Overview
NAI KLNB is pleased to present the sale of 4000 and 4014 Chesapeake Street NW, a two-parcel property in the heart of Tenleytown, just two blocks from the Tenleytown-AU Metro Station. The offering includes a 36,530-square-foot, fully renovated office building with structured parking and dual access from both 40th and Chesapeake Streets.
Partially leased to two quality tenants, the property generates in-place income to help offset carrying costs during planning, entitlement, or repositioning. Investors have the flexibility to pursue a range of strategies, from adaptive reuse or redevelopment of the either lot to full-scale redevelopment across both parcels.
By right, the site allows up to 3.0 FAR under MU-4 zoning, supporting residential or mixed-use development today. Additionally, the property sits within the Tenleytown Metro Zone under the 2024 Wisconsin Avenue Development Framework,which recommends rezoning to allow up to 7.2 FAR and 110 feet of height for residential-ledredevelopment through a PUD or map amendment.
This is a rare opportunity to control a flexible, income-producing asset in one of Washington, DC’s most walkable, connected, and desirable neighborhoods.
Investment Highlights
Development Thesis & Investment Options
4000 and 4014 Chesapeake Street NW offer multiple, flexible paths for value creation in one of DC’s most supply-constrained and transit-rich neighborhoods. Whether repositioned, redeveloped, or held as-is, the site provides optionality rarely found in Upper Northwest DC.
Strategic Options
1. BY-RIGHT RESIDENTIAL CONVERSION: Convert the existing office building to multifamily under current MU-4 zoning (3.0 FAR / 50’). Ideal for boutique residential with minimal entitlement risk.
2. HOLD AND LEASE: Retain the building as stabilized office or medical office. Lease remaining vacancy to maximize income in a low-supply submarket.
3. REDEVELOP GARAGE PARCEL: Pursue ground-up residential or mixed-use development on the separate garage lot (~8,100 SF). Feasible by right or with modest upzoning. Massachusetts Avenue NW
4. PUD OR MAP AMENDMENT: Rezone one or both parcels to MU-10 through a Planned Unit Development, unlocking up to 7.2 FAR and 110’ in height for high-density residential or mixed-use.
Additional Considerations
- Two separate tax lots enable phased execution or resale flexibility
- No historic designation; raze and redevelopment permitted
- Located in the Tenleytown Metro Zone under the 2024 Framework Plan
- FLUM supports High-Density Residential through PUD or rezoning
Photo Gallery
