$150K PRICE DROP!! NO OTHER LARGE CORNER Opportunities Exist in the Area (WITH PARKING) An unparalleled investment opportunity to not only develop in the Iconic Kennedy Street Corridor, but to own a part of the area History. For over 50 years, the owner has been operating a Freeman’s Barber Shop & Beauty Salon making this site a staple in the community. NOTE: POTENTIAL DEVELOPMENT PLANS (RENDERINGS) SHOWN IN PICTURES: as a 8-unit Residential Building with Additional Commercial Space. Rendering and Plans have been provided by Architect MAKEBA GAINES-KELLY of Gaines Kelly Design House. MAIN ADDRESS is 5501 7th Street NW, but the front side of the property where the commercial businesses are on the Kennedy Street level has ADDRESS of 631 Kennedy Street, NW DC. (Sits directly on the corner of 7th & Kennedy Streets NW) As a Mixed-Use site (MU-4), this Huge Corner is a Prime location for a Plethora of Development Concepts and offers flexibility to keep current footing OR build upwards (increase level count) and add-on to rear (build back) for Residential and/or Commercial usage. Located in a DC Qualified HUB Zone and Has NO Leases and NO Tenants. SOLD STRICTLY AS-IS Upper Levels provide Hardwood Floors, 4 Bedrooms, a Full Bathroom, Kitchen, Rear Deck, and a large front porch (It used to be rented out for residential). Lower Street Level has 2 entrances for 2 separate businesses – both have Half Bathrooms. Current Parking in the rear for 3 vehicles. Situated on Kennedy Street and Minutes to: Rock Creek Park, many transit routes which facilitate ease to access most of the city as well as Chevy Chase, Bethesda, Takoma Park, Silver Spring and Friendship Heights. Also close proximity to an array of dining options & Cafes, and Many More Conveniences. A $10MM Kennedy Street Revitalization Plan has recently been completed, and development of 2MM SQF at nearby Art Place at Fort Totten is currently underway, with Aldi, Meow Wolf Museum, and a 24-Hour Fitness as anchor tenants. Please note, this property also listed as DCDC508928 (For Commercial). Please use COVID precautions. Live On the Upper Level(s) or Divide the Upper Levels Into 2 units, Operate a business (or 2 businesses) on Street Level, and rent the Upper Level(s). So Much Potential Here. (Please See Attached Property Analysis).
|Price Reduced from $1,350,000 to $1,200,000||$150,000 (11.11%)|
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Listing information last updated on April 14th, 2021 at 4:19pm EDT.