Mon. Afternoon Rental Option – SW Waterfront

1101 3rd Street Southwest

This rental is located at 1101 3rd Street, Southwest. The listing says:

“Contemporary Waterfront Tower designed by famous I.M Pei! South facing huge 1 BR plan w/ sand in place white oak flrs, fl to ceiling windows, Wenge cabinets & granite counter tops, WI closet w/ built-ins, pkg for rent $135/month & extra storage unit.The building includes a front desk, comm. room, patio with seating area, laundry room and a Gym. The Metro, Safeway, Arena Stage & The Wharf!”

You can see more photos here.

This 1 bed/1 bath is going for $2,100/Mo.

24 Comment

  • This rent seem high for that area – not a good deal.

  • I respect I.M. Pei’s work but this is not a good deal for the area.

  • Whoa that’s high for that building.

  • I live in this area, I would say its overpriced by at least $400.

    • I don’t know, some places in converted row house over on Half and First Streets are fetching $1,800 a month,and most of those places are about the size of this unit (some considerably smaller). If those places, with no security/front desk and other amenities that come with a building and further from the metro, can command that sort of rent, $2,100 doesn’t seem that far off from this place.

  • I admit architectural ignorance – this looks like a thousand other box/beehive buildings – what am I missing?

  • I think it’s too high, but not shockingly high (I’d say $200 month too much). If you compare it to the new buildings (Skyhouse and Lux), you’re missing some amenities (including a washer and dryer in the unit, roof top pool). Looking at the prices on the Skyhouse and Lux websites, this is right in the lower range of 1 bedroom prices for those buildings, but the new units are significantly smaller (more in the 600 sf range), parking is almost twice as much in the garage, and then both buildings have amenities fees on top of that.

    It’s a large 1 bedroom, corner unit on a high floor in a newish building, parking is additional but a low fee. $1900 is about right, $1800 would be a good deal.

    • A few years ago I rented an entire rowhouse a couple blocks from here for $1600/month. Prices have gone up a little since then but not THAT much.

      • I own a condo in a different building not far from here, and the value of my home has gone up more than 50% in the past few years. If I wanted to buy a condo in my building now, I wouldn’t be able to do it. Rent may not be keeping up with that exactly, but prices in SW now are nothing like they used to be. This does seem a bit high, especially without an in-unit w/d and utilities included, but I agree with others that 1800-1900 would be reasonable.

        • Yeah, from 2011-2013 you could have gotten a nice sized condo for a decent price. Now the jig is up. A condo in my building sold for a little over 300K, was on the market for like 5 days. Barely 600 square feet, no parking space attached to it and it was off the market in a hurry. My realtor basically told me it’d be wise to sell before the Wharf fully kicks in, which won’t be for at least another 18 months. It’s a sellers market at the moment.

          • What’s the reasoning behind selling before the area is built-out? Wouldn’t your property command a higher price once everything is in place?

          • I think the idea is that domrep’s place isn’t as new as the hundreds of units coming online at the wharf and may not have the same amenities, so it might be easier to sell without that competition. Not sure if I believe that, but realtors always try to get you to hire them ASAP.

        • I looked up my old rental on Zillow, and you’re right! It estimates the rent would be $2351 now. And it’s worth almost $500k, up from $300k back then. That’s insane.

      • I currently live/own in the area. My neighbors own several investment units in the Waterfront neighborhood, and I also have former neighbors who have had to move from rental units because of prices escalating. I don’t doubt your rent from a few years ago, but prices for rentals (and sales) have gone up dramatically in the past couple of years. Maybe prices will drop for the existing buildings again once more new buildings deliver in SW (there’s a boatload of new rental buildings either under construction or getting entitled now).

  • SW is no longer the secret rent bargain that it was a few years ago, but this is still way overpriced for the area. Might be more realistic if it included utilities.

  • I live in the building behind it, and that’s more than we pay for our two bedroom, with utilities included. Maybe in a year or two when the Wharf is done, but too high for now.

  • Maybe if it was in Northwest. IM Pei (and associates–he’s farmed out most of the work to apprentices for years) designed a lot of crappy looking buildings. His name is no distinction at all.

  • @sbc and Anon – it’s very difficult for buildings that were completed/built in the 60s to compete against the new shinier ones. The way I see it, condos don’t appreciate as much as townhomes or single family houses. Maybe this is naive of me to think, but a 600 square foot condo can only sell for so much. Yeah, the newer ones are selling for 400K, if not more in some parts of the city, but have a lot better amenities, i.e. grilling station, pools, state of the art gym, etc. Just my two cents.

    • Condo and coop apartments I saw in the early 90s, including one I bought (610 sf in a desirable building) have appreciated by a magnitude of 4 or 5x their prices 20+ years ago, and these were in Adams Morgan, Cleveland Park or nearby neighborhoods. This is roughly the same appreciation that houses have seen–you could get a house needing work in Cleveland Park for 250K, but a really nice one already was 400k+. A livable rowhouse needing updates in MtP was about $165-180k. Some condo/coop buildings in those areas have been underperformers, but I’d imagine some houses have been, too. Condos that have appreciated have not necessarily have pools (high maintenance items that were more common in the 60s than now), grilling stations (fire hazards that are difficult to clean and likely to be gone in 5 years) or gyms (which most smaller buildings new or old lack–usually gyms are not renewed over time and get converted to something else).

  • This is $400-$500 more than the units I saw advertised for this building in March 2014. It appears a few were coming on the market at that time. I almost pulled the trigger, but decided on a neighborhood with a few more amenities. Great location if you work nearby or want to hop on the highway.

  • Complete with I.M. Pei-designed parking lot.

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