Individual Project Identification: Multifamily Condo Conversion James Bulmer January 27, 2014 Georgetown University, MPRE 641 Property Information Existing Conditions: Location: 2509 Cliffbourne Place, NW, Washington, D.C Neighborhood: Adams Morgan (Ward 1) Listing Price: $1,780,000 2014 Tax Assessment Value: $1,201,400 Building Size: 4,415 SF Property Type: Multifamily (8 Studio Units) Parking Spaces: 2 Zoning: R-5-B Source: Market Conditions Media Coverage: Recent front-page article in the Washington Business Journal titled City of converts: D.C. Homeowners turn extra space into cold cash Market Trends: 50+ permits applied for over the last year for converting row homes to duplex condos Between September 2012, and September 2013, condo sales accounted for19.2% of new sales, and the median sale priced increased by 5.5% Condo Listings in the Neighborhood : 2380 Champlain ST NW 2 bed, 2 bath; 941 SF $639,000; $679/ SF 2456 Ontario Rd NW 2 bed, 2 bath; 1,188 SF $689,000; $580/ SF 2435 Ontario Rd NW 2 bed, 2 bath; 1,272 SF $639,900; $503/ SF Value Add Proposition Convert Existing Building to Four Condo Units: 2 bed, 2 bath; 1,100 SF each Scope of Renovation: Central HVAC Updated Kitchens & Bathrooms Open Floor Plan New Hardwood Floors Unit No. 1: Rear Patio Unit No. 2: Rear Deck Unit No. 3: Rear Deck Unit No. 4: Roof Deck Source:Source:Existing Finishes: Example of Renovated Condo: