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    1647 Lamont St Washington, DC 20010

    Sponsored
    For Sale
    $3,100,000

    16-unit building, prime Mount Pleasant location.

    Property size:
    17,940 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    400
    Exceptional redevelopment opportunity awaits at 1647 Lamont Street NW, a vacant 17,940 square foot multifamily building in Washington, D.C.'s desirable Mount Pleasant neighborhood. This fee-simple property, boasting 16 units across three stories, presents a unique chance to capitalize on the area's robust growth. Currently in shell condition, the building is zoned RA-2, permitting a wide range of medium-density residential developments. The 5,475 square foot lot offers ample space for a gut renovation, maximizing potential rental income. Located just steps from the Columbia Heights Metro and the vibrant Mount Pleasant retail corridor, this property benefits from a 98 Walk Score and excellent public transportation access via nearby bus lines providing direct routes to Silver Spring and downtown D.C. The average household income in the area exceeds $174,000, ensuring strong rental demand and significant appreciation potential. Furthermore, this property is exempt from D.C.'s rent control regulations and the Tenant Opportunity to Purchase Act (TOPA), streamlining the redevelopment process and maximizing returns. The asking price is $3,100,000, translating to $172.80 per square foot. This is a rare chance to acquire a substantial property in a rapidly appreciating market, offering significant long-term investment value. The building was constructed in 1910 and the APN is 2608-0000-0638.

    Property Features for 1647 Lamont St

    General Information

    Property type
    Multifamily properties
    Square Feet
    17,940 SF

    Building Details

    Year Built
    1910
    Buildings
    1
    Stories
    3
    Units
    16

    HighLights

    • 17,900 SF shell building available for redevelopment at 1600 block of Lamont St NW, zoned RA‑2 for medium‑density residential.
    • Prime Mount Pleasant location with a 98 Walk Score, near Columbia Heights Metro and retail; excellent bus access to Silver Spring and Downtown DC.
    • Mount Pleasant boasts affluent demographics, average household income exceeding $174,000, ensuring strong rental demand.
    • Mount Pleasant shows significant appreciation, with a 75% increase in average home prices over five years, fueled by proximity to Adams Morgan and Columbia Heights.
    • Rent control exempt, allowing for full market rent.
    • 100% vacant, avoiding TOPA restrictions, enabling swift redevelopment.
    Property Profile Location Intelligence

    Current Use by Public Records

    Dormitories

    Map

    City
    Washington
    County
    District Of Columbia
    State
    District of Columbia
    Longitude
    -77.037665354899
    Latitude
    38.930916274374

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    FAQs

    What type of property is this?
    Multifamily property - 16-unit building, prime Mount Pleasant location.
    Where is this multifamily property located?
    The property is located at 1647 Lamont St Washington, DC.
    What is the asking price?
    The asking price for this property is $3,100,000.
    What are key features of this property?
    This property features: 17,900 SF shell building available for redevelopment at 1600 block of Lamont St NW, zoned RA-2 for medium-density residential.; Prime Mount Pleasant location with a 98 Walk Score, near Columbia Heights Metro and retail; excellent bus access to Silver Spring and Downtown DC.; Mount Pleasant boasts affluent demographics, average household income exceeding $174,000, ensuring strong rental demand.
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1647 Lamont St Washington, DC 20010
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