Investment Overview

Marcus & Millichap is pleased to exclusively present The Hermosa at 84 P Street NW, a newly constructed, rent control-exempt luxury duplex located in the thriving Truxton Circle neighborhood of Washington, D.C. Built in 2019, this gem features a total of 4,723 rentable square feet across two expansive 4-bedroom, 4.5-bathroom units. The building also features private balconies, patios, a rooftop deck and rear, gated, parking spaces. Positioned on a 0.04-acre parcel and zoned RF-1, The Hermosa offers investors the rare opportunity to acquire a low-maintenance, stabilized asset delivering a Year 1 cap rate of 7.17%. This is achievable with rent increases of approximately 15%. Priced approximately 35% below market, on a price per square foot basis, this opportunity should be considered by both investors and owner-users. The building is separately metered for electricity and features in-unit washer/dryers, water bill-back structured leases, and energy-efficient HVAC systems with no Capital Improvement needs in the near future. Centrally located less than one mile from the NoMa and Shaw Metro stations and within close proximity to Logan Circle, U Street, and Bloomingdale, 84 P Street NW sits at the convergence of several of D.C.’s most vibrant and rapidly appreciating neighborhoods. The surrounding submarket benefits from a young professional tenant base, a growing restaurant and retail corridor, and excellent access to major employment centers. With an average household income exceeding $110,000 and homeownership rates well below the national average, Washington, D.C. remains a top-performing rental market with resilient demand fundamentals. The Hermosa’s strong in-place cash flow, modern design, and premier location make it a compelling opportunity for investors seeking stable returns and long-term appreciation in the heart of the nation’s capital.