RSS FeedCribs XIV: Deluxe On Mass Ave
Empty no longer, the condo formerly known as the Dumont Condos was purchased by Equity Residential, a real estate investment trust, for $167M that wasted no time getting it ready for leasing to tenants as 425 Mass (425 Massachusetts Ave NW). The leasing website is up so we decided to dig into the numbers.
By looking at the monthly prices for the most common configurations posted on the website today, we see studios ($1785 to $2046), 1BRs ($2385 to $2700) and 2 BR/2 BAs ($3685 to $4428) for rent. If we exclude the penthouse apartments and throw out the single lowest and highest per square foot cost, we get a range of $2.73 per square foot per month to $3.68 per square foot per month. For 1 BRs, this is in line with another recently opened super deluxe apartment building in the area. As expected, the studios cost the most and the 2BR/2BAs cost the least per square foot per month. We checked the Rentometer which pulls listings from various sources in the surrounding area, centered the search at 7th and H St NW and received the following median results: studio ($1350), 1 BR ($2100) and 2BR ($2720). Your results may vary depending on the search centerpoint.
Want to get a look inside? We suggest checking out The Triangle’s nicely assembled photo tour and their “extra facts” post. Combine this building’s opening with Buddha Bar’s imminent opening in early May and we’re looking forward to that part of Massachusetts Avenue not being such a ghost town during our evening walks.
Photo credit: flipperman75
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Comments
The prices are slightly lower than what they should be, for instance other rental buildings closer to Thomas/Scott Circle are charging $2400 for 1BR and its an area with much less to offer than Chinatown/PQ.
Craigslist is littered with ads for one bedrooms in PQ condo buildings charging in the $2000 – $2200 range for 1 bedrooms. Yes, these are condo buildings and the units are often being rented by individuals (not management companies), but the buildings and units are generally just as nice or nicer than the apartment buidlings.
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Those rents seem high for that end of the neighborhood.