Trustee’s Sale: Newly Constructed Value Add 110 Unit Apartment Building Known As "The Lanes At Union Market" in NE Washington, DC
400 Florida Ave. NE. Washington, DC 20002
External Links
Link to CBRE Website for the Auction SaleThis auction sale is being held in cooperation with the CBRE Mid-Atlantic Multi-Family Properties Team. The above link provides access to a comprehensive list of due diligence documents. The Document section of the Alex Cooper website includes a rent roll and a 6 month trailing Income Statement ending 3/31/2024.
Property Inspections are being conducted by Jennifer Bussey (Jennifer.bussey@cbre.com)
The following description is from the CBRE marketing materials.
Location: The Lanes at Union Market offers residents a prime location with unparalleled convenience and connectivity. Situated within vibrant Union Market, residents enjoy effortless access to a dynamic retail scene, characterized by a diverse array of shops, boutiques, and vendors. This excellent location also ensures that residents have seamless access to transportation options. The NoMa/Gallaudet University Metro Station (Red Line) is just a
short walk away, granting residents convenient connectivity to the bustling city and its myriad of amenities. Furthermore, the proximity of Union Station, a little over a mile from The Lanes at Union Market, provides residents with swift access to regional rail services, including MARC, VRE, and AMTRAK, enabling effortless exploration of the wider region.
Property Description
The property is improved by a substantially leased modern apartment building with 50 1BR/1 Bath and 60 2BR/2 Bath units along with 2 Commercial Units. The 1BR units vary from 534 sq. ft. to 645 sq. ft. The 2BR units vary from 797 sq. ft. to 945 sq. ft. As of March 31st, 103 apartment units and 1 commercial unit were leased, with 5 of the apartment units partially leased. Gross Monthly rentals on the March 31st rent roll were approx. $268,000.
Each unit is fire sprinklered, and is believed to include stainless steel appliances, white cabinetry, white quartz countertops, vinyl hardwood plank flooring, and walk-in closets.
Community amenities include a fitness room, game room, multi-use room, lounge, laundry facilities and a roof terrace.
The UPS Store leased a first floor commercial unit on Nov. 16, 2022 for 10 years. They occupy 1,136 sq. ft. The vacant first floor commercial unit is 2,327 sq. ft.
Value-Added
The 6 month trailing profit statement that is in the Documents section of the website shows a Net Operating Income ("NOI") of approx. $1,000,000 for the period ending March 31, 2024.
Additional income can be created by increasing the monthly rents to a per sq. ft. rental price consistent with comparable rentals from similar buildings. The occupancy rate as of March 31 was 89% not including the vacant 2,327 sq. ft. first floor commercial unit.
Renting out the first floor, lowering the vacancy rate and increasing the rents to comparable market rentals should create additional NOI and value to the purchaser.
Legal Advertisement
By virtue of a certain Deed of Trust and Security Agreement duly recorded in the land records of the District of Columbia on April 24, 2019 as Instrument No. 2019041417, as modified by that certain First Supplement to Deed of Trust and Security Agreement duly recorded in the land records of the District of Columbia on April 8, 2020 as Instrument No. 2020044431 (collectively, the "Deed of Trust”) and in accordance with the Notice of Foreclosure dated and recorded April 17, 2024, Public law 90-566, and at the request of the parties secured by the Deed of Trust, the Substitute Trustee having been substituted for the trustee(s) named in said Deed of Trust, will sell, at public auction, at the office of ALEX COOPER AUCTIONEERS, INC., 4910 MASSACHUSETTS AVENUE, N.W., SUITE 100, WASHINGTON, D.C. 20016, on May 23, 2024 at 2:30 P.M. some or all of the property described in said Deed of Trust, including certain land and premises, situate in the District of Columbia, and being now known for purposes of assessment and taxation as Lots 810, 811, 812, 7000 and 7001, in Square 3588, and more particularly described as follows:
All those certain lots or parcels of real property, together with any improvements thereon and appurtenances thereunto belonging, lying and being situated in the District of Columbia and being more particularly described as follows:
Part of Lot numbered Twenty-eight (28) in Square numbered Thirty-five Hundred Eighty-eight (3588) (Book 216 at page 79), said corner being the intersection of the Southerly line of a 25’ public alley, with the westerly line of 5th Street, N.E., thence with said westerly line;
1. South 28° 34’ 00” West, 85.00 feet to the intersection of said westerly line, with the northerly line of Florida Avenue, N.E., thence with said northerly line;
2. North 61° 26’ 00” West, 136.15 feet, thence departing said northerly line and with a line through Lot 28, Square 3588 (Book 216 Page 79);
3. North 28° 34’ 00” East, 50.50 feet, thence;
4. Continuing, North 61° 26’ 00” West, 17.33 feet, thence;
5. Continuing, North 28° 34’ 00” East, 34.50 feet to the said southerly line of 25’ public alley, thence with said southerly line;
6. South 61° 26’ 00” East, 153.48 feet to the Place of Beginning.
NOTE: Said property being known for purposes of Assessment and Taxation as Lots numbered Eight Hundred Ten (810) through Eight Hundred Twelve (812), inclusive, and Air Rights Lots numbered Seventy Hundred (7000) and Seventy Hundred One (7001), in Square numbered Thirty-five Hundred Eighty-eight (3588), as shown on A&T Plat 3895-F.
Property Address: 400 Florida Avenue, N.E., Washington, D.C. 20002.
Tax IDs: Square 3588, Lots 810, 811, 812, 7000 and 7001
Property Inspections are being conducted by Jennifer Bussey (Jennifer.bussey@cbre.com)
The following description is from the CBRE marketing materials.
Location: The Lanes at Union Market offers residents a prime location with unparalleled convenience and connectivity. Situated within vibrant Union Market, residents enjoy effortless access to a dynamic retail scene, characterized by a diverse array of shops, boutiques, and vendors. This excellent location also ensures that residents have seamless access to transportation options. The NoMa/Gallaudet University Metro Station (Red Line) is just a
short walk away, granting residents convenient connectivity to the bustling city and its myriad of amenities. Furthermore, the proximity of Union Station, a little over a mile from The Lanes at Union Market, provides residents with swift access to regional rail services, including MARC, VRE, and AMTRAK, enabling effortless exploration of the wider region.
Property Description
The property is improved by a substantially leased modern apartment building with 50 1BR/1 Bath and 60 2BR/2 Bath units along with 2 Commercial Units. The 1BR units vary from 534 sq. ft. to 645 sq. ft. The 2BR units vary from 797 sq. ft. to 945 sq. ft. As of March 31st, 103 apartment units and 1 commercial unit were leased, with 5 of the apartment units partially leased. Gross Monthly rentals on the March 31st rent roll were approx. $268,000.
Each unit is fire sprinklered, and is believed to include stainless steel appliances, white cabinetry, white quartz countertops, vinyl hardwood plank flooring, and walk-in closets.
Community amenities include a fitness room, game room, multi-use room, lounge, laundry facilities and a roof terrace.
The UPS Store leased a first floor commercial unit on Nov. 16, 2022 for 10 years. They occupy 1,136 sq. ft. The vacant first floor commercial unit is 2,327 sq. ft.
Value-Added
The 6 month trailing profit statement that is in the Documents section of the website shows a Net Operating Income ("NOI") of approx. $1,000,000 for the period ending March 31, 2024.
Additional income can be created by increasing the monthly rents to a per sq. ft. rental price consistent with comparable rentals from similar buildings. The occupancy rate as of March 31 was 89% not including the vacant 2,327 sq. ft. first floor commercial unit.
Renting out the first floor, lowering the vacancy rate and increasing the rents to comparable market rentals should create additional NOI and value to the purchaser.
Legal Advertisement
By virtue of a certain Deed of Trust and Security Agreement duly recorded in the land records of the District of Columbia on April 24, 2019 as Instrument No. 2019041417, as modified by that certain First Supplement to Deed of Trust and Security Agreement duly recorded in the land records of the District of Columbia on April 8, 2020 as Instrument No. 2020044431 (collectively, the "Deed of Trust”) and in accordance with the Notice of Foreclosure dated and recorded April 17, 2024, Public law 90-566, and at the request of the parties secured by the Deed of Trust, the Substitute Trustee having been substituted for the trustee(s) named in said Deed of Trust, will sell, at public auction, at the office of ALEX COOPER AUCTIONEERS, INC., 4910 MASSACHUSETTS AVENUE, N.W., SUITE 100, WASHINGTON, D.C. 20016, on May 23, 2024 at 2:30 P.M. some or all of the property described in said Deed of Trust, including certain land and premises, situate in the District of Columbia, and being now known for purposes of assessment and taxation as Lots 810, 811, 812, 7000 and 7001, in Square 3588, and more particularly described as follows:
All those certain lots or parcels of real property, together with any improvements thereon and appurtenances thereunto belonging, lying and being situated in the District of Columbia and being more particularly described as follows:
Part of Lot numbered Twenty-eight (28) in Square numbered Thirty-five Hundred Eighty-eight (3588) (Book 216 at page 79), said corner being the intersection of the Southerly line of a 25’ public alley, with the westerly line of 5th Street, N.E., thence with said westerly line;
1. South 28° 34’ 00” West, 85.00 feet to the intersection of said westerly line, with the northerly line of Florida Avenue, N.E., thence with said northerly line;
2. North 61° 26’ 00” West, 136.15 feet, thence departing said northerly line and with a line through Lot 28, Square 3588 (Book 216 Page 79);
3. North 28° 34’ 00” East, 50.50 feet, thence;
4. Continuing, North 61° 26’ 00” West, 17.33 feet, thence;
5. Continuing, North 28° 34’ 00” East, 34.50 feet to the said southerly line of 25’ public alley, thence with said southerly line;
6. South 61° 26’ 00” East, 153.48 feet to the Place of Beginning.
NOTE: Said property being known for purposes of Assessment and Taxation as Lots numbered Eight Hundred Ten (810) through Eight Hundred Twelve (812), inclusive, and Air Rights Lots numbered Seventy Hundred (7000) and Seventy Hundred One (7001), in Square numbered Thirty-five Hundred Eighty-eight (3588), as shown on A&T Plat 3895-F.
Property Address: 400 Florida Avenue, N.E., Washington, D.C. 20002.
Tax IDs: Square 3588, Lots 810, 811, 812, 7000 and 7001
Thursday
May 23, 2024 2:30pm EDT
Auction to be held at the office of Alex Cooper Auctioneers, Inc., 4910 Massachusetts Avenue, NW Suite 100, Washington, DC 20016, on May 23rd, 2024 at 2:30 PM.
Sold Price
$38,300,000
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