WASHINGTON, DC—Maison à Dupont Apartments, an empty nine-unit apartment building in Dupont Circle, went on the market precisely one week ago. It has since received a slew of offers from various investors, with different plans for the property, Marty Zupancic, associate director of Marcus & Millichap's National Multi Housing Group, tells GlobeSt.com.
"We are seeing a wide range of investor types from condo conversion specialists to investors that want to treat the property as a long term rental." One investor expressed interest in turning it into a single-family home, or rather mansion. Most of these investors are high-net worth individuals seeking a reliable cash flow, Zupancic says, and have a long buy-and-hold orientation.
The apartment building is located at 1800 19th St., NW. The owner, Pied-à-Terre Properties, is a locally-owned family business that specializes temporary accommodations in Washington. It ran the complex as a short-term rental for corporations.
The list price is $2.75 million or $305,000 per unit. "It is a building that can start cash-flowing right away," Zupancic says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
