116 Emerson Street NW

Description

Online auction to be conducted on Auctioneers website! Online Only Auction: Bidding Begins Saturday, October 7th and ends Thursday, October 12, 2023 at 2:00 PM. Excellent opportunity to purchase a partially-leased, 4 unit apartment building. The property is well-located in the heart of the "Petworth" neighborhood of NW, Washington. Unit 1 is vacant and is ideal for an owner occupant. Alternatively an investor can lease the vacant unit which has been turned over since the last occupant. According to the DC Office of Tax and Revenue, the property is 4,016 +/- sq. ft. of land area. It is zoned RA-1 and is served by public water, sewer, gas and electric. The property is improved by a two-story multi family building. According to the Real Property Assessment Division of the DC Office of Tax and Revenue the building has a total square footage of 3,440+/- sq. ft. The property was gut renovated in 2020. The building's unit mix consists of four, 3 bedroom, 1 bath units. Based on the Rent Roll as of September, 2023, three of the building's four units are occupied. Unit 1: Vacant Unit 2: Currently rented for $3,542/month Unit 3: Currently rented for $3,542/month Unit 4: Currently rented for $3,542/month. Tenants in units 2, 3 and 4 are leased through a Veterans Administration program. In this program, the landlord pays for all utilities. The movie in date for all 3 tenants was 2020. +G- Gross Scheduled Monthly Rent = $10,626/month (Based on the Rent Roll as of September, 2023) +G- Gross Scheduled Annual Rent = $127,512/year (Based on the Rent Roll as of September, 2023) +G- Gross Potential Monthly Rent = $14,168/month (Based on unit 1 renting for $3,542) +G- Gross Potential Annual Rent = $170,016/year (Based on unit 1 renting for $3,542) All units are self contained with "Condo Quality" amenities including electric meter, water heater, gas meter, central HVAC, parking spot and patio/deck. Note: The assignor is selling a contract of sale for 116 Emerson St. NW. Washington, DC 20011 that they entered into via a bankruptcy sale. The bankruptcy plan calls for the transaction to be exempt from TOPA requirements and tenants right of first refusal. Also, the plan calls for the sale not to be subject to transfer and recordation taxes. The property will be sold free and clear of all monetary liens. A judge of proper jurisdiction has confirmed the bankruptcy plan.