906 H Street NE
Fundrise, the crowdsourced real estate development site, has launched their second public offering at 906 H Street NE (map).
906 H Street NE is a 6,510 square foot, two-story building owned since 2012 by WestMill Capitol Partners (WCP), the development arm of the group behind the Rise companies. WCP plans to find a restaurant or retail tenant for the space, which needs a good bit of renovation. They hope to be finished with construction in the fall of 2014.
Like the last Fundrise project at 1351 H Street NE, DC and Virginia residents can buy into this property for $100 a share; the total offering for Fundrise investors is $350,000, so 3,500 shares are on offer. The remainder of the investment is coming from private sources.
This time around, however, Fundrise is giving investors a hint at the return: they project gaining $180,000 in net income every year, and hope to offer investors a 7 percent annual yield. The costs and full financials are laid out in detail here.
With yesterday’s announcement that the streetcars will be traveling on H Street by the end of the year, it seems like a good time for the Fundrise folks to move forward with their second H Street Corridor project. The site is also across the street from the H Street Connection shopping center, which is slated to be turned into a sizable mixed-use project.
- Fundrise Launches, Allows DC and Virginia Residents to Buy Into Local Businesses
- Fundrise ‘Tests the Waters’ Before Moving Forward With Shaw Project
This article originally published at http://dc.urbanturf.com/articles/blog/fundrise_launches_second_investment_opportunity_on_h_street/7012
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