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Listed by Ari Firoozabadi • Greysteel Company LLC

$2,200,000

Est. payment - /mo

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4,279 SqFt

New

1202 P ST NW Washington, DC 20005

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DC Homes Guide

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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

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1202 P ST NW Washington, DC 20005

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1202 P ST NW