202-919-9400
1515 Rhode Island Ave NE, Washington, DC for Sale
Apartments - FOR SALE
1/16
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1515 Rhode Island Ave NE
Washington, DC 20018
Langdon


HIGHLIGHTS

  • Delivered in 2019 with durable, high-end construction minimizing replacement costs and ongoing capital risk.
  • Exempt from rent control regulations, allowing full flexibility to adjust rents in line with market demand.
  • Located near Catholic University and multiple transit options, ensuring strong tenant demand and consistent occupancy.
  • Nine dedicated off-street parking spaces provide an additional income stream and future condo conversion upside.
  • MU-4 zoning designation enables long-term development optionality, including potential for added density or expanded floorspace.

OVERVIEW

The Violet offers investors the opportunity to acquire a contemporary 20-unit multifamily asset in Washington, D.C., built in 2019 and exempt from both rent control and TOPA obligations. This regulatory advantage provides operational flexibility uncommon in the District, eliminating rent-setting constraints and reducing costly delays associated with purchase processes. The property is positioned to deliver stable cash flow with upside potential through strategic leasing initiatives, given its current average rents trail submarket rates. Constructed with high-quality, condo-level finishes and durable materials, The Violet significantly mitigates near-term capital expenditure risk, creating a dependable long-term investment. The asset includes nine off-street parking spaces, a rare value-add component in the urban core, and is located within a transit-connected corridor that attracts young professionals and graduate students. MU-4 zoning further enhances income potential by allowing for additional density beyond current improvements, presenting a scalable redevelopment path. This combination of regulatory benefits, construction quality, and embedded value positioning makes The Violet an appealing, low-risk acquisition in a supply-constrained market.

FOR SALE DETAILS

PRICE

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# OF UNITS

20

CAP RATE

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% LEASED

-

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

The Violet

PROPERTY TYPE

Multi-Family

APARTMENT STYLE

Mid-Rise

PROPERTY SUBTYPE

Apartments

TOTAL BUILDING SIZE

-

STORIES

5

YEAR BUILT

2019

PARKING SPACES

9

LAND DETAILS

LAND ACRES

0.16 AC

LAND SF

7,000 SF

ZONING

MU-4

APN/PARCEL ID

4131-0047

ASK ABOUT THIS PROPERTY

Nigel CraytonGreysteel HoldingsMore Info
202-919-9400

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Nigel CraytonGreysteel HoldingsMore Info
202-919-9400

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.