,200 $3.6 9 0.1 Colonial Arms 195 24 00 $1,995 $2,146 $2.6 96 0.2 T e S oremeade 193 13 691 $1, 4 $1,99 $2. 9 94 0.1 Circle Arms Apartments 1964 32 525 $1,94 $1,94 $3. 1 9 0.2 Survey Average 661 $2,085 $2,137 $3.23 96% 2519 2521 enns l ania A en e 1885 1 450 --
2 BDR DIST. TO YEAR ASKING UTILITY-ADJUSTED UTILITY-ADJUSTED OCC. PROPERTY UNITS SF SUBJECT BUILT RENT RENT PER UNIT RENT PER SF RATE (MILES) 2400 enns l ania A en e 195 1 66 $2,450 $2,450 $3.20 93 0.1 Survey Average 766 $2,450 $2,450 $3.20 93% 2519 2521 enns l ania A en e 1885 1 1,000 -- 1. T is rent s r e was completed in ne 2019. 2. tilit ad sted rent is ased on prescri ed al es for t e ario s tilities residents pa for. ta les ma e pro ided pon re est. 3. S r e A era e e cl des t e S ect ropert . 4. S ect ropert reflects in place rents. © 2019 Greysteel GEORGETOWN UNIVERSITY (1.0 MILE) TRADER JOE’S (<0.1 MILES)
THE WASHINGTON HARBOUR-GEORGETOWN WATERFRONT (0.4 MILES)
THE GEORGE WASHINGTON UNIVERSITY HOSPITAL (0.3 MILES) © 2019 Greysteel WASHINGTON CIRCLE PARK (0.2 MILES) 7735 Old Georgetown Road • Suite 301 • Bethesda, MD 20814 202.280.2722 • www.greysteel.com New York • Los Angeles • Dallas • Fort Worth • Washington D.C.* • Philadelphia • Phoenix • Denver • Baltimore • Charlotte • Norfolk • Oklahoma City D.C. License No: LL98371301 *Corporate Headquarters and Transaction Services Center
SALES: FINANCE:
W. KYLE TANGNEY HERBERT SCHWAT CHRISTIAN ALVES DUTCH SEITZ BRENDAN SCANLON Managing Director Director Senior Investment Associate Investment Associate Senior Director 202.280.2730 202.618.3419 202.899.6414 202.869.3891 202.803.5810 [email protected] [email protected] [email protected] [email protected] [email protected]
For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO ([email protected] | 202.417.3873) 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 Summary. 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. All references to acreage, square footage, and other measurements are approximations and must be independently verified. © 2019 Greysteel