THE OPPORTUNITY 1202 P Street NW presents a rare opportunity to acquire a meticulously maintained, four-unit apartment building in Logan Circle, one of Washington, DC’s most vibrant and walkable neighborhoods. The building is fully leased and generates strong in-place cash flow with upside potential through strategic rent increases or condo conversion. Each unit is approximately 950 SF, offering spacious layouts ideal for long-term tenants. SIGNIFICANT CAPITAL IMPROVEMENTS Current ownership has invested over $250,000 in renovations, including: • New High-End Front Door • Façade Repointing • New Windows • New Roof • Interior Renovations in All Units Systems upgrades include a new security system and replacement of all HVAC units. These improvements reduce future capex needs and support premium rents. ATTRACTIVE FEATURES The property includes two large 2BR/1BA units, one 1BR/1BA unit, and one garden-level 1BR/1BA unit, providing flexible leasing options for a range of tenant profiles. All units offer modern finishes, in-unit W/D, and efficient floor plans. STRONG IN-PLACE CASH FLOW The property generates annual gross rents of $142,248 ($11,854/month), with relatively low monthly expenses, representing a strong yield at acquisition. In-place rent averages $3.09/SF/month with room for increases based on comps in the submarket. PREMIUM LOGAN CIRCLE LOCATION Located on a quiet residential block in Logan Circle, 1202 P Street NW is walkable to Whole Foods, 14th Street’s retail and restaurant corridor, and Metro. The area is among DC’s most desirable rental locations, offering stability, lifestyle amenities, and long-term value appreciation. High demand for boutique units in this submarket ensures continued low vacancy. LOWER MONTHLY CARRY WITH FHA LEVERAGE Buyers can utilize 95% FHA financing to significantly reduce cash-to-close and monthly debt service. With a 30-year fixed loan, monthly P&I can be as low as $12,600. This allows an owner-occupant to live in one unit with mortgage payments reduced by rents.
For sale
$2,200,000
1202 P St NW, Washington, DC 20005
--beds
--baths
4,279sqft
Est.:
Townhouse
Built in 1890
-- sqft lot
$2,111,700 Zestimate®
$514/sqft
$-- HOA
What's special
New windowsNew roofEfficient floor plansInterior renovationsModern finishesSpacious layouts
- 17 days
- on Zillow |
- 530 |
- 39 |
Zillow last checked: 7 hours ago
Listing updated: July 21, 2025 at 01:37am
Listed by:
Ari Firoozabadi 202-280-2722,
Greysteel Company LLC
Source: Bright MLS,MLS#: DCDC2211704

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Tour with a buyer's agent
Facts & features
Interior
Basement
- Area: 1141
Heating
- Hot Water, Natural Gas
Cooling
- None, Other
Appliances
- Included: Gas Water Heater
Features
- Number of fireplaces: 4
Interior area
- Total structure area: 4,564
- Total interior livable area: 4,279 sqft
Property
Parking
- Parking features: On Street
- Has uncovered spaces: Yes
Accessibility
- Accessibility features: Other
Features
- Pool features: None
Lot
- Size: 1,388 Square Feet
- Features: Unknown Soil Type
Details
- Additional structures: Above Grade, Below Grade
- Parcel number: 0279//0046
- Zoning: RA-2
- Special conditions: Standard
Construction
Type & style
- Home type: MultiFamily
- Architectural style: Other
- Property subtype: Townhouse
Materials
- Brick
- Foundation: Brick/Mortar
Condition
- New construction: No
- Year built: 1890
Utilities & green energy
- Sewer: Other
- Water: Public
Community & HOA
Location
- Region: Washington
Financial & listing details
- Price per square foot: $514/sqft
- Tax assessed value: $1,726,170
- Annual tax amount: $14,452
- Date on market: 7/21/2025
- Listing agreement: Exclusive Agency
- Ownership: Fee Simple
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