Washington DC - Trinidad NE, the now popular neighborhood straddled just north of H Street/Florida Avenue and east of Gallaudet University is exploding not only with increased home values and selling prices but an ever changing landscape of condo conversion and pop up residential projects now dotting the scene. The neighborhood contains a mix of single family, townhouse and multi-family residences, a unique combination within the District. Many investors favor the area due to the location but architecture of the area. With so many duplex, triplex and quad (4 unit) properties, a savvy investor can easily cover their expenses for a property while maintaining a healthy cash flow.
Over the past few years many developers have flocked to the area to buy such properties with the intention of renovating for condo conversion. Currently there are only 8 Multi-Family listings on the MRIS, with four being under contract. What is most surprising though are the asking prices. The average listed property is priced at $1,019,125. A massive increase from just a few years ago. Single Family, Townhouse and Condo properties see similar statistics. There are 57 total listings with 33 under contract. The average list price is $526,338.
Pricing Trends Trinidad NE vs Washington, DC (2013-2018)
Trinidad, however, has been somewhat behind the city in terms of gentrification and large scale new developments. While several projects are in the initial planning stages, available sites for development are scarce. This limitation on large scale projects has made the neighborhood ideal for developers and investors with the time and ability to renovate and hold property.
In a 'pop up' addition/renovation, the property owner takes advantage of current zoning codes and regulations to add an additional story (or in some cases stories) to the property. For a developer this not only increases the total square footage but adds potentially more individual unit(s) at a much lower cost than having to build ground up.
A 'pop up' renovation
(photo source: GreenBuildingAdvisor.com)
As the local market continues it's strong pace and with record high Demand how much longer will the Trinidad NE of old continue to be around..?