1901 I St NE - 1901 I St NE 13 Unit Apartment Building Offered at $5,206,875 CAD at a 7.42% Cap Rate Washington, DC 20002

Marcus & Millichap is pleased to represent the owner of 1910 I Street NE, a newly constructed multifamily asset located in the Old City I corridor of Washington, D.C.. The property is a modern, three-story apartment building situated on a 0.10-acre lot and was completed in 2024.
The building consists of 13 apartment units featuring luxury, condo-quality finishes throughout, including quartz countertops, stainless steel appliances, custom cabinetry, luxury laminate flooring, and additional high-end design details. The unit mix is well-positioned for today’s renter demand, comprised of 11 two-bedroom units and two three-bedroom units. Each apartment is separately metered for electricity and equipped with new, high-efficiency HVAC systems.
The asset further benefits from durable and energy-efficient construction elements, including fiber cement exterior panels, a TPO roof, solar panels, and three off-street parking spaces—features that contribute to reduced operating costs and long-term asset durability.
Currently, 10 of the 13 units are occupied, generating annual in-place income of $277,848, with projected gross income of $425,868 upon stabilization. At full occupancy, the property offers an attractive going-in capitalization rate of approximately 7.75% and a compelling five-year levered IRR of 31.54%. The tenant base consists of a mix of market-rate and voucher tenants, providing both income stability and upside through lease-up and rent optimization.
Located within a rapidly evolving submarket along the Benning Road and H Street NE corridors, 1910 I Street NE is positioned to benefit from significant public and private investment. The property is approximately one mile from the new Washington Commanders stadium, one mile from Union Market, and within walking distance of Hechinger Mall, which is slated for redevelopment into approximately 2.4 million square feet of mixed-use space. Continued revitalization in the surrounding area supports strong long-term appreciation potential.