Tues. Afternoon Rental Option – NoMa

This rental is located at 130 M Street NE:

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The Craigslist ad says:

“GRAND OPENING!!! Now touring, Flats 130 is located in NoMa, a rapidly developing new neighborhood in Washington, D.C., just north of Capitol Hill and Union Station. Named for its location, North of Massachusetts Avenue, the area is quickly becoming the heart of all things exciting and new within the District. As part of Constitution Square, a LEED-ND Gold certified development, Flats 130 boasts an ultra luxurious, walkable lifestyle, giving residents instant access to the Red Line metro at New York Avenue station, a 50,000 square-foot Harris Teeter grocery store, a Hilton Garden Inn hotel, and a menu of fine dining, shopping and nightlife. Whether it’s a coffee shop, a dry cleaner or a bank, you’ll find it all at your fingertips. Once you arrive, you’ll see that life begins at 130.”

Well, since I’ve been featuring the new retail going in at NoMa recently I’ve wondered how much some of these new buildings cost. Dang, it ain’t cheap. Is this the premium for living above the Harris Teeter or the potential of the neighborhood or simply the cost of living in a new building?

The 1 bedroom advertised here is going for $2315.

For those who are looking at new buildings, I’m curious – what are the pros and cons of Mt. Vernon Square vs. NoMa?

51 Comment

  • That price is a joke. Really NOMA (lame nickname and horribly unoriginal), is asking over 2k for a one bedroom made out of cheap stuff from China. I’ll pass.

    • Seconded. The location isn’t that great either. I’d consider it for a condo, but I’d never pay that for a one bedroom rental.

  • For that price is there a fellatio machine included?

    • I also just noticed the “no aggressive breeds” on the pets note. I’m sure the buggers mean: Pits, Rots, maybe Shepherds, Dobermans? Well, that shit pisses me off because some of the most aggressive breeds are: poodles, chihuahuas, llasa apsos, dachshunds – yep, all the little dogs are the most aggressive. In fact, the big dogs get a bad rap simply because if you DO encounter an aggressive large dog, then obviously they are much scarier and they are much more able to do damage. But you’re much more likely to get bitten by one of the little terrors.

      Wait. What was this posting about again?

  • Thats got to be a joke. What do you get for over 2k? That price puts you in just about any building in the city, this location and building is far from the finest the city has to offer.

  • if you had business on the hill, or downtown and took the train to new york a lot, this is an excellent place.

    if you are young and hip ( all POP readers, naturally ) , this is not a good place.

  • I’m starting to wonder if DC needs its own branch of the Rent Is Too Damn High Party.

  • This is horrible. Not to mention that a basic parking space kicks the monthly cost up to $2490 sans utilities. They have got to be kidding.

  • Absurd or not, the fact is they’re renting fast enough that Phase II is going to start construction in the next few months.

    Meanwhile, the Loree Grand at 3rd & K NE has similar prices, and is half full just a couple months after completion. This area is filled with jobs and this building in particular is both fancy inside and literally on top of the Red Line and Harris Teeter.

    Just because not everyone can afford it doesn’t mean that nobody can afford it!

    • Prince Of Petworth

      What is your info on the Loree Grand? I have not heard the same.

    • Interesting to hear, because I always wonder whether the management of places like this is full of fools or geniuses. It grates against conventional Washingtonian wisdom to see this price point and compare it to Dupont or other sexier neighborhoods. But the market is never wrong, so I guess these guys know what’s up.

      It’ll be interesting to see the shift of NW-centric focus over the next couple years. If something nice grows out of the ashes of Sursum Corda, then I think this whole corridor — East of Chinatown to Union Station — will become a hot spot for DC’s affluent class.

      • The thing about comparing this to Dupont is that in Dupont most of the time you’re looking at older buildings. I don’t really understand the thinking behind paying a lot more to rent in a brand-new building but apparently some people do see the appeal since they do rent for more. But you could also rent in a nearly brand-new building in Col Heights for this price which strikes me as a better deal.

        • to be fair, while I love my ledroit rowhouse, it is a huge pain in the ass. I know many people who don’t have the time or patience for what I deal with, but have the money to be in a luxe apartment above union station.

          that said, this does seem high. amazing. good for my comps I guess.

  • i live about 10 blocks from this place and they have got to be joking. you could rent an entire HOUSE for this price ok?

  • You hipsters really need to calm down. You have no idea what you’re talking about. This price is priced extremely fairly.

    It’s $2.50 psf after concessions. ($2315/mo for a 809sf 1-br w/ 1.5 months free rent)

    Try to find another Class A apartment building located next to the Red Line and a grocery.

  • From the WaPo article: “Ninety-five of the building’s 212 units are leased, with studios starting at $1,595, one-bedroom units starting at $1,795 and two-bedroom units starting at $2,695.”

    So maybe this one is the top floor or something? Doesn’t sound typical.

    • The 95 out of 212 number is for the Loree Grand, not 130 M. Still, as Rayful points out above, nobody’s really paying the exact advertised price, and you’re right that some of the “starting” prices are probably for lower level units with not-as-prime floor plans.

  • This place has been advertising heavily on Craigslist, and with the “1.5 months free” discount, a lot of its 1-bedroom units end up being under $2K per month. For a couple renting a place together, that’s under $1K per person, which isn’t insane for DC, I guess. Maybe that’s how it’s managing to rent? Who knows.

  • Seems about right to me. You’re paying for all the amenities, the security, and really nice apartment. I’m pretty sure Highland Park is in this range, even though it does have a much nicer hood.

    • It depends on how you define “nicer”.

    • Agreed. My sister and her boyfriend used to pay $1900/month for a very swanky apartment with so many ammentities that you never had to leave the building (but the staff would deliver your car to the front door if you did decide to go out). It was an old art Deco building that was converted into condos so it had a ton of character, which this building probably lacks.

      • Sweet. So? You cant possibly think that price approaches the market price today. Anywhere.

        • I don’t understand what you’re trying to say. It’s above what the average 1-bedroom costs (I don’t think anyone was claiming otherwise), but the average 1-bedroom does not have all the ammenties, so what’s your point exactly?

  • Damn, I own a 3 bedroom house 2 blocks away and rent it out for 2400/month. Looks like I’m raising some rent when the lease is up.

  • Funny – I am taking a class this week directly across the street at 131 M St. The immediate block is nice and I guess with all the proposed new buildings going in it will be nice. But as best I can tell the area just has a Potbelly, ABP and that lovely Wendy’s/McDonald’s on NY.

    Go 2 blocks and either direction and wow….lots of improvements are needed!

    • Yeah – 2 blocks north south or east. Wow. What an eyesore. H Street is so much more aesthetically appealing, huh? Just say 2 blocks west because of the housing project – other than that, not much to note.

  • Aren’t all these places offering multiple months for free? So essentially it costs less than that to rent it, but pricing it higher and offering free months allows them to jack the rent up later w/o violating rent control.

    I mean I guess it’s right on top of the metro, but who are the people who can actually AFFORD to live here? Tons of single people making $85K out there?

  • My Opinion: The DC rental/housing market has been undervalued for years in comparison to other major cities…mostly because of our strong suburban communities and the crime issues associated with the district. However, with the continued decrease in crime and the stigma of DC being the “murder capitol” a distant memory, DC is quickly ramping up costs to the likes of Boston, San Fran. and NYC. 3-5 years from now people are going to look back and think how they missed the eastern migration from ‘West End’ to ‘Capitol Hill’.

    • I think depressed is a better word than undervalued, but I agree. There are other factors, increased investment in public education, for one. Good public ed is worth about $20,000/year to a resident if we compare it to the private sector alternative. That kind of savings allows vastly greater investment in housing, and will eventually drive home prices and rents up.

  • I rent out a 1 bedroom condo for 1200 in Eckington. Looks like I’ll be raising the rent next year!

  • I live here and got a ~730 sq ft 1 bdrm with a 96 sq ft balcony for “$2200” but got 2 months rent free and the security deposit/move in/amenity fee down to $400. At that price, its roughly $1850. Not bad at all considering the top notch finishes, ample amenities, direct access to a Harry Teets and the redline. Compare this to other class A buildings in DC and it becomes pretty damn attractive. Its certainly a better building in many ways than the slightly more expensive Senate Square and Loree Grand in the area and far better than the oddly more expensive buildings like Post Mass, City Vista, Meridians etc. I didn’t find a cheaper building in DC with a similar level of amenities. I can also go door to door to work at Farragut in 15-20 min.

    I lived in AdMo next to the Safeway and don’t really miss it. This neighborhood doesn’t feel any less safe or any more sleazy.

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