1017 17TH PLACE NE, Washington, District of Columbia County, DC, 20002 Washington DC US
Property Details
Bedrooms
2
Bathrooms
2
Neighborhood
Carver - Langston
Property Type
MultiFamily
Description
*** EXCELLENT OPPORTUNITY FOR DEVELOPER*** Welcome to 1017 17th Place NE a multiple unit apartment building located in the subdivision of Trinidad/Langston Carver, Washington DC. Each unit offers 1 bedroom/1 bath with extended bump out Excellent opportunity for a multiple unit condo conversion. Lot size: 3,744 s/f; Zoning RA-2; NO PLANS OR PERMITS. Very deep rear yard. Parking up to 3-4 vehicles. Projected Condo Project: 8 units = (8) 2-bdrm at 1,074 s/f each ($483 s/f), Total s/f = 8,598; ARV = $4,152,834. Projected Construction Cost: Acquisition Cost $1,050,000; Construction Cost: $1,418,670 ($165+ per s/f x 8,598 s/f of living area); Paid Commissions (5%): $207 642; Carrying Cost at 8%: $302,240 (18 months); Plans & Permits: $50,000; Legal Fees: $10,000; Total Acquisition & Construction Cost: $3,038,552; Profit: $1,114,552; ROR: 36.6%; Development next door: theten19.com; Development directly across the street: theviewcondosdc.com, as well as behind the property. Very HOT area for new development. 3 UNITS are vacant. Unit #4 is occupied. PLEASE NOT DISTURB TENANT. Property will convey vacant. Find out more about this property. Request details here
Location
Address
1017 17th Place Northeast, Washington, District of Columbia 20002, United States
City
Washington
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