Investor Opportunity: Potential on Church Street

• April 25, 2012

by UrbanTurf Staff

In February, we wrote about Church Street, the narrow one-way street connecting Logan Circle with Dupont Circle that got its name thanks to the religious institutions that dot its blocks. The largely residential street is now lined with industrial lofts, an exceptional hair salon, a 125-seat theater, and is bookended by two of the best restaurants in the city, which makes real estate on the block quite desirable.

Row houses rarely hit the market on Church Street, especially for south of seven figures, which is why a three-bedroom listed two days ago caught our attention. 1458 Church Street NW is listed for just $600,000 and for good reason: The property, an estate sale, needs to be completely gutted. There is significant water damage inside from an old roof leak that has caused portions of the upper levels to cave in.

Still, on a block where former autoshops now house million-dollar condos, interest in this beat-up property is high. The question is, what can it be turned into? It’s in a zoning overlay area that allowed for large condo buildings, but it’s still technically an historic district, so whether or not a developer could turn the address into a multi-unit building is unclear. An industrious owner-occupant could renovate it as a single-family home, but given its location, the three-level house will probably sell for above list price, making that a less attractive option the more the price is bid up.

The property has already received two registered offers, but more are expected. When we learn about what it will become, we will let you know.

• Address: 1458 Church Street NW (map)
• Price: $600,000
• Bedrooms: Three
• Bathrooms: One
• Year Built: 1890
• Listing Agent: Linda Low, Long & Foster

This article originally published at http://dc.urbanturf.com/articles/blog/investor_opportunity_potential_on_church_street/5457