1938 I St NE Single-Family Houses, DC

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I St Ne, Washington, Home For Sale

Price: 1299999
Address: 1938 I St NE
City: Washington
State: DC
Zip:
Provided By: RealtyWW

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.

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