UNDER CONTRACT - Commercial buildings (retail/apt) on 18th St NW in Adams Morgan!

BANKRUPTCY AUCTION – Wednesday, May 10th @ 10:00am EST - On Behalf of the Chapter 11 Bankruptcy Trustee - Excellent investment opportunity to purchase three adjacent three-story, mixed-use buildings in Adams Morgan! This outstanding location fronts directly to 18th Street among a wide variety of restaurants, bars, and retail shops! The property consists of commercial spaces at street level and six residential apartments on the second and third floors. The retail spaces offer window frontage to 18th Street and range between 1,900 and 2,100 square feet. The residential unit mix is comprised of three 2-bedroom units (average 900 sq ft each) and three 3-bedroom units (average 1,050 sq ft each). All three buildings are offered for sale together as a single portfolio and not individually. In total, the buildings contain 14,641 square feet according to the tax records, with 11,920 square feet of usable building area on a 4,113 sq ft parcel.

Brochure: https://c21cnm.net/18thStBrochure

Bankruptcy Court Bidding Procedures and Registration Requirements: https://c21cnm.net/18thStreetAuctionSaleMotion

The properties are being sold subject to the NOTICE OF HEARING ON TRUSTEE’S MOTION FOR ENTRY OF AN ORDER:(1) APPROVING AUCTION AND BIDDING PROCEDURES TO FACILITATE THE SALE OF THE DEBTOR’S REAL PROPERTY FREE AND CLEAR OF LIENS CLAIMS, AND INTERESTS PURSUANT TO 11 U.S.C. § 363(f); (2) SCHEDULING AN AUCTION AND SALE HEARING; AND (3) APPROVING THE SALE OF REAL PROPERTY TO THE SUCCESSFUL BIDDER FREE AND CLEAR OF LIENS, CLAIMS, AND INTERESTS (the “Sale Motion”). The hearing and auction sale is scheduled to be held on Wednesday, May 10, 2023 @ 10:00am EST at the US Bankruptcy Court for the District of Columbia, Court 1, United States Bankruptcy Court for the District of Columbia, E. Barrett Prettyman, 333 Constitution Ave NW, Washington, DC 20001 or by video using Zoom for Government. Please refer to the Sale Motion for registration details.

The properties are being sold subject to the terms of the pending offer detailed in the Sale Motion. Each bidder is bidding based on the terms and conditions set forth in the Sale Motion with the next highest acceptable bid being $4,100,000. All sales are subject to the approval of the US Bankruptcy Court.

The location is within walking distance of Kalorama Park, with the larger Walter Pierce Park and Meridian Hill Parks just a few blocks further away. There’s multifamily across the street and elsewhere in the neighborhood. Neighboring businesses include Capital Blossom Day Spa, The Game sports pub, Rise Bakery, Mediterranean Spot, Amerstdam Falafal, Los Cuates Cantina, Isshin Asian Bistro, and many more.

The property is situated in a MU-5A zone. The MU-5 zones are intended for medium-density, compact mixed-use development with an emphasis on residential uses, and to provide facilities for shopping and business needs, housing, and mixed-uses for large segments of the District of Columbia outside of the central core. The land uses in the MU-5A zone permits multifamily, office, retail, and arts uses as of right, and are typically located on arterial streets, in uptown and regional centers, and at rapid transit stops.

Adams Morgan is a “Walker’s Paradise” with a Walk Score of 98 and is home to 18th Street, best known for its bars, restaurants, and retailers lining the pedestrian-friendly street. Bordered by Dupont Circle to the south, Mt. Pleasant to the north, and Rock Creek Park to the west, this neighborhood is known for its active scene. Adams Morgan also offers many quiet side streets filled with townhomes, rowhouses, condos, and apartment buildings. Public transportation is plentiful, with two nearby metro stops (Woodley Park-Zoo/Adams Morgan and Dupont Circle stations on the Red Lines) and several WMATA Metrobus lines running through the neighborhood. Elevated demand for apartments, combined with the vacancy rate hitting a historic low, created record-breaking rent growth in 2021. Proximity to work, school, public transportation, and nightlife entertainment have long made Adams Morgan one of the most popular renter submarkets in the District of Columbia.

All sales are subject to US Bankruptcy Court approval.