1823 P Street includes six total units situated in a 1,964 square foot two-story building. The property includes one 1 bedroom and 1 bathroom unit measuring 1,267 square feet and five “single room occupancy” units with an average size of 140 square feet, which share a common toilet room and shower room. Four of the five SRO units have a small kitchenette with a sink inside the units. The property is currently 100% occupied and generates gross rent of approximately $5,240 per month. The average monthly rent per unit is $873 per month or $2.67 per square foot. The electrical panels at the property were replaced in 2002. The existing structure is built on the front 1/3 of the parcel of the land, thus leaving approximately 3,000 square feet of buildable land to the north with access from Carriage Path Alley. Currently, the additional land is landscaped and used as an amenity by the tenants of both buildings. The additional land is a great opportunity to construct additional residential units or to split the parcel and/or sell the additional land to subsidize the acquisition cost. The basement at 1823 P Street includes storage space and three (3) more potential units, each measuring approximately 300 square feet, which are not included in the 5 units mentioned above. The three potential units were previously occupied and features a dedicated entry via shared hallway, living space, stubbed plumbing and electricity, and natural light. However, the ceiling height in the basement and three units is about 7 feet, which renders these units non-habitable. The property can be purchased individually or together with the adjacent property - 1819-1821 P Street - which total 20 residential units between the two properties. The two-property portfolio is priced at $3,020,000 or $151,000 per unit, which equates to a blended capitalization rate of 4.87%.