The Southern Bethany Baptist Church at 1001 Monroe St., NW in Petworth will be converting into a 3 story, 5 unit apartment building. Permits are now issued on plans to renovate the entire interior on all three levels, as well as upgrades to the structure’s mechanical, electrical and plumbing systems. There will also be an addition added to the building, although details are not available on this aspect of the project.
The church was built in 1905 and was purchased back in April, 2015 for $1.45 million. This is the latest of several existing church sites that have been sold, acquired and submitted for permit approvals. “Every single DC parcel is so valuable now, that developers are grabbing up sites right and left. The latest string of churches shows these organizations turning their real estate assets into much-needed funding for their congregations,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “On a side note, it’s another rental project. The developers in this case are seeking to generate strong recurring rental income off of their investment. This is the type of project that may convert to for-sale condos in the future as real estate values in Petworth increase even more.”
As of April of this year, Petworth was showing a 23% price increase on homes sold when compared to the year prior. “The Petworth zip code (20011) is known as a hot spot for flipping houses. The zip code includes hot parts of Petworth, Brightwood, 16th Street Heights and Crestwood and was #2 in the USA earlier in 2015 as the second-most profitable zip code in the USA for flipping homes,” said DiRuggiero.
The only other DC area zip code in the ranking is far to the East (20019) and includes Benning Heights, Lincoln Heights and Fort Dupont Park. The chart below shows the profits (thanks, UrbanTurf!)