“In 10 years the whole waterfront will be completely unrecognizable, but the rest of Anacostia will just take time.” – Jared Fausnaught, Director of Sales
Anacostia – a less-commercialized DC neighborhood previously known for crime now holds the 2016 DC Curbed Trophy for neighborhood of the year. This historic Southeast neighborhood, located East of the Anacostia River, was given the winning title for being “more than just a perfect place for eating, hanging out, and expecting big developments.”
After researching the area paired with a conversation with WCP’s Director of Sales, Jared Fausnaught, we’ve created a short-list for how promising the Anacostia neighborhood is for investors:
The real estate research firm ATTOM Data Solutions released its Q1 2017 U.S. Home Flipping report including Anacostia as one of the Hottest Home Flipping Zips. Here are the statistics:
- Q1 2017 Home Flipping Rate (pct of sales) 18.3%
- Average Days to Flip – 185
- Flipping Gross Profit – $165,000
- Flips – 15
- Gross ROI – 100%
- Realty Trac – Hottest Home Flipping Zips in Q1 2017
Right now, the development west of the river is traveling into Anacostia, beginning at the waterfront. There are a lot of investing opportunities. That’s why it’s so prime for people to get in before all of the prices get jacked up.
“For people looking to invest – expect to see higher increasing values close to the waterfront area and metro stations. Right now, the value is in the waterfront.” Jared, Director of Sales
One setback is that residents still have to travel out of Anacostia to neighboring areas for shopping and groceries. Anacostia is a neighborhood that is still lacking the basics, leaving an open opportunity for national retailers to move in and capitalize on the influx of new residents from development on the waterfront. A new Walgreens opened in September and they did receive a Little Caesars in 2015 but there are no other national retailers with establishments in the area. Due to the flipping market income levels are beginning to rise so we are expecting retail to follow suit.
“It’s all starting on the water line and will only creep further into the neighborhood.” – Jared, Director of Sales
We agree with DCCurbed
for awarding Anacostia the neighborhood of 2017 because there’s tons of investing going into the area including the plans for the elevated park and mixed-used businesses. The area is only increasing in attractiveness to borrowers and home buyers.
A New Busboys & Poets opening in 2018.
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DC's First Elevated Bridge
UrbanTurf reported that the 11th
Street Bridge is scheduled to be completed mid-2019.
The Office for Metropolitan Architecture (OMA) and the landscape – architecture firm OLIN Studio designed this multi-purpose bridge as a link for pedestrians from the Navy Yard and Anacostia and a communal space for performances, kayaking, art, and a environmental education center. Read More.
The building of a mixed-use project spanning 150 million square feet. The 9 buildings created will include, 481 residential units, 945,000 square feet of office space, and 144,000 square feet of retail space. Construction start date has not been released. Read More.