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The Violet 1515 Rhode Island Ave NE 20 Unit Apartment Building For Sale Washington, DC 20018

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Investment Highlights

Delivered in 2019 with durable, high-end construction minimizing replacement costs and ongoing capital risk.
Located near Catholic University and multiple transit options, ensuring strong tenant demand and consistent occupancy.
MU-4 zoning designation enables long-term development optionality, including potential for added density or expanded floorspace.

Exempt from rent control regulations, allowing full flexibility to adjust rents in line with market demand.
Nine dedicated off-street parking spaces provide an additional income stream and future condo conversion upside.

Executive Summary

The Violet offers investors the opportunity to acquire a contemporary 20-unit multifamily asset in Washington, D.C., built in 2019 and exempt from both rent control and TOPA obligations. This regulatory advantage provides operational flexibility uncommon in the District, eliminating rent-setting constraints and reducing costly delays associated with purchase processes. The property is positioned to deliver stable cash flow with upside potential through strategic leasing initiatives, given its current average rents trail submarket rates.
Constructed with high-quality, condo-level finishes and durable materials, The Violet significantly mitigates near-term capital expenditure risk, creating a dependable long-term investment. The asset includes nine off-street parking spaces, a rare value-add component in the urban core, and is located within a transit-connected corridor that attracts young professionals and graduate students. MU-4 zoning further enhances income potential by allowing for additional density beyond current improvements, presenting a scalable redevelopment path. This combination of regulatory benefits, construction quality, and embedded value positioning makes The Violet an appealing, low-risk acquisition in a supply-constrained market.

The Violet Offering Summary

Offering Memorandum

Property Facts

Sale Type	Investment	Lot Size	0.16 AC
No. Units	20	Building Size	21,000 SF
Property Type	Multifamily	No. Stories	5
Property Subtype	Apartment	Year Built	2019
Apartment Style	Mid-Rise	Parking Ratio	0.43/1,000 SF
Building Class	B	Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	MU-4

Sale Type	Investment
No. Units	20
Property Type	Multifamily
Property Subtype	Apartment
Apartment Style	Mid-Rise
Building Class	B
Lot Size	0.16 AC
Building Size	21,000 SF
No. Stories	5
Year Built	2019
Parking Ratio	0.43/1,000 SF
Opportunity Zone	Yes State officials designate a portion of qualified Census Tracts to be Opportunity Zones. Certain investments in Opportunity Zones may be eligible for preferential tax treatment.
Zoning	MU-4