Pierce Park Apartments 2727 Adams Mill Road, NW | Washington, D.C
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Pierce Park Apartments 2727 Adams Mill Road, NW | Washington, D.C. OFFERING SUMMARY UNIT MIX SUMMARY Investment Summary Effective No. of Average Market HCVP Year Built 1962 Unit Type Rent/ Units Rentable SF Rent/Unit Rent/Unit Lot Size 8,176 SF Unit Total Rentable SF 8,800 SF Efficiencies 1 400 $1,004 $1,750 $2,440 Stories 3 One Bedrooms 14 600 $1,309 $2,200 $2,548 Units 15 Totals/Wtd. Zoning RA-2 15 587 $1,289 $2,170 $2,541 Averages Occupancy (10/2017) 100% Average Market Rent $2,170 Average Rent Roll Rent $1,289 $3,000 $2,548 $2,440 7% $2,500 Efficiency $2,200 $2,000 $1,750 $1,500 $1,309 $1,004 $1,000 73% One Bedroom $500 - Efficiencies One Bedrooms Effective Rent/Unit Market Rent/Unit Rent/Unit © 2017 Greysteel 9 16 13 5 MICHIGAN AVENUE, NW 29 1 3 4 PIERCE PARK 12 8 APARTMENTS WISCONSIN AVENUE, NW 15 1 6 11 7 2 50 17 14 395 10 AREA MAP DEVELOPMENTS SHOPPING & RESTAURANTS 1 McMillan Sand Filtration Site (1.8 Miles) 11 14th Street Retail Corridor (1.0 Mile) 12 (0.3 Miles) EDUCATION Adams Morgan Retail Corridor 13 D.C. USA (0.7 Miles) 2 Georgetown University (1.9 Miles) 14 Georgetown Waterfront (1.9 Miles) 3 Howard University (1.4 Miles) 15 U Street Retail Corridor (1.0 Mile) GOVERNMENT 16 Mt. Pleasant Retail Corridor (0.5 Miles) 4 United States Naval Observatory (1.2 Miles) 17 M Street Retail Corridor (1.6 Miles) HEALTH SERVICES 5 MedStar Washington Hospital Center (1.6 Miles) PARKS & RECREATION 6 Dumbarton Oaks Museum (1.3 Miles) 7 Dupont Circle (1.0 Mile) 8 Meridian Hill Park (0.5 Miles) 9 Smithsonian National Zoological Park (0.4 Miles) 10 Walter E. Washington Convention Center (2.7 Miles) © 2017 Greysteel NORTH CAROLINA AVE CAROLINA NORTH NUE, NE NUE, LV NAIL & SPA KALORAMA DELI LA BUSTIERE BOUTIQUE SANTA ROSA DE LIMA SUPER TACOS & BAKERY MY CANTON CHURRERIA MADRID CITY BIKES OSTERIA AL VOLO JULIA’S EMPANADAS SONGBYRD RECORD CAFÉ & MUSIC SHENANIGAN’S HOUSE IRISH PUB SMOKE & BARREL ROOFERS PUB BOSSA BISTRO & LOUNGE DONBURI MADAM’S ORGAN THE PHOENIX LOUNGE METRO WINE & SPIRITS TRYST ZENEBECH INJERA GRAND CENTRAL SAKURAMEN RAMEN BAR MEZE JYOTI INDIAN CUSINE THE BLACK SQUIRREL RISE BAKERY JUMBO SLICE THE DINER COLUMBIA ROAD, UNITY PARK NW NW 18TH STREET, MINTWOOD PLACE POP’S SEABAR TAIL UP GOAT PERRY’S SO’S YOUR MOM DELI ONTARIO PLACE, PHILZ COFFEE PITANGO ASTOR MEDITERRANEAN SWEET SCIENCE COFFEE AB LIQUOR LAPIS BISTRO NW NW WALTER PIERCE PARK NW PIERCE PARK APARTMENTS ADAMS MILL ROAD, CALVERT STREET, STREET, CALVERT LOCAL© 2017 Greysteel MAP Variable Value-Add Strategies Central Location to With in-place rents below market by 38%, new D.C. Universities ownership will gain value and improve revenue Pierce Park Apartments is surrounded by a host by implementing incremental rent increases upon of top tier universities in Northwest Washington, turnover, or by renting to HCVP voucher-holders, all accessible either by bus, foot, bicycle, or public whose rents are set outside rent control and are transit. Howard University, American University, guaranteed by the government. Georgetown University, and George Washington University collectively serve almost 70,000 students Superior Walkability and are all within easy commuter access either by Pierce Park Apartments boasts a Walkscore of 93, bus, car, foot, or bicycle. classifying the Property as a “Walker’s Paradise.” Daily errands do not require a car. 18th Street NW, Access to Employment Hubs Columbia Road NW, and U Street NW, some of the Pierce Park Apartments is located within easy city’s premier dining, nightlife, and shopping corridors commuting access to some of Washington’s are just blocks away, thus attracting residents seeking major employment hubs including Dupont Circle, a walkable neighborhood setting. Downtown Washington, the Connecticut Avenue Corridor, and Washington Hospital Center which Easy Access to Transit employs avout 16,000 healthcare workers. All are Several bus lines directly accessible to the Property directly accessible via the WMATA bus system, by provide access to Columbia Heights, Cleveland foot, car, or bicycle. Park, and Downtown Washington via Connecticut Avenue NW. All provide access to metro. Motorists benefit from easy access to Rock Creek Parkway, Connecticut Avenue, and 16th Street NW; all some of Washington’s major commuter thoroughfares. Off- street parking is accessible behind the building. 7735 Old Georgetown Road • Suite 301 • Bethesda, MD 20814 202.280.2722 • www.greysteel.com Phoenix • Los Angeles • Denver • Washington, D.C.* • Baltimore • Philadelphia • Dallas • Fort Worth • Norfolk D.C. License No: LL98371301 *Corporate Headquarters and Transaction Services Center SALES: FINANCE: W. KYLE TANGNEY HERBERT SCHWAT BRENDAN SCANLON BRITTANY WISMER Managing Director Investment Associate Senior Director Senior Finance Associate 202.280.2730 202.618.3419 202.803.5810 202.280.2826 [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. © 2017 Greysteel.