2501 Burns St
Washington, DC 20020
The L'Enfant Square Residences · Land For Sale · 0.30 AC

The Feldman Group of Marcus & Millichap is pleased to present the exclusive offering of The L’Enfant Square Residences. The L’Enfant Square Residences represents a unique opportunity for a buyer to acquire a truly shovel-ready project, as ownership will deliver a building permit at closing to construct 16 condo or multifamily units across eight RF-1 zoned parcels. In addition, ownership is willing to complete all raze work on the site at its own expense, thereby allowing the buyer to commence construction immediately after closing. D.C. based architectural firm Atelier MjKhas completed a full set of plans for the site consisting of 21,112 gross square feet, with a mix of 8 ground level 2BR/2BA units, and eight 3BD/3BA units which occupy the second and third levels. Each upper level unit will have its own roof deck. The project is exempt from all parking requirements but is close to numerous bus stops and is one mile from the Potomac Avenue Metro Station. The floors will be slab on grade, allowing a buyer to avoid expensive below-grade excavation and minimizing overall construction costs in order to maximize profits. With Hillcrest quietly developing into one of the most sought-after residential markets in the District, with arguably some of the best views in the city, a savvy developer could position the project as condominiums or rentals. A developer employing a for-sale strategy could capitalize on the recent momentum in the submarket. In 2018, Redfin voted Hillcrest the #1 “Hottest Neighborhood Within Reach” in the entire country, legitimizing a neighborhood that has dramatically appreciated in recent years. In 2019, Hillcrest saw a 36% increase in the median home price compared to 2018. As recently as June 2019, Hillcrest achieved a median home price of $479,000, an all-time record for the neighborhood. Conversely, a developer employing a buy-and-hold investment strategy could benefit from the project’s proximity to Capitol Hill and easy access to downtown, positioning the project as a low-cost alternative for renters as opposed to other more costly neighborhoods. In addition, because the project is located within an Opportunity Zone, an investor could benefit from these incentives to maximize returns. In 2017, the Tax Cuts and Jobs Act implemented Opportunity Zones throughout the country. Opportunity Zones provide tax incentives for investments in new businesses and commercial projects in designated areas. Mayor Bowser nominated 25 census tracts in Washington, D.C. to qualify for these benefits. Opportunity Zones have become extremely sought after by investors and developers around the country, as the tax incentives to invest in these areas are extremely favorable for investors with capital gains exposure. L’enfant Square Residences represents an ideal Opportunity Zone investment, as there is a “substantial improvement” threshold that must be met in order to qualify for the tax benefits. Because this opportunity is a ground-up development project, this requirement would be satisfied.