CVS Pharmacy, a Cordial Craft Wine Beer and Spirits, and a café designed by Natalie Park. Needless to say, the 28 million annual visitors to the adjacent National Mall will be greeted by a brand-new inviting waterfront.
Key for this area’s revival is its privileged transit situation. The Southwest Waterfront is accessible via several Metrorail lines, including the Green, Blue, Orange, and Silver lines. In addition, it is intersected by I-395, which offers a convenient and direct route to Ronald Reagan Airport across the Potomac as well as three different routes to the Capital Beltway – two southbound and one northbound. Moreover, Union Station is less than 1.5 miles away from the Southwest Waterfront and offers local, regional, and national rail service via Amtrak and other train providers.
The featured properties in this month’s rent survey represent six communities in the Southwest Waterfront built between 1970 and 2015. Occupancy rates for the properties range from 96% to 100%. Average rental rates per square foot range from $2.22 to $3.76, with average unit sizes ranging from 616 to 1,088 square feet. Common area amenities include fitness centers, on-site laundry facilities, business centers, swimming pools, clubhouses, courtyards, playgrounds, and cookout areas. Unit amenities include walk-in closets, wall-to-wall carpeting, hardwood flooring, dishwashers, ceiling fans, private balconies/patios, washer/dryers, and stainless steel appliances. Residents pay application fees of $30 to $50 and post security deposits from $250 to one month’s rent. Pets are allowed in some surveyed communities with residents paying non-refundable pet deposits of $150 to $500 and pet rents of $40 to $50 per month.