1412 MERIDIAN PL NW, Washington, DC 20010

• 3 beds |
• 2 baths |
• 1,790 sqft

Property Description

Auction Property. In Cooperation with Alex Cooper Auctioneers. List price is Opening Bid At The Online Only Auction Sale To Be Held on The Auctioneers Website – Bidding begins Thursday, December 4th & ends Tuesday, December 9th, 2024 at 2:00pm. 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 = $205,200 - 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);Paid Fees (4%): $101,950; Carrying Cost (6%): $99,000 (12 months); Plans & Permits: $30,000 Legal Fees: $10,000 Total Acquisition/Construction Cost: $1,996,000

Listing Status:

Active

Listing Office:

Keller Williams Capital Properties : 2022437700

Listing Agent:

Robert C Morris III : 2022135184

MLS ID:

DCDC2231586

Interior

• Basement: Fully finishedFront entranceRear entrance
• A/C: None
• Heating: Hot WaterNatural Gas
• Fireplace: FireplaceFireplaces: 2
• Disability Feature: None

Exterior

• General: Above GradeBelow Grade
• Style: Traditional

Construction

• General: Brick3Slab

Location

• Originating MLS: BRIGHT_MAIN
• School District: DISTRICT OF COLUMBIA PUBLIC SCHOOLS
• County: WASHINGTON-DC

Lot

• Zoning: R52678//0020

Utilities

• Water: Public
• Sewer: Public Sewer

Financial

• Source: BRIGHT_MAIN

This listing courtesy of Robert C Morris III, Keller Williams Capital Properties