7125 Georgia Avenue

Brightwood, 华盛顿市, DC 20012

Looking for an ideal condo conversion project? These two side-by-side rowhomes on Georgia Ave NW across the street from the Walter Reed Development are perfectly situated in Brightwood near the Takoma Ave Metro Station. ---------------------------------------------------------------The two lots are zoned RA-2 and total 3,855 sqft. Highest and best use for these two lots is probably nine 2bd/2ba condos. According to the Zoning Load Study (available upon request), the total developable area is 10,177.20 sqft. ---------------------------------------------------------------A single 1,878 sqft lot to the north was converted into a 7 unit condo building in 2019. The 3,987 sqft lots to the south were converted into a 9 unit condo building this year and are currently for sale. Search for 7121 Georgia Ave NW to see these 2bd/2ba comparables. ---------------------------------------------------------------Another great example of new construction resale values is the recently built Brooks Condominiums located at 6803 Cameron Dr NW. These 2bd/2ba condos sold from $639,900 to $943,200. The average closed sales price was $760,114 and the average sold price/sqft was $724.14. Multiply the average sales price ($760,144) by 9 units and the ARV is $6,841,026.00. Or multiply the average price/sqft ($724.14) by the total developable area (10,177.20 sqft) and the ARV is $7,369,717.61. Either way this is a huge spread from the asking price! ---------------------------------------------------------------Thanks to its sought after location, new residents will enjoy all that Takoma has to offer: shops, restaurants, Farmer’s market, grocery stores, Rock Creek Park, and all the new development at The Parks at Historic Walter Reed (a one billion dollar project that will feature a combination of dining, retail, office space, and over 20 acres of open space). This lot will be directly across from parkland even after the Walter Reed Development is complete. Located on several main arteries, with quick access to downtown DC, and just a 15 minute walk to the Takoma Metro Station (Red Line), there is easy accessibility for any commuter. With a walkscore of 84 (very walkable), most errands can be accomplished on foot. And as The Parks at Historic Walter Reed are completed, that score is only going to go up.