32 Chesapeake St SW
Washington, DC 20032
Madison Courts · Multifamily Property For Sale · 78 Units

LIHTC Investment - Madison Courts is a 78-unit property constructed in 1944 and, after a substantial rehabilitation, was Placed-in-Service in 2000 under the Section 42 Low-Income Housing Tax Credit (LIHTC) program. The Initial Compliance Period expired in 2015 and the Extended Use Period expires in 2030. The Property’s LIHTC restrictions are that 40% of the units are reserved for tenants making no more than 60% of the Area Median Income (AMI). The Property is in Year 20 of its Extended Use Period and qualifies for either 4% or 9% acquisition and rehabilitation credits based on its 10-year continuous ownership and location in a 2021 Qualified Census Tract.
Ease of Operations - Madison Courts represents an opportunity to acquire a well-positioned asset in the Southwest, D.C. neighborhood of Bellevue, adjacent to I-295 and Joint Base Anacostia Bolling. With a healthy existing cash flow, new ownership will benefit from the ability to improve operating expenses over time and continue to see growth in revenues.
Nearby St. Elizabeth’s Redevelopment - The Property benefits from easy access to the massive redevelopment of St. Elizabeth’s Hospital campus. The site will soon deliver 1.5 million square feet of office space, 350,000 square feet of retail space, a high-tech Innovation Hub and the new headquarters of the U.S. Coast Guard and the U.S. Department of Homeland Security.
Convenient Location - The Property is located along South Capitol Street, a major local thoroughfare providing easy local access throughout the submarket to residents of the property; it is also located adjacent to I-295 which provides immediate access to downtown D.C. and I-495, a.k.a. the Capital Beltway.
Exceptionally Maintained Property - The Property is professionally managed by Edgewood Management, and they have done an excellent job maintaining the grounds and improvements since the property was placed in service in 2000.