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709 Irving Street NE is a 5-unit boutique apartment building that has a strong performance history through providing housing for Catholic University students and other members of the burgeoning Brookland and Edgewood communities. The building consists of four (3) bedroom units and a (7) bedroom unit and offers a turnkey 5.23% cap rate investment. The Covid-19 pandemic did not affect asset performance,vacancy or operating expenses,and in 2019 and 2020 the average gross operating income was $205,573 with an average net operating income of $139,235. The building's oversized units have a history of high occupancy rates and monthly market rents that range from $3,000 to $6,386. Complimentary off-street parking is provided for the tenants in the rear. Fully renovated less than 10 years ago,this well-maintained asset eliminates any expenditures for a new operator and is a turnkey investment with no deferred maintenance. All units are separately-metered for electricity,helping an owner control operational expenses,and tenants are responsible for all utilities except trash and recycling.
Listed by Christopher S Burns of TTR Sotheby's International Realty

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