626 Independence Ave SE

The subject property’s close in "Eastern Market" location in prestigious Capitol Hill is desirable for tenants. 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 2 blocks of Eastern Market, 3 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.The property is located on the north side of Independence Avenue between 6^th and 7^th Street. Scroll down for PDF.

Rental Income: $16,008 Monthly

Expenses:                    $66,356 Estimated

Legal Description:      Square 0870 Lot 0857

Site Area:                      6,812 square feet of land

Gross Building Area: 13,760 as per appraisal

Zoning:                          R-4

Apartment Units:          18 (Certificate of Occupancy & Business Licence)

Unit Mix:                        8 one bedroom, one bathroom units
                                        4 one bedroom + den, one bath units
                                        6 two bedroom, one bathroom units

Real Estate Taxes:     Tax Year 2010
                                        Land: $1,410,080
                                        Improvement: $1,395,220
                                        Total: $2,805,300

Annual Real Estate Taxes: $.85 per $100 = $23,845

Property Description: Built 1956, 3 story brick garden style apartments with 8’ ceiling height, forced air heating, no central air conditioning. Units have washers and dryers, no dishwashers nor disposals. Each unit is independently metered for gas and electric, which tenants pay directly to utility companies.

Parking: 8 parking spaces at rear accessible by public alley