Today’s Rental has “all the amenities you can dream of on 14th Street!”

1412 Chapin Street Northwest

This rental is located at 1412 Chapin Street, Northwest. The listing says:

“Enjoy high-end finishes like a NEST thermostat, BOSCH appliances, H/W floors, marble kitchen w/huge private patio in a brand new luxury boutique bldg. Quiet neighborhood block just off of 14th St NW, this address boasts a walk score of 95 “Walker’s Paradise!” One block west to beautiful Meridian Hall Park & One block east to shops, restaurants and all the amenities you can dream of on 14th Street!”

rental

You can see more photos here.

This 1 bed/1 bath is going for $1,850/Mo.

17 Comment

  • Given that Capitol View, the building next door (yellow building on the left in the first photo), charged over $2,000/mo for a studio, I’d say that this is a good deal. Its not the biggest unit, but has its own patio, one bedroom, etc. Looks nice.

  • This is a bit small and some people won’t like the “garden level,” but I think this is a great deal. Prime location and private outdoor space. I really think they could get $2100 for this fairly easily if they wanted.

  • maxwell smart

    Wow. WAY under-priced. Would be surprised if this is not already rented.

  • I could probably dream of a few other amenities, to be honest.

  • These units just went on sale a few months ago. Either developer can’t sell, or this is a pure investment unit. If the latter, probably not a bad idea. These weren’t priced too high as I recall.

    • If they just went on sale a few months ago, they have to reach a certain owner occupancy ratio before units can be bought as investment property. I’d want to make sure the owner is on the up and up before signing a lease.

      • Good point.

        • “they have to reach a certain owner occupancy ratio before units can be bought as investment property”

          I thought owner occupancy ratio had more to do with getting a mortgage. It seems odd that an investor with cash would not be able to purchase a unit as an investment. The condo by-laws may limit percentage of units that can be rented to maintain a certain level of owner occupied units.

          I am sure a real estate attorney will chime in.

          • This is my understanding as well.

          • The units went on sale more than a few months ago, more like end of summer, the these units were listed at a lower $ per square foot number than two new construction buildings on the same block, the 7 unit building Banneker Hill building or the 16 unit Victoria up the block, but they were also built to a slightly lower price point than those buildings. The pricing seems like a bargain compared to the other two. As to rental and condo by laws and such, pretty sure the builder/developer controls the condo association rules until a certain percentage are sold, no builder/developer is ever going to put a limit on the percentage of units that could be investment properties, A lending bank might worry if the building is too full of non owner occupied units but that can be hard to determine when all the units hit the market at once and sell well, people can and do lie on mortgage applications and all cash sales are hard to figure out. The reality is that often basement level units like this one are priced by the developer specifically to make sense to the value investor, there is still some profit to the developer but they are priced at a point where an investor can buy one and immediately break even or turn a profit by renting them out. Also, there is nothing shady about a developer holding onto a unit or two to rent. All that said this unit looks like someone at least moved into it, cabinet over the toilet is not original. If the original buyer were an investor they are not very good at the game, because this is under priced.

          • Owner-occupancy requirements are in place partly because the living experience is generally better when more owners actually live in the building. Yes, there are renters who are excellent occupants, but generally speaking, renters stay for shorter periods and are less invested — emotionally, not just financially — in the building. And there are some renters who are terrible and treat condo buildings like college dorms.

    • PoPville posting regarding a unit for sale in this building:
      http://www.popville.com/2015/08/gdon-chapin-row-edition/
      .
      PoPville posting about this building being developed:
      http://www.popville.com/2014/05/construction-for-40-new-condos-starts-on-chapin-street-just-west-of-14th/
      .
      I wouldn’t have guessed from the building exterior (at least in this photo; dunno about IRL) that it was new construction. Props to the developer for making an effort to blend in by using cornices (if that’s the right word), red brick, etc.

  • Basement units often are bought as investments. They’re usually much cheaper/square foot.

    • Two units were sold for $219k. If this is one of them (likely), then the investor is probably doing alright for themselves.

      • How/why do you figure they sold for $219k? Source? I remember looking at these and they started at $399k. Not sure why the builder would let two units go for $219k. Just curious.

    • This is exactly right, basement units are priced by the developer in such a way as to be appealing to investors, often they are the smallest units too, which then means a lower condo association fee. If it is true that this units sold for under 300k though that is surprising, 7 unit building just up the street sold a bigger but not huge one bedroom for just under 400k

Comments are closed.