1938 I Street NE

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 DCs 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.