520 -522 8th Street SE

The subject property’s close in "Eastern Market" location in prestigious Capitol Hill is desirable for retail and office. Eastern Market, the city’s oldest public market is an anchor point of the areas retail businesses and is the Heart of the Hill. The site is located within 3 blocks of Eastern Market, 2 blocks from the Eastern Market Metro Station, and within 7 blocks of the U.S. Capitol and Library of Congress. The site benefits from the proximity to the US Capitol and architecturally distinctive residences. 8th Street SE is Barracks Row Main Street recently infused with millions of dollars for preservation and revitalization. The marine commandants private residence is adjacent to the parade grounds at the 8th Street SE and G Street SE intersection. The continuation of 8th Street to M Street SE includes the Navy Yard complex.

Price:                                  $895,000     (520 8th Street SE)
                                             $1,625,000 (522 8th Street SE)

Legal Description:            Square 0926 Lot 0008

Subdivision:                       Properties may be subdivided by Metes & Bounds/Assessment & Taxation

Site Area:                          4,495 square feet of land

Gross Building Area:       520 = 2,096 sf (1,776 sf above grade, 320 sf basement)
                                            522 = 4,944 sf (4,108 sf above grade, 836 sf basement)
                                            as per appraisal

Zoning:                               CAP/C-2A with Capitol Interest Overlay District

Real Estate Taxes:          Tax Year 2010
Land:                                   $885,520
Improvement:                    $341,440
Total:                                   $1,226,960

Annual Real Estate Taxes: $ 9,663
$ 920 (BID)
$ 10,583 Total

Property Description: There are two structures, circa 1900, on Lot 0008 with a total frontage of 41.2 feet on 8th Street SE with a depth of 109.1 feet. There is a 30 foot alley servicing the properties with available parking. 520 8th Street SE is a two-story detached building with partial basement. First floor is 888 sf, second floor is 888 sf with a basement of 320 sf. There is a total of 2,096 sf of gross building area. 522 8th Street SE is a three-story semi-detached brick building. First floor is 1,636 sf in Frame of Mine with it’s own retail entry, front sales area, half bath and rear workshop area. . Second floor has private foyer/entry and contains approx. 1,636 sf., 4 offices, reception area, kitchenette and full bath. The third floor is approx 836 sf with 3 offices and a full bath.Total of 4,944 sf of gross building area.

Parking: 8 parking spaces at rear accessible by 30 foot public alley, 5 of which are at the rear of 520 and 3 at the rear of 522.

Lease Information: Currently all tenants are month-to-month tenancy with the exception of Frame of Mine which has two years left on an initial 10 year term.

Financial Information

Lease Data:

Address                Tenant                Use                Area                Annual Rent               Rental Rate/SF

520 8^th SE            Veterinarian          Office            2,096 SF       $37,824                     $18.05

522 8^th SE            Frame of Mine     Retail           1,636 SF        $38,940                      $23.80
1^st Floor

522 8^th SE            State Farm Ins.   Office           1,636 SF       $30,000                       $18,34
2^nd Floor

522 8^th SE            J&M Abstracts     Office            836 SF           $23,976                      $28.68
3^rd Floor

Note: The annual rentals include the off-street parking income. Currently, the tenants pay their utilities but not real estate taxes or insurance which is paid by owner. All leases are month to month tenancy with the exception of Frame of Mine, which has approximately 2 years left of a 10 year term. Frame of Mine has one parking space, as does J&M Abstracts.

Expenses:

2009 Property Tax              $19,325
BID Property Tax                        818.
Insurance 520                          1,029
Insurance 522                          1,414
WASA water/sewer                      360
Griffith Fuel Oil 522                 9,000
(prorated and billed to tenants)

520 tenant pays all utilities