718 Lamont Street NW

Description

THE OPPORTUNITY718 Lamont Street NW presents an exceptional opportunity to acquire a four-unit multifamily property in the heart of Columbia Heights. The building consists of: Three (2) 2-Bedroom/1-Bathroom Units One (1) 3-Bedroom/1-Bathroom UnitWith three of the four units currently vacant, the property is well-suited for both owner-occupants seeking rental income from additional units and investors aiming to reposition the asset for long-term value creation. The mix of unit layouts provides flexible leasing potential and broad tenant appeal in one of DCs strongest rental submarkets.RENT CONTROL EXEMPTFor first-time buyers of multifamily property in Washington, DC, ownership of 718 Lamont Street NW would be exempt from rent control under DC law (for owners of four units or fewer). This unique exemption provides flexibility in ownership strategy, greater rent growth potential compared to larger regulated multifamily assets, and an ideal entry point into the DC multifamily market for buyers seeking both stability and upside.SUBSTANTIAL RECENT RENOVATIONSThe property underwent a comprehensive renovation in 2021, with ownership investing approximately $253,000 in capital improvements, including new kitchens, upgraded plumbing, modern flooring, central HVAC, and other unit enhancements. This reduces near-term capital expenditure risk while positioning the asset competitively within the Columbia Heights rental market.TRANSIT-ORIENTED ASSETThe property offers exceptional access to public transportation, enhancing its desirability for renters and future appreciation: 0.3 miles to Georgia Ave"Petworth Metro Station (Green & Yellow Lines) 0.6 miles to Columbia Heights Metro Station (Green & Yellow Lines) Multiple Metrobus lines (H2, H4, 70, 79, 64) within two blocks, providing direct connectivity to downtown DC, Howard University, and Silver Spring Access to Capital Bikeshare stations within a 5-minute walkThis central, transit-rich location makes commuting seamless and positions the property as a highly attractive housing option for a broad tenant base.ACCESS TO URBAN LIFESTYLE AMENITIES718 Lamont Street NW sits at the crossroads of Columbia Heights and Petworth, offering immediate access to some of DCs most vibrant urban amenities: Grocers Giant Food " 0.4 miles Target " 0.6 miles Safeway " 0.7 miles Dining & Restaurants Bad Saint (James Beard-nominated Filipino restaurant) " 0.2 miles Midlands Beer Garden " 0.3 miles Queens English " 0.4 miles Thip Khao (Laotian) " 0.6 miles Nightlife & Entertainment Wonderland Ballroom " 0.5 miles DC Nine " 0.8 miles 9:30 Club " 1.0 mileThe propertys location offers a compelling mix of daily conveniences, popular restaurants, and entertainment venues, all within walking distance. This ideal location presents a prime opportunity to attract quality renters within the District.