The Sky Group is pleased to present 1417 Maryland Ave NE, a boutique 3-unit, new ground up construction building completed in May 2023 that is an excellent investment opportunity. The subject property is conveniently located at the convergence of H Street Corridor/Atlas District/Capitol Hill. The building has three beautiful units: Unit #1 - 2BR, 2BA, 675 SF; Unit #2 -1BR, 1.5BA, 480 SF; and, Unit #3 - the Penthouse - 2BR, 2.5BA, 1,025 SF (with a loft). Each unit was meticulously designed with features that include reclaimed wood trim features, reclaimed wood floors, exposed beams from a barn built in the 1800s, exposed brick, exposed steel beams, all these unique features are all intertwined with modern finishes. Each unit can enjoy its own outdoor space. The penthouse has three different outdoors spaces that includes a balcony, and two rooftop decks that gives you enchanting views of the Capital, Washington Monument, Union Market, Union Station and 360 views of our Nation's Capital. The rarest feature of this boutique building is the custom mural art that includes: an exterior 30' x 50' mural that will take your breath away, from a Spanish artist, Sabek (IG sabekns), who was flown to DC to bring this piece to life, and two art pieces in the common area of the building from a local DC artist, Shawn Perkins (IG sptheplug).This building is perfect for a seasoned investor or someone looking for their first residential investment. The ideal use would be as a traditional 12-month rental or could achieve higher returns as a short-term rental/AirBNB property (Currently in the process of change for use to an Inn).  The subject property previously received a CO as a condominium building and could be easily converted back to condominium use. Looking for a 1031 exchange investment? Need to offset passive income through asset depreciation? Or need to park some cash and refi later? This building is flexible and can accommodate most investment strategies. Also, the 20002 zip code is one of the fastest growing areas in the entire US, the investment also has upside for asset appreciation and rent growth. This area is active with new construction, future developments, city living amenities and is in close proximity to so much more.

Below is some financial information:

Short Term Rental
Average Nightly Rental – Unit #1 $229/night, Unit #2 $59/night, Unit #3 $379/night (All furniture comes with the property)
Pro-forma NOI - $132,251 (Assuming 33% vacancy, $8,284 real estate taxes and 15% management fee)

12 Month Rental
Rent Estimates – Unit #1 $3,200/month, Unit #2 $2,200/month, Unit #3 $4,200/month (Rent estimates assume unfurnished units but all of the furniture comes with the property)
Pro-forma NOI - $99,760 (Assuming 10% vacancy, $8,284 real estate taxes and 8% management fee)

Just blocks away from the subject property, North Carolina-based Grubb Properties broke ground on 1701 H Street NE, a 180-unit multifamily project with 15,000 square feet of retail. At 1603-1625 Benning Road NE, Foulger Pratt is constructing a 148-unit multifamily project. These two projects, along with others in the area, should further establish Benning Road NE as one of Washington, D.C.'s most rapidly developing corridors. H Street has seen a resurgence in development, with revitalization goals including enhancing neighborhood retail, building on cultural assets, and creating a dynamic destination. Walk around now and you'll see enough restaurants and bars to rival Dupont Circle, U Street and Adams Morgan. It's about a 15-minute stroll to H Street's midpoint from the Union Station Metro, and offerings such as Capital BikeshareEXCELLENT LOCATION! Walk-Score of 95! Just 1 block to all that H Street has to offer, including restaurants, shopping, and nightlife. Union Market is nearby, and just a bit further to Downtown DC, Navy Yard, and Capitol Hill. EZ Transportation! Bus stop across the street, trolley is 2 blocks away.