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1938 I St
For Sale $1,299,999
$1,299,999
- 4 Units
- Unknown Sq Ft
- 2,432 Sq Ft
- Unknown Cap Rate
Description
Discover a prime condo conversion development opportunity in NE DC, strategically positioned near the vibrant H Street corridor. This VACANT (NO TOPA) 4-unit multi-family building comes ready for transformation, with Approved Plans and a recently issued Building Permit to construct 10 luxury condo units spanning a cellar, four floors, and a penthouse (PH) level. Additionally, the property includes two dedicated parking spaces.
The development is designed to attract discerning buyers and investors, featuring:
Two expansive three-bedroom penthouse units, each spread over the 4th floor and penthouse level.
Six thoughtfully designed two-bedroom units.
Two stylish one-bedroom units.
With a projected construction cost estimated between $1.2M - $1.5M, this development offers a potential sales range from $3.4M - $3.9M. The anticipated ARV is based on $580/sqft to $670/sqft, ensuring a strong return on investment. The total gross area for the 10 units is 7,414 sqft, with a net living space of 5,862 sqft.
Plans have been meticulously prepared by 2Plys Architecture, a firm renowned for their expertise in multifamily condo conversions in DC. This project is truly shovel-ready with all plans and permits in place, making it an exceptional opportunity for developers looking to make an immediate impact in one of DC’s most desirable locations.
Act now to seize this turn-key development opportunity and position yourself for impressive returns in the dynamic NE DC market. Contact us today for more details and to schedule a viewing.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $1,299,999 |
| Property Type | Multi-Family |
| Usable Sqft | Unknown |
| Number of Stories | 0 stories |
| Parking Spots | 0 spots |
| Year Built | 1942 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 4477//0022 |
| MLS # | DCDC2171612 |
| Property ID | 321111824 |
| Lot Sqft | 2,432 |
| Zoning | RA-2 |
| Total Units | 4 |
| Days on Market | 1 |
| Original List Price | Unknown |
| Date Updated | December 12, 2024 |
| Date Created | December 11, 2024 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Nicola C Taylor an agent of .
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Data last updated: December 12, 2024.
Robert Crawford
REAL ESTATE AGENT