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,… Read More 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 Read Less
Courtesy of Matt Cooper, Alex Cooper Auctioneers, Inc. [email protected]
Listing Snapshot
Days Online
51
Last Updated
Property Type
Townhouse
Beds
3
Full Baths
2
Square Ft.
1,376
Lot Size
0.03 Acres
Year Built
1910
MLS Number
DCDC2161062
30 Days Snapshot Of 20010
$867k
+33%
(avg) sold price
23
+27%
homes sold
34
-29%
(avg) days on market
Snapshot
Area Map
Additional Details
Building
1,376 sqft living area, 1,376 sqft above grade (finished), 640 sqft below grade (unfinished), Built in 1910, Structure Type: Interior Row/Townhouse, 3 levels, Traditional, Brick
Lot
1,274 sqft, 0.03 acres
Property
Other Structures: Above Grade, Below Grade, Soil Types: Unknown
This information is provided exclusively for consumers' personal, non-commercial use; that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by BrightMLS. Information may appear from many brokers but not every listing in BrightMLS is available. This content last updated on .
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