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The Dumont Goes Rental

by Mark Wellborn

The Dumont Goes Rental: Figure 1
The Dumont

Yesterday, we reported that The Dumont in Mount Vernon Triangle will be sold in April to Equity Residential and speculated whether the two-building development would be rentals or condos. An eagle-eyed UrbanTurf reader let us know that at least one of the towers at The Dumont is going rental.

Equity Residential’s website is already listing rates for 425 Massachusetts Avenue, and they aren’t cheap. See table below.

  Rent range Square footage
Studios $1,785 – $2,046 504 – 569
One-bedrooms $2,175 – $3,530 638 – 1,293
Two-bedrooms $3,685 – $6,750 1,090 – 1,717

In our opinion, these rates seem fairly high across the board. By comparison, rents for one and two-bedroom apartments at CityVista not far from The Dumont and Allegro Apartments in Columbia Heights range from $1,500 to $2,100, according to Kettler’s website. Both of these projects are also offering between 1.5 and two months free rent, so it seems that to be able to compete, The Dumont will need to offer similarly attractive incentives.

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This article originally published at https://dc.urbanturf.com/articles/blog/the_dumont_goes_rental/1909

12 Comments

  1. Lauren said at 7:28 pm on Wednesday March 24, 2010:
    You're not kidding those rents are "fairly high" - my eyes about popped out of head when I saw that table. At those rates I'd think they'd have to offer 3-4 months free rent, not just 1-2.
  1. SWester said at 9:56 pm on Wednesday March 24, 2010:
    @Lauren: It's in line with most of the rent rates in the Penn Quarter high rises. It's an absurdly expensive area in general, which is surprising, given its suck-iness.
  1. SWester said at 10:11 pm on Wednesday March 24, 2010:
    Some evidence: I have friends at Mass Court paying $2100 for a tiny one-bedroom and others paying $1800 for a studio. It's insanity.
  1. Lauren said at 10:27 pm on Wednesday March 24, 2010:
    I know Chinatown/Penn Quarter is really expensive, but isn't this more like Shaw/Mt Vernon Triangle? Not terribly far away but as a very different feel, IMO.
  1. SWester said at 12:23 am on Thursday March 25, 2010:
    It's 2 blocks east of the Chinatown Arch, so I'd say it's more of Chinatown than it is Mt. Vernon Sq., but it's borderline, I suppose. Not Shaw at all. My favorite part of the Dumont is the tiny, old, abandoned townhouse that is sandwiched between the enormous building next door and the Dumont itself. I'd love to know the story behind it.
  1. Mony said at 3:35 am on Thursday March 25, 2010:
    yeah those rates are about what I would think for a new, never-lived in building. CityVista to me feels farther out.
  1. Richko said at 6:43 am on Thursday March 25, 2010:
    The story of the "Ledo Pizza" by the Dumont: http://www.washingtonpost.com/wp-dyn/content/article/2006/05/02/AR2006050201430.html
  1. Richko said at 6:45 am on Thursday March 25, 2010:
    And something a bit more recent: http://mvtriangle.blogspot.com/2008/04/2million-declined-for-200000-property.html
  1. mkivov said at 4:02 pm on Thursday March 25, 2010:
    Mark and others, thanks for the scoop. My firm provides market research and consulting to residential developers and lenders and we have worked on a number of projects downtown. We follow your blog and appreciate the insight. We've had a very interested eye on the Dumont for a while, so thought I would add in some perspective. Absolutely, they will need to come out with concessions (but not 3+ months), that is the norm in the market. But CityVista and Allegro are not good comps. If you have been in all buildings, there is no comparison. The V at CityVista is actually one of the more affordable Class A properties in the market, which it should be based on inferior finishes. Dumont will have amongst the nicest finishes in the market (meaning all of Penn Quarter/downtown/Logan) and amongst the largest units. Effective rents (netting out concessions and utility differences) at more premier properties are over $3/sf, and 1BRs are low to even mid $2000s and 2BRs low $3000s. (Excluding unique outliers like Ashton Judiciary and Newseum which are off the charts.) Netting out 1.5 to 2 months free at 425 Mass puts it in line with other premier properties, especially taking into account unit size. Scary, but true. Neighborhood is by definition of boundaries MVT, but as close to PQ as Mass Court and around corner from Meridian "at Gallery Place". Rents refect supply and demand...while a few may perceive "suck-iness" in the neighborhood, apparently many do not. Full disclosure I live in K at CV and once had a contract at Dumont before it went belly up.
  1. Paul said at 11:13 pm on Thursday March 25, 2010:
    Do finishes really matter THAT much to renters? They never did to me when I rented because I never planned to rent at any one place > 2 years.
  1. Rowan said at 10:06 pm on Friday March 26, 2010:
    I just bought a 2 BR/1.5 bath house on the Hill and my current mortgage wouldn't get me 700 square feet in this place. Yeah, you're paying for adjacency to the Penn Quarter/Downtown/Logan area (AND nice finishes). But I've worked a couple of blocks from this place for the last 10 years and, well, the neighborhood still seems a little scruffy for these rates.
  1. Diane Adams said at 5:22 am on Friday May 14, 2010:
    As one guy said the amount of units at Dumont if turned into condos would be ~ $304,000. The Dumont should go for condos instead of leasing. The leasing price is too too hight, especially when people are trying to get back on their feet dealing with the economy and cost of living. Where do these people think the normal person is getting all of this money from a tree factory in a yard to pay for high rent. No, No, The Dumont should convert back to condos instead of rental, it much cheaper and they would probably get a better response. I know I would respond. Also as was person said, who want to pay amount of money per month for a small apartment, please be real with the costs, people do have to eat, pay untilies, pay metro, gas and other things in life besides taking all of their income to put in rent for month. How do you expect people to surive. Excuse the mispelled words.

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