3928 1st St SE
Washington, DC 20032
Atlantic Plaza · Multifamily Property For Sale · 16 Units

THE OPPORTUNITY
The Zupancic Group of Marcus & Millichap is pleased to present Atlantic Plaza, a 16-unit multifamily property in the Congress Heights neighborhood of Southeast Washington, DC. With proximity to major redevelopment projects like the St. Elizabeths East Campus and access to the Congress Heights Metro Station, the asset is ideally positioned for long-term rent growth and rental demand. This is an ideal investment opportunity for an investor to benefit from major capital expenditures completed and 94% occupancy, while being able to capture upside in rents upon turnover.
THE ASSET
Built in 1965, Atlantic Plaza is a four-story, 16-unit building with a total of 10,200 rentable square feet. The unit mix consists of eight (8) two-bedroom units and eight (8) one-bedroom units, offering flexibility for rental demand. The building sits on an 11,326 SF RA-1 zoned lot and includes 10 off-street parking spaces. With 15 of 16 units currently occupied and in-place rents averaging $1,298, the property has the potential to generate over $20,000 in monthly rental revenue at full occupancy. The property is separately metered, allowing for tenant-paid utilities and reduced owner expenses. The property requires limited immediate renovation for an investor. The roof, water heaters, and electric utilities (150 amps per unit) have all been repaired and replaced, providing an owner the opportunity to focus on cosmetic renovations as necessary for increased rental demand.
THE LOCATION
Located in Congress Heights, Atlantic Plaza is positioned for continued appreciation in value and rent growth. The property is near the $1.5B St. Elizabeths East Campus redevelopment, home to the Wizards (practice)/Mystics arena, federal offices, new retail, healthcare, and housing—fueling job creation and neighborhood revitalization. The area is attracting new restaurants, retail, and services, boosting quality of life and broadening its resident base. Though tucked in a quiet residential pocket, the property offers easy access to major roads and public transit, connecting residents to Downtown DC, Capitol Hill, and the broader region. Ongoing infrastructure improvements and private investment continue to drive growth in Congress Heights, offering investors a well-located asset with strong cash flow and appreciation potential.