1410-1412 MERIDIAN PL NW Active Save Request In-Person Tour Request Virtual Tour
Washington,DC 20010
Key Details
Property Type Townhouse
Sub Type Interior Row/Townhouse
Listing Status Active
Purchase Type For Sale
Square Footage 1,376 sqft
Price per Sqft $654
Subdivision Columbia Heights
MLS Listing ID DCDC2161062
Style Traditional
Bedrooms 3
Full Baths 2
Year Built 1910
Annual Tax Amount $5,739
Tax Year 2023
Lot Size 1,274 Sqft
Property Description
List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding begins Thursday, October 24th & ends Tuesday, October 29th, 2024 at 12:00pm. Prime Development Opportunity: 10-Unit Permit Delivered At Closing. Discover a unique investment opportunity in Columbia Heights. Two adjacent properties, 1410 and 1412 Meridian Place, offer the potential to construct a combined 10-unit building. The 5-unit, per building, plans are currently in the final stages of review, and will be delivered at closing. Key Features ? Prime Location: Ideal for residential development ? High ARV: Attractive returns on investment ? "As-Is" Sale: Flexibility in development plans
For detailed information, including budgets, plans, and drawings, please visit the documents section. Don't miss this chance to capitalize on this exceptional development opportunity. 1410 Meridian: Improved by a 1,376+/- SF townhome. 1412 Meridian Improved by a 1,790+/- SF townhome. Projected Condo Project:
EXIT STRATEGY 1: Unit 1 - 654sf - 2 Bed, ,Unit 2 - 598 sf - 2 Bed, Unit 3 - 570 sf - 2 Bed, Unit 4 - 631 sf - 1 Bed + Den, Unit 5 (PH) - 853 sq sf- 3 bed, 3306 sq ft total for each building, Total ARV $2,550,398.29. @ $750/sq ft. EXIT STRATEGY 2: Rent = Avg Rent $3420 / unit, Annual rent = $205200, Net Rent (after 25% expenses) = $153900, ARV (@ 6% cap) = $2,565,000. Projected Construction Cost: Acquisition Cost $1.000,000; for each, Construction Cost: $578,985 ($175 per s/f x 3,306 s/f of living area);
Carrying Cost (6%): $99,000 (12 months); plans & Permits: $30,000, Legal Fees: $10,000, Total Acquisition/Construction Cost: $1,996,000
Location
State DC
County Washington
Zoning MU4
Interior
Hot Water Other
Heating Other
Cooling Other
Exterior
Waterfront N
Water Access N
Building
Story 3
Foundation Other
Sewer Public Sewer
Water Public
New Construction N
Schools
School District District Of Columbia Public Schools
Others
Special Listing Condition Auction