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Incredible Opportunity to Own a 10,004 SQFT Mixed Use Complex. Situated on a corner lot, this property is directly adjacent to the largest redevelopment project east of the river"”Saint Elizabeths! The Saint Elizabeths redevelopment is set to include 1.8 million SQFT of office space, 1,300 residential units, 200K SQFT of retail, two hotels, and a hospital. It is also currently home to the Washington Mystics"”D.C.'s professional women's basketball team. This is a tremendous opportunity to own property right next door and capitalize on the nearby growth and revitalization. The complex has been divided by the owner into five addresses: 568-570 Lebaum Street SE & 2761, 2763, and 2765 Martin Luther King Jr. Ave SE, Washington, D.C. 20032. Zoned MU-4, this property presents a unique opportunity for an investor to develop it into multifamily, retail, office, or lodging. Investors can also choose to lease the property as-is, with the potential to generate $296,000 in gross annual revenue. Alternatively, investors can pursue a hybrid approach"”leasing the property to generate immediate income while working through the entitlement process. Conveniently located less than 1 mile from the Congress Heights Metro Station, the property offers easy access to public transportation. Additionally, the property is located in an Opportunity Zone, offering tax benefits and incentives that can contribute to community revitalization, job creation, and affordable housing"”all while benefiting from local development programs. This area is poised for explosive growth, awaiting the right investor to seize this exceptional opportunity.
| DAYS ON MARKET | 59 | LAST UPDATED | 1/20/2025 |
|---|---|---|---|
| TRACT | CONGRESS HEIGHTS | YEAR BUILT | 1941 |
| COUNTY | WASHINGTON | STATUS | Active |
| PROPERTY TYPE(S) | Commercial |
| School District | DISTRICT OF COLUMBIA PUBLIC SCHOOLS |
|---|
| ADDITIONAL DETAILS | |
| AIR | Electric, Other, Window Unit(s) |
|---|---|
| AIR CONDITIONING | Yes |
| CONSTRUCTION | Brick |
| HEAT | Central, Electric |
| LOT | 9583 sq ft |
| PARKING | Driveway, Parking Lot |
| SEWER | Public Sewer |
| SUBDIVISION | CONGRESS HEIGHTS |
| TAXES | 13113 |
| UTILITIES | Sewer Available, Water Available |
| WATER | Public |
| ZONING | MU-4 zoning allows multi-family, retail, office, lodging. Max FAR 3.0 (28,284 SF). 50' height, 4 sto |
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