Permit-Ready 40-Unit Development Opportunity | Washington, DC

Highlights:

• Fully Entitled with Permits in Place: Approved permits from DOB, DDOE, and WASA are in place for immediate construction start.
• Under 3 Miles From $3.8B RFK Project: The Commanders' new stadium anchors a 180-acre, $3.7–$3.8B mixed-use redevelopment nearby.
• Zero Entitlement Risk, Immediate Start: All pre-development work is complete, letting a developer break ground without delay.
• $1.16M in Pro Forma Revenue Potential: Projected GPR of $1,138,804 plus $23,400 in parking income across 40 units, 13 spaces.
• Growing Southeast DC Rental Submarket: Households within five miles are projected to reach 314,971 by 2030, fueling rental demand.

Description:

Brokered by Marcus & Millichap and powered by RealINSIGHT Marketplace, 1615 22nd Street SE is a permit-ready, 40-unit elevator apartment development opportunity in Southeast Washington, D.C. Situated on a 12,500 SF lot, the fully entitled project has approved permits in place from DOB, DDOE, and WASA for a four-story building plus cellar and penthouse totaling approximately 38,500 SF, with 29,387 SF of rentable residential space. The approved unit mix includes 25 one-bedroom, 12 two-bedroom, and 3 IZ units, averaging 735 SF, along with 13 parking spaces. All pre-development work is complete, with permit issuance pending only IZ fee payment, allowing a developer to commence construction immediately and bypass the entitlement risk and timeline typical of ground-up development. At a $750,000 starting bid against a $62,500 land basis, the offering provides substantial embedded value, with pro forma annual revenue potential of $1,162,204 including parking income. The site sits less than three miles from the $3.7–$3.8 billion RFK Stadium redevelopment, the largest private investment in D.C. history, positioning the asset to benefit from the transformative growth reshaping eastern Washington, D.C.

Location Prose
1615 22nd St SE sits in Southeast D.C.'s Randle Highlands neighborhood near Minnesota Ave SE and Naylor Rd, less than a mile from the Fairlawn retail corridor's Chase, Lidl, and PNC. Boone Elementary School is a short walk away, and the site is under three miles from the $3.8B RFK Stadium redevelopment and roughly 15 minutes from Reagan National Airport.

Location Statistics
Value: <3 mi
Label: Distance to RFK Stadium redevelopment
Value: 636K
Label: 2025 population within a 5-mile radius
Value: $98,134
Label: Median household income within 5 miles


For more information:
https://rimarketplace.com/auction/3367/land/washington/dc?utm_source=brevitas&utm_medium=listing_paid&utm_campaign=september24_2026&utm_content=land_3367

Bidding Opens
Sep 23, 2026 12:00 AM
Bidding Ends
Sep 25, 2026 12:00 AM