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Dupont Circle Building Trades with Eye on Airbnb Economics

WASHINGTON, DC-The new owner of 1902 R St., NW, is planning a complete gut and renovation of the building to turn it into a high-return bread and breakfast for business travelers.

By Erika Morphy | erikamorphy | | Updated on August 03, 2016
1902 R St., NW 1902 R St., NW

WASHINGTON, DC-There are any number of uses that a Dupont Circle  building could serve just based on its proximity to all things unique about Washington DC. The buyer of 1902 R St., NW, an erstwhile apartment building that most recently served as an extended stay hotel and local businessperson’s residence, plans to convert it into an higher-return bread and breakfast serving business travelers and visitors to the slew of nearby embassies. Airbnb and similar listings will be used to the get the word out.  That, at least, is the long-range plan.

First will come a complete gut and renovation of the property and the new owner is currently looking at the permitting issues,  according to Jesse Mates, an investment specialist in Marcus & Millichap’s Washington, DC office. Mates, Cameron Webb and Stacey Milam represented the seller in the transaction and procured the buyer.

The 5,020-square foot building, whose sale closed last week, traded for $2.6 million, or $518 per square foot.

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