Government Taps Roofstock to List White House, The Most Expensive Single-Family Rental in the U.S.
Roofstock seeks an investor to purchase the property – with estimated net proceeds of $400 million – and lease it back to its existing tenant
OAKLAND, Calif. – April 1, 2018 – Roofstock, the leading online marketplace for buying and selling leased single-family rental homes, has been engaged by the federal government to offer the White House for sale to interested investors. Like other properties available on the Roofstock Marketplace, the asset at 1600 Pennsylvania Ave NW will be offered with the existing tenant in place, providing the buyer with solid cash flow potential starting on day one.
“We’re excited to offer the White House for sale, and applaud the government’s creativity in unlocking the hidden value in this treasured piece of real estate,” said Gary Beasley, CEO and co-founder of Roofstock. “We’re happy to do our part to help the government in its efforts to promote more fiscal responsibility.”
“Michelle and I definitely miss living there, and I can see the appeal to investors since tenants typically sign a four-year lease,” notes former tenant, President Barack Obama. “The place is fantastic for entertaining and loaded with amenities. We enjoyed it so much that we renewed our lease for another four years,” he continued.
“I’ve always been a fan of the White House, and in fact have several family members who are former tenants,” said former Florida Governor Jeb Bush. “In fact, I liked it so much that a couple of years ago, I submitted a lease application, but unfortunately there was a lot of demand and mine was not accepted.”
Mr. Bush indicated he remains on the waiting list along with several other interested future tenants.
Proceeds generated from the sale could top $400 million, which will likely spark interest from international investors eager to own the most expensive single-family residential property in the U.S., according to Roofstock.
Additionally, purchasing this investment property could allow investors to take advantage of some of the recent tax reforms which benefit owners of income-producing real estate.
Roofstock is the leading marketplace for investing in leased single-family rental homes, with listings in 25 markets across the U.S. Based in Oakland, California, the company provides all of the resources for individuals to buy, own and sell real estate, including data analytics, property management oversight and other powerful tools. Roofstock’s online marketplace empowers individual investors by democratizing access to real estate investments.
Senior Communications Manager, Roofstock