Handyman · Laurel, MD · Member since 2008 · 41 posts · 10 votes
Good Afternoon Everyone,
I am looking into a property that 15,259 sq ft lot in Washington, DC.The property that sits on it is a complete tear down.It was built in 1925,single family detached home with a porch.I wanted to know what you all think of it.It is Northwest Washington,DC.The asking price is around $600k.I am thinking subdivide the land build two homes.Can you give me your thoughts.Thank you
Rental Property Investor · Washington, Washington D.C. · Member since 2013 · 40 posts · 6 votes
12y
Hi HD,
What section is it in NW? Are we talking near NW off N. Capitol or Tenleytown? The location would make a difference as to its highest and best use. Do you know what the lot is currently zoned for? That could really effect what you're able to build as far as structure and density are concerned.
Handyman · Laurel, MD · Member since 2008 · 41 posts · 10 votes
12y
Thanks for your response.It is in Takoma Park.The property currently is zoned for residential use.I believe just for the single family home that currently sits on the lot.
Residential Real Estate Broker · Washington, Washington D.C. · Member since 2013 · 150 posts · 77 votes
12y
Hi HD,
A tear-down at $600,000 seems a bit overpriced in my opinion. Also, I would do some serious due dilligence regarding the ability to sub-divide the lot. Subdividing a residential lot in DC is no small feat and, even if it can be accomplished, will take a long time. Make sure you plan for the appropriate carrying costs.
Handyman · Laurel, MD · Member since 2008 · 41 posts · 10 votes
12y
I hope you guys are enjoying your Holidays.Thanks for the response guys.I felt that the price was a bit high as well which is why I took to the board to stand on seasoned investors shoulders.Thank you for the insight