568 LEBAUM ST SE Washington, DC 20032
10,004 SqFt
UPDATED:
01/21/2025 12:43 AM
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 10,004 sqft
Price per Sqft $249
Subdivision Congress Heights
MLS Listing ID DCDC2175354
Originating Board BRIGHT
Year Built 1941
Annual Tax Amount $13,113
Tax Year 2024
Lot Size 9,428 Sqft
Acres 0.22
Property Description
Situated on a corner lot, this property is directly adjacent to the largest redevelopment project east of the river—Saint Elizabeths! The Saint Elizabeths redevelopment is set to include 1.8 million SQFT of office space, 1,300 residential units, 200K SQFT of retail, two hotels, and a hospital. It is also currently home to the Washington Mystics—D.C.'s professional women's basketball team.
This is a tremendous opportunity to own property right next door and capitalize on the nearby growth and revitalization. The complex has been divided by the owner into five addresses: 568-570 Lebaum Street SE & 2761, 2763, and 2765 Martin Luther King Jr. Ave SE, Washington, D.C. 20032.
Zoned MU-4, this property presents a unique opportunity for an investor to develop it into multifamily, retail, office, or lodging. Investors can also choose to lease the property as-is, with the potential to generate $296,000 in gross annual revenue. Alternatively, investors can pursue a hybrid approach—leasing the property to generate immediate income while working through the entitlement process.
Conveniently located less than 1 mile from the Congress Heights Metro Station, the property offers easy access to public transportation.
Additionally, the property is located in an Opportunity Zone, offering tax benefits and incentives that can contribute to community revitalization, job creation, and affordable housing—all while benefiting from local development programs.
This area is poised for explosive growth, awaiting the right investor to seize this exceptional opportunity.
Location
State DC
County Washington
Zoning MU-4
Interior
Hot Water Other
Heating Central
Cooling Window Unit(s), Other
Heat Source Electric, Other
Exterior
Garage Spaces 5.0
Utilities Available Sewer Available, Water Available
Water Access N
Accessibility 2+ Access Exits
Total Parking Spaces 5
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District District Of Columbia Public Schools
Others
Tax ID 5982//0823
Ownership Fee Simple
SqFt Source Assessor
Acceptable Financing Cash, Contract, Private, Negotiable
Listing Terms Cash, Contract, Private, Negotiable
Financing Cash,Contract,Private,Negotiable
Special Listing Condition Standard
