Bethune House
Washington, D.C. 20019
The Offering
Summary
- List Price $4,625,000
- Product Type Multifamily
- Number of Units 43
- Gross Building Area 47,457 SF
- Occupancy 86%
- Zoning RA-1
- Lot Size 28,749 SF
- Unit Mix 23 - 1BR/1BA, 1 - 2BR/1BA (Accessible), 19 - 2BR/1.5BA
Investment Summary
Feldman Ruel is pleased to present Bethune House, a 43-unit multifamily property located at 401 Chaplin Street SE in the Fort Dupont Park neighborhood of Washington, D.C. The subject property consists of 23 one-bedroom, one-bathroom units, 1 two-bedroom, one-bathroom unit, and 19 two-bedroom, one-and-one-half-bathroom units. Of the 43 total units, 10 are under a project-based voucher contract, and 21 are under HUD Housing Assistance Payment (HAP) contract, ensuring strong collections and predictable income. The remaining 12 units have a fifty percent set-aside and are reserved for tenants making fifty percent of the Area Median Income (AMI). The subject property has been well maintained and offers immediate expense upside by replacing the current hotel-style air conditioning units with electric heat pumps, alleviating the burden of gas heat from the owner. The cost to up-fit has a two-year payback and will allow tenants to be in full control of their heating and air conditioning year round.
