US GOVT ANCHORED commercial building (GSA lease)
Significant upside in residential apt rent (currently $2200/month - proforma is $2800/month)
3 retail spaces + 1 apt (4bd/1ba) - apt can be delivered vacant or occupied
Just under $92k in NOI from Day 1
No landlord gas or electric
Minimal landlord work required
Corner retail building on major thoroughfare Pennsylvania Avenue
Incredible retail frontage with exposure to thousands of vehicles per day
Very strong cashflows with GSA lease for USMC recruiting space and excellent retail rents & payment history in all 3 stores
Top floor apartment is 4bd/1ba and will be vacant on 12/31/24 - can be delivered vacant or occupied at closing
Asking $1,400,000 is over a 7% cap rate on existing cash flows
NO violations, clean building with good, in-place tenants
USMC space was just renovated, US govt put $345k into the space for improvements,
New ducted HVAC system in 2019, entire facade has been resealed/repainted
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