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Our New $10 Million Listing in Logan Circle

Our New $10 Million Listing in Logan Circle

UrbanLand Company is pleased to present the Henrietta Condominium, located at 933 N St, NW, Washington, D.C. Located in one the most active real estate sub-markets in Washington, the property consists of a 39-unit condominium project situated on a 5,880 square-foot lot (49’ x 120’), with a side lot of approximately 2,940 square feet (24.5’ x 120’). The building is 5 floors plus a lower level. The property is zoned RF-1, with a certificate of occupancy for 39 units (Square 0367, Lots 2001-2039). It abuts a 20’ alley at the rear. The building is currently listed for sale at $10 million (see it on Loopnet).

“We’re proud to be representing the current owner on the sale of this large Logan Circle landmark,” said Gerard DiRuggiero, Principal Broker of UrbanLand Company. “The buyer of this building can generate an ROI a number of different ways. We’re excited to showcase the building to interested parties.”

Our New  Million Listing in Logan Circle Our New  Million Listing in Logan Circle

The listing represents a fabulous opportunity in an area that has experienced a tremendous influx of new residents in recent years. This lovely, 5-story brick Victorian in the Shaw Historic District has curb appeal, a deep lot, and windows on all sides, all in a prime location. The property was converted to condominiums in 1986, and held and operated as a rental property investment by a small group of investors. The major systems are in place. Of note, it has an elevator, individual HVAC units, and hookups for individual washers and dryers. It has been updated with modern wiring, plumbing, HVAC, kitchens and baths. There is a side lot for potential development.

Opportunities


The property is fully leased. The prospective purchaser could take several approaches to this investment opportunity, each of which involves working successfully with the tenants’ association, so experience in that regard is essential.

1)The purchaser could purchase with cash or private financing in conjunction with an agreement with the tenants to vacate, then sell the individual units to owner occupants at market prices.

2) The buyer could purchase (possibly in a 1031 exchange) while retaining the tenants, increase the below-market rents to market rents over time, and continue to operate the property as an investment rental property.

3) The buyer could secure financing via DHCD’s LIHTC program or other public financing mechanism and continue to operate the property as a rental investment under the terms of that financing in exchange for low income tax credits or other benefits.

Location


933 N Street, NW is located in the Logan Circle / Shaw section of DC, with its upscale retail and vibrant urban scene, within a historic neighborhood of lovely Victorians and tasteful, modern new construction. This is a prime location for urban living. Grocery stores, eateries, coffee shops, yoga studios, and retail boutiques abound. Blagden Alley and Naylor Court provide a glimpse into the city’s past, with stables, carriage houses, and shops situated behind grand row houses.

The Washington Convention Center is only 1 block away, as is the new City Market at O Street, and the shining, new Marriott Marquis is 3 blocks away. The booming 14th Street corridor is 5 blocks away and City Center, with its high end shops, hip dining, and cultural spaces is within 6 blocks. Chinatown, the Verizon Center, the National Portrait Gallery, and the National Building Museum are also close by.

Our New  Million Listing in Logan Circle

WalkScore


The subject location is considered a 96 “Walker’s Paradise” and 95 “Biker’s Paradise” by WalkScore, and is in the 6th most walkable neighborhood in Washington. It is also a 97 “Rider’s Paradise” due to its world-class public transportation; it is 0.2 miles from the METRO Green and Yellow lines, car sharing is available from Zipcar, Hertz On Demand and RelayRides, and there are excellent bike lanes.

Call/text 202.320.9976 for investor packages or tours.

 

 

 

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