J. Essex Hall

Seller is an expert, local historic/adaptive use developer who will assist Buyer finalize project entitlements, short of building permits, before closing. Seller is also willing to provide project transition services post-closing on a fee basis, if desired.

Prime corner location one block east of the Walter E. Washington Convention Center with good access to Metrorail and Metrobus. DC Zoning Map Reference #0449-0064 Three (3) story historic building and vacant lot (±8,600 sf) recently rezoned as MU-8(A) allowing 5 FAR. Ready for redevelopment. The project has received approvals from WDC Zoning Commission, Advisory Neighborhood Council (ANC), Historic Preservation Review Board (HPB) and Office of Planning. Approved for a 7 story, 75 key model (±300 sf w/kitchenettes) in ±45,000 sf building including 6 car basement parking, 4,000 sf ground floor retail/fitness room and rooftop deck. The proposed facility is not subject to DC’s Inclusionary Zoning rules. Expect building permits to take 4-6 months following application, then ±24 month building process, with target Grand Opening on 1/1/2026 10 year lease signed with national hybrid apartment operator with 5 + 5 extension option provides advantaged financing opportunities and net operating cash flow of up to $2 million in 5 years. 4-year pro forma shows an investment IRR of 30%+ and cash-on-cash return of 287%. (See alternative managed hotel option on page 35)