Property Description

FULLY VACANT 8 UNIT BUILDING | NO TOPA | OPPORTUNITY ZONE. A rare chance to own a completely empty apartment building in one of Northeast DC’s fastest changing neighborhoods. 3505 Ames Street NE is delivered vacant, so you can start renovating on day one with no tenants to negotiate with and no TOPA process to wait out. Update the units, lease them up, and build long term income and equity. Renovated one bedroom apartments in the immediate area are leasing around $1, 355 per month, giving a new owner a clear target for rents once the work is done. The building sits on its own tax parcel, making it simple to own, finance, and eventually sell on its own. The location is a big part of the story. The property is just two minutes from the RFK redevelopment, which will bring a new stadium, 6, 000 homes, retail, and parkland to the 174 acre campus. Hill East and Northeast Heights Town Center are also nearby and continuing to bring new housing, retail, and activity to the corridor. Residents can walk to both the Minnesota Ave (Orange) and Benning Road (Blue / Silver) Metro stations, with bus lines V2, V4, 96, and U7 connecting to the rest of DC, Maryland, and Northern Virginia. The property is located in both an Opportunity Zone and a Qualified Census Tract, which may offer meaningful tax benefits for long term owners. Can be purchased on its own or together with neighboring buildings as part of the larger Ames Street portfolio. Get in ahead of the $3.7 billion redevelopment at RFK.