1202 P Street NW presents a rare opportunity to acquire a meticulously maintained, four-unit apartment building in Logan Circle, one of Washington, DC’s most vibrant and walkable neighborhoods. The building is fully leased and
generates strong in-place cash flow with upside potential through strategic rent increases or condo conversion. Each unit is approximately 950 SF, offering spacious layouts ideal for long-term tenants.
SIGNIFICANT CAPITAL IMPROVEMENTS
Current ownership has invested over $250,000 in renovations, including:
• New High-End Front Door
• Façade Repointing
• New Windows
• New Roof
• Interior Renovations in All Units
Systems upgrades include a new security system and replacement of all HVAC units. These improvements reduce future capex needs and support premium rents.
ATTRACTIVE FEATURES
The property includes two large 2BR/1BA units, one 1BR/1BA unit, and one garden-level 1BR/1BA unit, providing flexible leasing options for a range of tenant profiles. All units offer modern finishes, in-unit W/D, and efficient floor plans.
STRONG IN-PLACE CASH FLOW
The property generates annual gross rents of $142,248 ($11,854/month), with relatively low monthly expenses, representing a strong yield at acquisition. In-place rent averages $3.09/SF/month with room for increases based
on comps in the submarket.
PREMIUM LOGAN CIRCLE LOCATION
Located on a quiet residential block in Logan Circle, 1202 P Street NW is walkable to Whole Foods, 14th Street’s retail and restaurant corridor, and Metro. The area is among DC’s most desirable rental locations, offering stability, lifestyle amenities, and long-term value appreciation. High demand for boutique units in this submarket ensures continued low vacancy.
LOWER MONTHLY CARRY WITH FHA LEVERAGE
Buyers can utilize 95% FHA financing to significantly reduce cash-to-close and monthly debt service. With a 30-year fixed loan, monthly P&I can be as low as $12,600. This allows an owner-occupant to live in one unit with mortgage
payments reduced by rents.
Listed by Ari Firoozabadi
·
License #PB98361353
·
Greysteel Company LLC
·
2022802722
Last updated July 21, 2025
·
Source: BrightMLS #DCDC2211704
Listing Facts
TypeMulti-family
NeighborhoodLogan Circle Historic District
Days on Prevu50
Taxes$14,452/year
Size4,279 sqft
Price per sqft$514
Location
Mortgage Calculator
Listing History
07/21/2025
Listed by Greysteel Company LLC
$2,200,000
Property Details for 1202 P Street NW
Exterior
Construction
New Construction: No
Number Of Units Total: 4
Year Built: 1890
Architectural Style: Other
Construction Materials: Brick
Features
Other Structures: Above Grade, Below Grade
Waterfront: No
Measurements
Lot Size Acres: 0.03
Lot Size Source: Assessor
Lot Size Square Feet: 1,388
Lot Size Units: Square Feet
Financial
Taxes
Tax Annual Amount: $14,452.00
Tax Year: 2024
Interior
Features
Fireplace: Yes
Fireplaces Total: 4
Measurements
Living Area: 4,279
Living Area Source: Assessor
Other
Features
Accessibility Features: Other
Location
Tax Lot: 46
Parking
Parking
Garage: No
Utilities
Equipment
Heating: Hot Water
Has Heating: Yes
Sewer: Other
Water Source: Public
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