Washington Land for Sale - Uptown
THE OPPORTUNITY
The Zupancic Group of Marcus & Millichap is pleased to present the Tenleytown Apartments, a Class A mixed-use development project located at 4611–4615 41st Street NW in the premier Tenleytown neighborhood of Northwest DC. This offering presents a rare opportunity to acquire a conceptually planned and PUD approved development site in the heart of Tenleytown, one of DC’s most supply-constrained, high-barrier-to-entry, and transit-oriented neighborhoods. This coveted location is just one block from the Tenleytown-AU Metro Station and is surrounded by prime retail and restaurants, schools, and top-tier neighborhoods like Bethesda, Chevy Chase, Georgetown, and more. This location in a core DC submarket supports strong projected lease up rates or condo sales, mitigating potential risk and presenting exceptional upside for a developer.
THE ASSET
Tenleytown Apartments has initial conceptual and architectural plans for a 41-unit Class A development totaling approximately 37,000 gross square feet of mixed-use space. The project has already successfully been approved as a Planned Unit Development (PUD), allowing for significantly more development potential on the 6,855 square foot MU-5B zoned lot than the previous MU-4 designation. The development is planned to feature ground-floor and cellar retail or restaurant space, a rooftop bar/lounge, and an outdoor rooftop patio, providing amenities and entertainment for tenants, and adding to the already established local restaurant and bar scene. The development is also planned to feature seven on-site parking spaces, which could rent for over $250/month per spot, and dedicated on-site bike storage. The multifamily units are planned to consist of a mix of studio, one-bedroom, and two-bedroom units catering to demand for the submarket. The site is fully scraped and has zoning approval for development to begin through 2027, allowing an investor to proceed with development relatively efficiently after acquisition, limiting demolition costs, carrying costs, and uncertainty.
THE LOCATION
Tenleytown is a well-established DC neighborhood with strong transit access, top schools, and a limited development pipeline. The property is one block from the Red Line’s Tenleytown-AU Metro Station, offering direct access to Downtown DC, Bethesda, and Silver Spring. The neighborhood offers convenient access to Whole Foods (0.2 miles), Target (0.1 miles), CVS (500 feet), and other notable retail and restaurants. The property is also less than one mile from American University and just steps from American University's law school campus (approximately 1,200 students), supporting additional potential rental demand for the asset. Wisconsin Avenue NW is an established commercial corridor with high foot traffic, high demand retailers and neighborhood favorite restaurants. The neighborhood has a relatively low-supply of rental properties and presents a high-barrier-to-entry, supporting long-term rent growth and asset value in the area. Tenleytown Apartments is well positioned to benefit from a wide array of positive attributes the neighborhood has to offer, making this a high-upside investment in a blue-chip neighborhood in DC.
