Marcus & Millichap is pleased to exclusively represent the owner of 615 Kennedy Street NW, DC 20011, in the Brightwood subdivision. This new construction build is situated on a .05-acre lot, amassing six stories with a rooftop deck.
Included in the 8,276 Square Feet of rentable space are six bi-level units and two penthouse each with a separate rooftop deck. Each of the eight units are delivered with condo level finishes including granite countertops, stainless steel appliances, custom granite tops, and much more. The property also comes with two parking spaces for future tenants.
A buyer can achieve a NOI of approximately $219,283 in year 1, which operates at a 6.64% Cap Rate based off the sales price. This investment also yields a 15.76% 5- year levered return, which is highly attractive in today’s market. Future appreciation based off of the corridor’s revitalization should also be considered when analyzing this investment.
Since 2000, the median household income in the area has increased by 97.4%. The average household income in 2022 for this corridor is $145,000, approximately 50% higher than the U.S. average. With dozens of development projects set to be completed over the next few years, Brightwood is set to become a retail hot bed, with new commercial real estate being developed on Kennedy Street, and at the Fort Totten metro (five blocks away).
The Kennedy Street corridor is a designated “Great Street” corridor that is bolstered by new residential and commercial development. In addition to its recent residential building boom, Kennedy Street offers a mix of independent retailers, restaurants, and specialty grocers. This site is located two miles away from “The Park at Walter Reed, a 66-acre redevelopment of the former Walter Reed Army Medical Center. This Park will include 3.1 million square feet of mixed-use development.
