1. District of Columbia
2. Washington
3. 1017 17TH PL NE

1017 17TH PL NE, Washington, DC 20002

• 2,810 sqft

Property Description

***EXCELLENT OPPORTUNITY FOR DEVELOPER*** 100% FINANCING AVAILABLE***Welcome to 1017 17th Place NE a multiple unit apartment building located in the subdivision of Trinidad/Langston Carver, Washington DC. At current, each unit offers 2 bedroom/1 bath with extended bump out. In need of renovation and/or repairs. 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 4 vehicles. Projected Condo Project: 8 units = (8) 2-bdrm at 900 s/f each ($485 s/f), Total s/f = 7,200; ARV = $3,492,000. Projected Construction Cost: Acquisition Cost $850,000; Construction Cost: $1,188,000 ($165+ per s/f x 7,200 s/f of living area); Negotiated Broker’s Fee (5%); $174,600; Carrying Cost at 13% on $850,000: $221,000 (24 months); Plans & Permits: $50,000; Legal Fees: $10,000; Total Acquisition & Construction Cost: $2,493,600; Profit: $998,400; ROR: 40%; Very HOT area for new development. Condo conversion projects next door, across the street and three doors down. ENTIRE BUILDING IS VACANT. NO TOPA INVOLVED. PHOTOS DO NOT REPRESENT CURRENT CONDITION.

Listing Status:

Pending

Date Added:

March 10, 2025 at 05:00AM

Listing Office:

Coldwell Banker Realty - Washington : 2023876180

Listing Agent:

Alvin D Rice : 2022639008

MLS ID:

DCDC2187996

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This listing courtesy of Alvin D Rice, Coldwell Banker Realty - Washington