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Individual Project Identification: Multifamily Condo Conversion

Individual Project Identification: Multifamily Condo Conversion. James Bulmer January 27, 2014 Georgetown University, MPRE 641. Property Information. Existing Conditions: Location: 2509 Cliffbourne Place, NW, Washington, D.C. 20009 Neighborhood: Adams Morgan (Ward 1)

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Individual Project Identification: Multifamily Condo Conversion

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  1. Individual Project Identification:Multifamily Condo Conversion James Bulmer January 27, 2014 Georgetown University, MPRE 641

  2. Property Information Existing Conditions: • Location: 2509 Cliffbourne Place, NW, Washington, D.C. 20009 • Neighborhood: Adams Morgan (Ward 1) • Listing Price: $1,780,000 • 2014 Tax Assessment Value: $1,201,400 • Building Size: 4,415 SF • Property Type: Multifamily (8 Studio Units) • Parking Spaces: 2 • Zoning: R-5-B Source: www.redfin.com

  3. Market Conditions • Condo Listings in the Neighborhood: • 2380 Champlain ST NW • 2 bed, 2 bath; 941 SF • $639,000; $679/ SF • 2456 Ontario Rd NW • 2 bed, 2 bath; 1,188 SF • $689,000; $580/ SF • 2435 Ontario Rd NW • 2 bed, 2 bath; 1,272 SF • $639,900; $503/ SF Media Coverage: • Recent front-page article in the Washington Business Journal titled “City of converts: D.C. Homeowners turn extra space into cold cash” Market Trends: • 50+ permits applied for over the last year for converting row homes to duplex condos • Between September 2012, and September 2013, condo sales accounted for19.2% of new sales, and the median sale priced increased by 5.5%

  4. Value Add Proposition • Existing Finishes: Convert Existing Building to Four Condo Units: • 2 bed, 2 bath; 1,100 SF each • Scope of Renovation: • Central HVAC • Updated Kitchens & Bathrooms • Open Floor Plan • New Hardwood Floors • Unit No. 1: Rear PatioUnit No. 2: Rear Deck Unit No. 3: Rear Deck Unit No. 4: Roof Deck Source: www.loopnet.com • Example of Renovated Condo: Source: www.redfin.com

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