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Bought with Ari Firoozabadi • Greysteel Company LLC
$ 2,025,000
$ 2,200,000 8.0%
4,279 SqFt
$ 2,025,000
$ 2,200,000 8.0%
4,279 SqFt
Key Details
Sold Price $2,025,000
Property Type Multi-Family
Sub Type Interior Row/Townhouse
Listing Status Sold
Purchase Type For Sale
Square Footage 4,279 sqft
Price per Sqft $473
MLS Listing ID DCDC2211704
Sold Date 11/03/25
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
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
Private Pool No
Building
Foundation Brick/Mortar
Above Ground Finished SqFt 3423
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 4279
Special Listing Condition Standard
Schools and Properties Nearby
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