Throughout this series, we provide key insights and detailed overviews to help you better understand the potential fit of these communities for your prospective tenants. Today, we delve into the unique aspects of the Union Station Area, covering its historical background, distinctive features, local attractions, and the type of tenants attracted to this area.
A large portion of the Union Station locale, extending to a half-mile radius around it, is populated by educated, affluent renters. As indicated by the Washington D.C. Economic Partnership, rental homes are occupied by about 61% of households, while homeowners make up the remaining 39%. The residents enjoy an average household income surpassing $131,000, and approximately three-quarters boast a bachelor's degree or higher. The median age is 33.1 years, with an average of 2.1 individuals residing in each household.
Union Station neighborhood, built around the iconic train station of the same name, offers a plethora of transportation options for local residents and visitors. Constructed in the Beaux-Arts architectural style and opened in 1908, Union Station boasts a spot on the National Register of Historic Places. A massive restoration project from 1981 to 1989 brought the transit hub and shopping mall back to life, following the enactment of the Union Station Redevelopment Act of 1981. With a vibrant mix of activities and excellent connectivity to the broader D.C. and metro area, the neighborhood attracts potential tenants interested in proximity to a multitude of retail, dining, and entertainment options.
A plethora of dining choices await in the Union Station area, with popular options like Pizzeria Uno, Roti Mediterranean Grill, Sakura Japan, East Street Café, Cajun Grill, and Kabuki Sushi. Shopping enthusiasts will appreciate the presence of top retailers like Ann Taylor, Express, and H&M, as well as specialty stores such as Nine West, Victoria’s Secret, Swarovski, L’Occitane en Provence, and The Body Shop. Key landmarks, such as the U.S. Capitol Building, the Supreme Court, and the Library of Congress, are situated close by. Just a brief walk away are major attractions like the National Museum of African American Art, the United States Holocaust Memorial Museum, and the United States Botanic Garden.
Naturally, as a major transit hub, Union Station offers extensive commuting options. The Red Line of the Metro passes through the station, and multiple Metrobus routes, including the D.C. Circulator's Georgetown-Union Station and Union Station-Navy Yard routes, service the area. Union Station is a key stop for various Amtrak trains, facilitating travel to and from major cities like New York and Boston. Also stopping here are the Maryland Transit Authority Commuter Bus, Loudoun County Commuter Bus, and PRTC buses. Other bus carriers serving the area include BoltBus, Greyhound, Megabus, and Peter Pan.
Union Station's historic charm, retail offerings, and transit access make it an ideal venue for a diverse range of events. Past activities have included unique experiences like the Adidas World Cup Soccer Ball Launch, Monopoly U.S. National Championship, Discover Columbia Festival, Coca-Cola Holiday Caravan, and Disney’s A Christmas Carol Train Tour. A multitude of events are held each month at Union Station, with schedules available at http://www.unionstationdc.com/events.
Union Station, with its close proximity to Capitol Hill, abundant area attractions, and top-notch transportation facilities, serves as an ideal neighborhood for property investment. Ongoing redevelopment initiatives and growing interest in the surrounding areas increase its appeal for landlords. However, effectively capitalizing on this residential property investment potential often requires a specialized skill set and local market knowledge, making the assistance of an expert property management company invaluable.
By employing a property management company like Gordon James Realty, landlords can access tailored marketing and management strategies designed to maximize their returns while ensuring tenants' satisfaction. A property management company helps in navigating local laws and regulations, providing timely maintenance, and sourcing reliable tenants, leaving landlords free to focus on their investment's growth and profitability.
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