Young Street Condominiums 1415 Young St SE Immeuble residentiel 43 lots 6 984 800 € (162 437 €/Lot) Washington, DC 20020

Substitute Trustees' Sale of a Newly Constructed 43 Unit Apartment Building in the Fairlawn Neighborhood of Washington, DC.
Auction to be held at the offices of Alex Cooper Aucts., Inc., 4910 Massachusetts Ave., NW #100, Washington, DC 20016, 202-364-0306 on Thursday, June 12th, 2025 at 11:00 AM.
This is an Excellent Investment Opportunity to acquire a Newly Constructed 43 unit apartment building with condominium quality finishes.
An offering memorandum is in the Documents section of this website and includes a pro forma income statement.
The building is presently vacant and the auction sale is exempt from TOPA requirements.
The unit mix is as follows:
(1) Five-Bedroom Unit
(13) Four-Bedroom Units
(11) Three-Bedroom Units
(11) Two-Bedroom Units
(7) One-Bedroom Units
• Heating, cooking, cooling and hot water are electric, and individually metered for each unit.
• Paved On-Site Parking
• The gross building area is approx. 38,130 sq. ft.
• The land area is 14,951 or 0.34 acre
Building Tours will be on the following dates starting at 11 am
Tuesday, June 3, Friday, June 6, Sunday June 8.
Under and by virtue of the power of sale contained in the Credit Line Deed of Trust dated March 17, 2020 from Young Street, LLC (“Trustor”) to the trustees named therein for the benefit of Mainstreet Bank (“Mainstreet”) and recorded on March 30, 2020 at the DC Recorder of Deeds at Document # 2020041505, as assigned by Mainstreet to 1415 Young Street, LLC (“Noteholder”) pursuant to an Assignment of Credit Line Deed of Trust dated September 6, 2024 and recorded at the DC Recorder Deeds at Document #2024093492 (collectively, the “Deed of Trust”), the Noteholder having subsequently appointed Richard A. DuBose, III and Michael C. Bolesta as Substitute Trustees (“Trustees”) in the place of the trustees under the Deed of Trust by a Deed of Removal of Substitute Trustees and Appointment of New Substitute Trustees recorded on March 21, 2025 at the DC Recorder of Deeds at Document # 2025028360, default having occurred under the terms of the Deed of Trust and at the request of the Noteholder, and pursuant to a Notice of Foreclosure Sale of Real Property or Condominium Unit recorded on May 6, 2025 at the DC Recorder of Deeds in accordance with D.C. Code § 42-815 and the applicable laws of the District of Columbia, the Trustees will offer for sale to the highest qualified bidder at a public auction to be held at Alex Cooper Auctioneers, Inc., 4910 Massachusetts Avenue, NW, Suite 100, Washington, DC 20016, on: Thursday, June 12, 2025 at 11:00 A.M.
ALL THAT piece, tract or parcel of land situate, lying and being in the District of Columbia, together with any buildings, structures, improvements and appurtenances thereon, more particularly described as follows (the “Property”):
Lot numbered Seventy-three (73) in Block Fifty-Five Hundred Sixty-Five (5565) on a subdivision made by Ashley Brown, as per plat recorded In the Office of the Surveyor for the District of Columbia in Block numbered One "TWINING CITY" as per plat recorded in the Office of the Surveyor for the District of Columbia in Book 215, page 100.
BEING a consolidation of the following parcels acquired by Young Street, LLC, as follows: Parcel 1: 1415-1423 Young Street SE (Formerly Lot 0832) BEING the same property conveyed to Young Street, LLC from 1413 Young St SE LLC, now known as 1413 Young St, LLC, by Deed dated May 10, 2018, and recorded on May 22,2018, as Instrument No.2018051351. Parcel 2: 1411 Young Street, SE (Formerly Lot 0041) BEING the same property conveyed to Young Street, LLC from Solo Investment Group LLC, by Deed dated March 19,2018, and recorded on March 30, 2018, as Instrument No. 2018032579. Tax ID No. 5565 / 73. The improvements more commonly known as 1415 Young Street, SE, Washington, DC 20020
Terms of sale: A deposit in the amount of Two Hundred Fifty Thousand Dollars ($250,000.00), payable by certified or cashier’s check made payable to “Gebhardt & Smith LLP,” will be required of the purchaser at the time and place of sale. Within three (3) business days after the date of the sale, the purchaser of the Property shall deliver a certified or cashier’s check to the Trustees to increase the purchaser’s deposit to an amount that is equal to ten percent (10%) of the full amount bid by such purchaser at the sale. The balance of the purchase price, together with interest thereon at the rate of six percent (6%) per annum from the date of sale to the date of settlement, shall be due from the purchaser by wire transfer or certified check within forty-five (45) calendar days from the date of sale, unless such closing deadline is extended in writing by the Trustees. Time is of the essence. If settlement is delayed for any reason, there shall be no abatement of interest on the unpaid purchase price. Settlement shall be held at such place as may be agreed to by the Trustees. In the event the Noteholder, or an affiliate or subsidiary thereof, is the successful bidder at the sale, such party will not be required to make a deposit or to pay interest on the unpaid purchase money. The Trustees reserve the right to withdraw the Property from sale, to reject any and all bids at the sale, and to extend the time for settlement, at their discretion.
The Property is being sold in an “AS IS” condition and without any warranties or representations of any kind, either express or implied, as to the value, nature, condition, use or description of the Property or the improvements thereon. The Property is also being sold subject to: (a) any existing building and zoning code violations; (b) any encroachments and/or violations which may exist on or with respect to the Property; (c) any easements, conditions, restrictions, agreements, declarations and covenants of record which are not extinguished as a matter of law by the foreclosure sale; (d) any rights of redemption; and (e) such state of facts that an accurate survey or physical inspection of the Property might disclose, if any. The purchaser is responsible for conducting its own due diligence regarding the Property.
All real estate taxes, water charges and municipal charges and assessments owed against the Property which are not extinguished as a matter of law by the foreclosure sale shall be the sole responsibility of the purchaser and shall be paid for by the purchaser at settlement. The cost of all documentary stamps, recordation taxes, transfer taxes, document preparation costs, title examination costs and other costs associated with conveying the Property to the purchaser shall also be the sole responsibility of the purchaser and shall be paid for by the purchaser at settlement.
The purchaser at the foreclosure sale shall assume the risk of loss for the Property immediately after the sale takes place.
FULL TERMS ON AUCTIONEER'S WEBSITE, LINK BELOW