Homes for sale - 1202 P ST NW, Washington, DC 20005

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Simone Velvel

simone@thevelvelgroup.com +1(703) 507-7614

Listed by Ari Firoozabadi • Greysteel Company LLC

$2,200,000

Est. payment - /mo

4,279 SqFt

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UPDATED:

Key Details

Property Type Multi-Family, Townhouse

Sub Type Interior Row/Townhouse

Listing Status Active

Purchase Type For Sale

Square Footage 4,279 sqft

Price per Sqft $514

MLS Listing ID DCDC2211704

Style Other

Abv Grd Liv Area 3,423

Year Built 1890

Annual Tax Amount $14,452

Tax Year 2024

Lot Size 1,388 Sqft

Acres 0.03

Property Sub-Type Interior Row/Townhouse

Source BRIGHT

Property Description

THE OPPORTUNITY

1202 P Street NW presents a rare opportunity to acquire a meticulously maintained, four-unit apartment building in Logan Circle, one of Washington, DC's most vibrant and walkable neighborhoods. The building is fully leased and

generates strong in-place cash flow with upside potential through strategic rent increases or condo conversion. Each unit is approximately 950 SF, offering spacious layouts ideal for long-term tenants.

SIGNIFICANT CAPITAL IMPROVEMENTS

Current ownership has invested over $250,000 in renovations, including:

• New High-End Front Door

• Façade Repointing

• New Windows

• New Roof

• Interior Renovations in All Units

Systems upgrades include a new security system and replacement of all HVAC units. These improvements reduce future capex needs and support premium rents.

ATTRACTIVE FEATURES

The property includes two large 2BR/1BA units, one 1BR/1BA unit, and one garden-level 1BR/1BA unit, providing flexible leasing options for a range of tenant profiles. All units offer modern finishes, in-unit W/D, and efficient floor plans.

STRONG IN-PLACE CASH FLOW

The property generates annual gross rents of $142,248 ($11,854/month), with relatively low monthly expenses, representing a strong yield at acquisition. In-place rent averages $3.09/SF/month with room for increases based

on comps in the submarket.

PREMIUM LOGAN CIRCLE LOCATION

Located on a quiet residential block in Logan Circle, 1202 P Street NW is walkable to Whole Foods, 14th Street's retail and restaurant corridor, and Metro. The area is among DC's most desirable rental locations, offering stability, lifestyle amenities, and long-term value appreciation. High demand for boutique units in this submarket ensures continued low vacancy.

LOWER MONTHLY CARRY WITH FHA LEVERAGE

Buyers can utilize 95% FHA financing to significantly reduce cash-to-close and monthly debt service. With a 30-year fixed loan, monthly P&I can be as low as $12,600. This allows an owner-occupant to live in one unit with mortgage

payments reduced by rents.

Location

State DC

County Washington

Zoning RA-2

Interior

Hot Water Natural Gas

Heating Hot Water

Cooling None

Fireplaces Number 4

Fireplace Y

Heat Source Natural Gas

Exterior

Water Access N

Accessibility Other

Garage N

Building

Foundation Brick/Mortar

Sewer Other

Water Public

Architectural Style Other

Additional Building Above Grade, Below Grade

New Construction N

Schools

School District District Of Columbia Public Schools

Others

Tax ID 0279//0046

Ownership Fee Simple

SqFt Source Assessor

Special Listing Condition Standard

Read Less Info

"Simone's passion for real estate and her love for "The DMV" are a perfect match. She has made it her mission to help local residents sell their homes quickly and at the best possible prices. Equally, she takes immense pride in assisting homebuyers in finding their perfect piece of paradise in DC, Maryland and Virginia. "

+1(703) 507-7614

simone@thevelvelgroup.com

11003 Glueck Lane, Kensington, Maryland, 20895, USA

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1202 P ST NW Washington, DC 20005