About the Listing GRYS1 - 136386

"THE OPPORTUNITY 426 Condon Terrace SE presents a well-located four-unit multifamily opportunity in the Washington Highlands neighborhood of Southeast DC. The building includes three 2BR/1BA units and one 4BR/1BA unit. With 50% current occupancy and strong location fundamentals, the property is well-suited for both investors seeking value-add potential and owner-occupants looking to reduce housing costs through rental income. Current occupied units are generating in-place rents of $700 (2BR) and $1,000 (4BR), with upside through lease-up and rent repositioning. RENT CONTROL EXEMPT As a four-unit property, 426 Condon Terrace SE qualifies for DC’s rent control exemption for first-time multifamily owners. This designation allows future owners to implement market-based rent increases, giving them greater flexibility in income strategy over time compared to larger, regulated assets. IDEAL FOR OWNER-OCCUPANT With two of the four units currently vacant, this property presents a prime opportunity for an owner-occupant to live on-site while collecting income from the remaining units. This structure allows for reduced monthly housing expenses while building equity in a supply-constrained DC submarket. FUNCTIONAL UNIT MIX WITH RENTAL UPSIDE The unit mix consists of three two-bedroom units and one four-bedroom unit, providing a balance of family-sized layouts and more affordable options for smaller households. The vacant units offer clear upside through light renovations and market-rate leasing, with nearby comps supporting higher rent potential. SURROUNDED BY COMMUNITY AMENITIES The property is located next to the Washington Highlands Recreation Center and is just a two-minute walk to Hendley Elementary School and Oxon Run Park. This level of walkable access to public amenities increases renter appeal, particularly among families and long-term tenants. ACCESSIBLE VIA MULTIPLE BUS ROUTES 426 Condon Terrace SE is located directly on the C13 Metrobus line, with additional access a short walk away to the C15 line. These routes provide connectivity to Potomac Ave and Anacostia Metro stations, as well as key destinations throughout Southeast DC, making the location convenient for commuters without a car."

Listing Highlights