4228 Benning Rd NE
Washington, DC 20019
Benning Road Apartments · Multifamily Property For Sale · 39 Units

OFFERING OVERVIEW
As the exclusive listing agent, the Zupancic Group of Marcus & Millichap is pleased to present 4228 Benning Road NE, a 39-unit mixed-use property in the heart of Deanwood, a rapidly growing neighborhood, steps from the Benning Road Metro, and less than 10 minutes from the transformational RFK Stadium redevelopment. This offering presents the opportunity to acquire an asset that is well-positioned with value-add upside in the short, medium, and long-term, based on the current condition and scale of the property, recent upgrades and renovations, unit mix and layouts, upside in rental growth, location, and potential to create additional revenue streams.
THE ASSET
4228 Benning Road NE is a 39-unit, 41,310 gross square foot asset, consisting of three stories plus a basement. The property has a certificate of occupancy for 39 total units, which includes 38 multifamily rental units and one ground floor commercial space that is currently operating as a barber shop, and an additional monthly revenue stream from a rooftop cell tower. The property consists of all one-bedroom, one-bathroom units, but offers favorable layouts to potentially convert select units to two-bedroom units. There are currently 14 physical vacancies, allowing for an investor to reposition and stabilize the property shortly after acquisition. Each unit in the property features a washer & dryer, dishwasher, kitchen, closet space, and either LVT or carpet floors. Select units have been updated to feature stainless steel appliances, new cabinets, new countertops, and renovated bathrooms. The roof has been recently renovated, and the property was recently converted to all-electric utilities, with separate meters for each individual unit, requiring the landlord to only pay for water & sewer utilities and common area electric costs. In addition to the diverse revenue streams generated from the barber shop and the cell tower, there is potential to renovate the large basement space to feature amenity space or at least one additional income producing residential or commercial unit. Finally, there is a paved parking lot in the rear of the property that can be used as a high-demand parking amenity.
THE LOCATION
4228 Benning Road NE is well-positioned for future appreciation in value and rental growth as it is located in the heart of Deanwood, steps from the metro and less than a 10 minute drive to the future RFK Stadium development. The much anticipated RFK Stadium development is budgeted for over $3.7 billion and is set to transform nearly 190 acres along the Anacostia River into a major mixed-use district anchored by a new Washington Commanders stadium expected to open around 2030. This development will transform the surrounding neighborhoods with new restaurants, retail, entertainment, nightlife and more. 4228 Benning Road NE will have direct access to the development’s surrounding community, as Benning Road connects the RFK campus across the Anacostia River to the Deanwood neighborhood. The Deanwood neighborhood has seen property values nearly double in the last five years, and there are newly constructed residential and commercial developments along Minnesota Avenue near the Deanwood Metro Station, Nannie Helen Burroughs Avenue, Benning Road, and Eastern Avenue, which will continue to drive rental demand as even more restaurants, retail, and jobs are brought to the area. The property is also situated in a transit-oriented location, as it is just 0.3 miles from the Benning Road Metro Station (Blue and Silver Line Service), and has direct access to the entire DMV through Benning Road NE, East Capitol Street NE, and Interstate 295.