UrbanTurf spoke with a few local real estate consultants whom offered an example of the itemized expenses and profits for small condo projects. Although profitable home-flipping in DC has been associated with more affordable neighborhoods in recent years, converting a single-family home into condos remains profitable for developers willing to put in a hefty upfront investment. The table below compares conversions in Adams Morgan and the Shaw Historic District.
The Adams Morgan example is for converting a 4,000 square-foot stacked flat into six condo units. In this case, the site is zoned RA-2, is not in a historic district and requires two parking spaces. The Shaw example is for conversion of a 4,000 square-foot single-family home into a pair of flats. This example is also on an RF-1 zoned site within the Shaw Historic District, and no parking is required.