Description

1700 Irving Street NW is a well-maintained boutique 7-unit multifamily property located in the heart of Mount Pleasant neighborhood of Northwest DC. Known for its walkability, neighborhood charm, and strong renter appeal, Mt. Pleasant continues to attract both investors and residents seeking an urban residential environment with convenient access to transit, retail, dining, and outdoor amenities. The neighborhood’s average home values exceeding $1 million further underscore the long-term desirability of the submarket.

The property has been well maintained by current ownership and professional third-party management, which should result in minimal deferred maintenance for a prospective purchaser. While many units have been updated historically, a new owner may still have the opportunity to implement fresher interior renovations to further enhance rental income over time. Three apartments have had HVAC units replaced in the past 6 years, and the central water heater to the building was replaced in 2022.

The property benefits from a partially tenant-paid utility structure. Each unit is separately metered for electric, which is paid directly by tenants and includes central A/C operation, limiting exposure to rising electricity costs. The landlord is responsible for gas and water/sewer expenses, providing a balanced but partially exposed utility arrangement. The property also sits on a 5,000+ square foot lot with rear alley access and tenant parking, providing an attractive amenity and potential supplemental income opportunity. Located just 0.3 miles from the Columbia Heights Metro Station and within walking distance of the Mt. Pleasant retail corridor, Rock Creek Park, Smithsonian National Zoological Park, and Adams Morgan, the property offers residents convenient access to some of Washington, DC’s most desirable neighborhood amenities. Additionally, four of the seven units feature functional outdoor patio space, a sought-after feature that enhances tenant appeal relative to comparable apartment offerings in the market.