Good Deal or Not? “38,000 gallon heated pool” edition (reader request)

1375 MARYLAND_Ave_ne

This historic school house is located at 1375 Maryland Ave, NE. The listing says:

“$350K PRICE REDUCTION! This historic school house has been masterfully transformed into 9 stunning rentable loft units ranging in size from 1500-2000 sqft + a magnificent 2 story penthouse spanning 9,500 sqft. Property includes home movie theater, 50ft ceilings, enormous roof deck offering panoramic views of city, 38,000 gallon heated pool, fitness & spa, & 4 YRS FREE PROPERTY MANAGEMENT!!”

You can and will not want to miss the virtual tour here.

It’s yours for $6,900,000.

51 Comment

  • You will also be Spike Mendelsohn’s neighbor.

  • epric002

    soooo many pendant lights!

  • been in every room of this location
    the biggest unit on the top floors is amazing and the roof deck is insane as well
    cant say enough about how cris and jeff did their own diggs
    all the rooms of that unit are designed differently too, its pretty cool. my favorite being the monroe room (all white & circular)

    • just looked at the tour, dosent really do it justice to be honest
      such a cool space

      • justinbc

        Yeah man, I’m seriously tempted to walk up the street and scope this thing out. I’ve driven by it so many times and just assumed it was another average condo flip then found it while surfing for commercials properties this morning and couldn’t believe it.

        • yea, the lofts are cool
          but the main unit up top is awesome
          they did so many little things to make the space cool to that unit
          two enterances with the origional doors powered to slide opened and closed on their own
          the roof deck is stupid lol and the sun room up there is just as cool
          all of the themed rooms, the movie theater is also in the unit, not for the entiure building
          the kitchen is sick as well, dont remember if it was in the picture or not but in addition to the table with the super high backed chairs there is abooth as well
          im a fan of 95% of what they did to it

  • Spectacular views of Checkers Burgers too!

  • Not a fan of the master bath but the rest is gorgeous. I’d give anything to cook in that kitchen.

  • Would be cool to live in the top unit, then rent out the others below. No idea what the penthouse would be worth by itself, but lets say $3M. That leaves about $4M for 9 big rentals below it. So under $500K each for something that would likely rent for about $3,000? 1500-2000 sqft is pretty big for a rental, and it is right on H St. Hard to quantify the worth (what would the maintenance really cost if you owned the whole building?). A pipe dream obviously, but someone with a big stack of money could make it be very profitable.

    Does anyone know the history of this building? Why not sell the units individually? It would seem like they could get at least $600K for each unit is they are truly 1,500+ sqft. With the market this hot, and the spring rush approaching, you wouldn’t think they’d have a problem selling these.

    • it was a school
      they bought it years ago and have been working on it since
      the tank in the shower just went in torwards the end of this past summer if i remember correctly

      & i get what you are saying with the each unti deal but i think its moreso being able to move the entire property at once instead of having some go now and others far later

      • I would guess they could sell out the entire lot of 9 units in a couple of months individually. As a whole, it could take a couple of years to find the right buyer. I’m guessing they are in no rush to sell….,.

    • I think you would have to pay a lot more in taxes if you were to sell the units separately.

  • I don’t think I’ve ever seen a urinal in a private home before.

    Interesting, though! If I were at a different place in my life, I think I might very much like one of those large studio lofts– the raised kitchen is a cool touch. This is all SO much more appealing to me than the endless parade of granite-cherry-stainless that we see from most redevelopers.

    Also, I don’t know nothing about no seven million dollars, but that area seems like a good investment, if you’re willing to sit on it for a bit.

    • justinbc

      Urinals are actually cleaner than traditional sit-down toilets, it’s kind of nice they included both. I’m more curious as to why there’s a huge freaking plant in the middle of the shower…

    • I once bought a house on Richardson Place that was basically trashed by its former drug dealing occupants (incarcerated) and it had a fully functional BIDET. The fridge was in the back yard, most of the stairs were busted out, the sink was cracked – but the bidet was perfect!

      • justinbc

        Yeah, our house in McLean had a bidet in it too. It was built in the 70s and mostly rented to British embassy folks before us. In 2 years of living there I never once attempted to use it properly.

  • I feel like there’s such a bizarre design dissonance. It’s lofts, but they’re traditional in style- molding, bathroom fixtures, tiling, colors- and they’re selling it like a modern loft thing with a heated pool and one ultra modern room (is the a round bed?!). Then there are the murals, one is Bach(?) which is freaking me out and it has kind of a strange 80s feeling on those terra cotta walls and the other is trying to be the “this is a cool loft that was a school, so we’ve gotta have something cool like graffiti. But school graffiti.”

    I think the style is pretty terrible and all over the place. I hope it doesn’t come furnished.

    • This place is wild. There are some love it/hate it rooms for me.

      A few of them would make a great backdrop for a Stevie Nicks video.

    • everyone knows the term “loft” is bullshit. this is just taking a school and making it a home, which i think is terrific. the art is probably not integral to the place, save maybe the mural. but some what? the all over the place style may because it’s different peoples living spaces.

  • Goot Lort.

    Now I feel I live like a schmuck. : )

  • I like the space but the decor looks like someone got the Ballard Design spring catalog and said “I’ll take it. Everything!”

    • LOL! Honestly, the decor is so distracting that it’s hard to figure out what the place really looks like. Is this building currently occupied, or did someone actually “stage” it like that on purpose??

  • This place is certainly….unique? Love the all-white Valley of the Dolls room. Where’d I put those barbiturates again?

    • the white room is in the top unit
      literally every bedroom has a differnt theme in it
      white room, zin room etc etc
      also has a full bar that resembles the one from friends or some show like that i never watched

  • I want this so hard.

  • They’ve got a lot of baseball hats.

  • This place looks amazing. First ever PopVille crowd funded venture. Who is in? I can commit 15k. Now all I need is 459 friends raising the same amount and we are in business.

  • I think this place is amazing. I wonder if you could turn it into a B&B? Does popville think enough people would stay in that area to make it worth it?

  • Oh man! I have always, always wanted to live in an old school! I’m going to go buy a lotto ticket, but if that doesn’t work out, will one of you buy it, and rent me an apartment with pool access? Wow!

  • THis is really cool and original, but I cannot imagine who would buy this.

    If they had split it into condos, they would sell very well.

    But who would buy the whole thing? If you have $7m, you’d be better off buying two separate properties. One, an impressive house or condo for you to live in, for $2-3m. And the rest, spend it on a multi-unit building. That way you can own a rental place in an up and coming neighborhood but live in a nicer neighborhood yourself.

    And when you buy that multi-unit building, you can do much better in DC than the likely cap rate they are offering for this place.

    I am not even commenting on the decor. Stuff like paint and wallpaper, fixtures like a urinal (this screams gay male BTW and would likely be removed by any other occupants, but who knows, maybe it will catch on) are all easy to change and are not criteria for evaluating a rental property, if you are a serious investor.

    The only buyer I can imagine is basically someone equally wealthy and eccentric as the sellers, someone very rich but doesn’t mind the crime and gritty feel of H St, and who is interested in being a landlord, yet is not looking for a cap rate that would make it a profitable investment. Not many people who fit that description.

    Conclusion: drop the price by $1-2 million?

    • justinbc

      Why does a urinal “scream gay male”?

      • Lol idk why it screams that to them… but they are correct

      • I’m the PP – is that a serious question, justinbc? How many women do you know who would agree to having one of those installed in their master bath? I guess a permanently single straight guy could pull it off too. 🙂

        • Perhaps it could be an advantage for a straight couple. No more toilet seat conflicts! 😉

          • justinbc

            That’s pretty much exactly what I was thinking. Nobody else uses our master bath except myself and her, so what it looks like to other people is entirely irrelevant to me.

  • It’s World Market meets Abercrombie and Fitch meets Bob’s Furniture Outlet meets a whole lot of tacky. What did that poor schoolhouse do to deserve that kind of treatment?

  • I’ve visited the top unit during a neighborhood progressive dinner and loved it. Don’t want to be a landlord but I’d hire them to help me design a space if I had the money. I wonder why they’re selling it.

  • love it! want it! lived in an old school-house before moving to DC- loved having big windows and super high ceilings.

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