Washington, D.C.'s H Street Corridor is a hot spot for real estate investors. Known for its nightlife, hipster aesthetic, and stunning architecture, the H Street Corridor is ideal for those looking to invest in rental properties or flip H Street Corridor houses.
With its proximity to Capitol Hill and Union Market, this Washington, D.C., neighborhood began experiencing a resurgence in the mid-2000s, accompanied by an influx of young professionals and investors. Having rebounded from a complicated history that left it previously neglected, the neighborhood is now one of the most popular in the D.C. area. While investment opportunities are less common than when the neighborhood's resurgence first began, there are still plenty of possibilities to be found for an investor working with the right agent.
The history of the H Street Corridor
The history of the H Street Corridor is an eclectic story. The neighborhood was built in 1849 and provided homes for the workforce constructing the city's infrastructure. The area flourished when streetcars were introduced in the 1870s and underwent tremendous growth. It continued as a commercial hub for the District for another century.
However, riots rocked the neighborhood following Dr. Martin Luther King, Jr.'s assassination in 1968, and many businesses departed the area. A resurgence of investment occurred in the early 2000s, and today, the community is once again known for its diverse array of incredible restaurants, shops, and nightlife. It has also become increasingly sought-after by those who enjoy its walkability and community vibe.
Why the H Street Corridor is a hot investment
The potential return from investing in the H Street Corridor real estate scene makes it a lucrative proposition for property investors and homebuyers alike. As local property values rise, property owners are guaranteed a predictably high return if they ever sell. Beyond all that, the neighborhood's desirability makes it a wise investment for landlords and developers assured of low vacancy rates.
The H Street Corridor has become a hub for arts and entertainment, which has created an energetic vibe that attracts real estate seekers. The area also boasts scenic surroundings and a variety of residential options that suit various budgets and preferences. The H Street Corridor is also convenient for residents and visitors, as it is easily accessible by public transport, such as the D.C. streetcar station.
Types of H Street Corridor investment properties
Investment properties in the H Street Corridor include both residential and commercial real estate. Residential properties offer great returns for investors, as they are suitable for those looking for a place to live and those considering renting a property.
Apart from the area's residential properties, the continued growth of the H Street Corridor as a commercial destination makes it an excellent place for commercial operations as well. The neighborhood also provides plenty of opportunities to find and invest in mixed-use developments, such as properties with shops on the ground floor and apartments above.
Beyond the opportunities to invest in multi-family and multi-business properties, the H Street Corridor also has plenty of single-family homes available for purchase. The community's quaint rowhomes have a unique, traditional feel that makes them popular with young professionals and families alike. Timeless exteriors belie H Street Corridor homes filled with modern amenities and conveniences. Yet, the classic architecture of the neighborhood’s rowhomes also provides a charming aesthetic that is sure to captivate.
Finding the right property
The first step in purchasing property in the H Street Corridor is knowing what you want. To guide your search and narrow down potential properties, it’s important to clearly define the type, size, and general location of the property type you are looking for.
Once you have a clear picture of the details, be thorough in your research. Look into zoning, real estate trends, and area amenities. The last thing you want is to have a plan for a property and then find out that your plans are prohibited after you have already invested time and money into it.
When determining a property's condition, be sure to evaluate the inside and outside. Hiring a professional inspector is essential to gaining a thorough overview of the property’s condition and any areas of concern. If you are looking at a rental property, make sure you understand both its history and its potential. Remember that many of the most costly future problems will not be readily apparent, and consider hiring a professional who is familiar with the specific type of construction involved to evaluate future renovations or repairs that may be necessary.
Understanding financing and incentives
An essential part of investing in the H Street Corridor is taking advantage of any state or federal incentives you can apply to your investment. If you are interested in purchasing land for development, you may be eligible for tax credits, additional caps on your property's assessed value, or federal programs. These incentives are only available to eligible entities. Work with your agent to understand which incentives may apply to your situation.
As for financing, securing funding from a lender who understands the unique features of the Washington, D.C., real estate market is essential. The right financing solution can help you avoid costly interest rate fluctuations and make your finances easier to manage. Various financing options will come with specific terms and rates, each designed for different needs and situations. Talk to your financial institution if you need help figuring out where to start. You can even ask your real estate agent to recommend lenders with whom they have experience.
Once you have decided on a financing option, you will want to get pre-approval. Having your financing lined up ahead of time will ensure you are ready to act quickly when an opportunity arises. In most cases, pre-approval will be a requirement to have your offer considered by a seller.
Find the right agent for your investment
Finding a qualified H Street Corridor real estate agent is crucial to ensuring your investment is successful. You need someone with the data and insight into the community and an on-the-ground understanding of buying and selling properties there. The expert agents with the Jeanne Phil Meg Team
can provide essential insights into the local market and guide you to making the right investment. Reach out today
!*Header photo courtesy of the Jeanne Phil Meg Team