3814 12th St NE Washington, DC 20017

Looking for an ideal condo conversion project with significant resale value?
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This MU-3A rowhome is centrally located in the coveted Brookland neighborhood across the street from the Yes! Organic Market on Brookland’s “Main Street”, providing busy Washingtonians with a small town feel right in the middle of the big city.
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Conveniently located a mere 7-minute walk to the Red Line Metro at Brookland Metro Station, this neighborhood provides easy accessibility for any commuter. This neighborhood is beautiful, trendy, pedestrian-friendly, and filled with terrific boutiques, restaurants, breweries, and history.
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With a walkscore of 88, Brookland is a vibrant area that moves to a creative beat – find the Arts Walk half a mile away where nearly 30 artists' studios line an alleyway and welcome Washingtonians to observe, shop and engage as local artists get creative; think carved wooden busts, pillows decked with vintage souvenir pennants, and paintings galore.
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The highest and best use for this property is most likely two condos.
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Based on the zoning and lot size, the total developable FAR (floor-area-ratio) is 2,453 sq ft. The lot coverage is 60%, so you could build a foundation perimeter of 1,471 sq ft, but sticking with the 894 sq ft footprint that already exists would make more sense given the FAR. You can go up 40 feet, which is a lot given this amount of square footage, so you could do something cool with seriously tall ceilings (13 ft ceilings with big windows, yes please).
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Comparable condo sales nearby indicate a future value of a lower level condo selling for around $695,000 (based on a 1,200-1,500 sq ft 2bd/2ba), more if it includes some awesome outdoor space (making the living space bigger without counting against the FAR).
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That leaves 1,840 sq ft for the upper 2 floors; which is big enough for a 3bd/2ba+ condo with a 900 sq ft rooftop terrace (consider working with riversmart homes to make the rooftop green and it may be subsidized). Similar condos that did not have a rooftop terrace sold for $750,000-$775,000, but with a terrace and parking the neighborhood and location can justify more.
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This indicates a huge spread from the asking price!
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There is also room for two parking spaces at least (in fact 4 cars would fit if they parked tandem) which could increase the sales price as well since most of the comparables did not have a parking space.
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Disclaimer: Lower level is possibly a cellar for FAR purposes, buyer to do their own due diligence.