Park View is the strip of rowhouse blocks east of Georgia Avenue between Petworth and Columbia Heights, running toward Howard University and the Armed Forces Retirement Home grounds. Streets like Warder, Princeton Place, Quebec Place, Morton, and Rock Creek Church Road NW are lined with wide two-story rowhouses — many already split into two units.
Hard money loans in Park View fund the two-condo conversion. You buy a single rowhouse, rebuild it as two legal units — usually an upper duplex and a lower unit — and sell each unit separately. Two sales can add up to more than one whole-house sale. Unlike the Petworth basement BRRRR, the exit here is a sale, and zoning sets the limits.
DC hubs: Washington DC hard money lenders · DC fix and flip loans · DC condo conversion financing · Compare: Columbia Heights · Petworth.
Park View market snapshot (2026)
DC’s citywide median sale price runs about $635,000 (Redfin, 2026). Dated Park View rowhouses trade near or just below that level. The conversion math depends on what each finished condo sells for.
| Asset | Typical acquisition (2026) | Rehab range | Renovated resale / rent |
|---|---|---|---|
| Single-family rowhouse (dated) | $560K–$680K | $110K–$170K | $860K–$960K as one house |
| Two-condo conversion | $560K–$680K | $230K–$330K | $1.05M–$1.2M combined |
| Upper duplex condo (3BR) | — | — | $660K–$760K |
| Lower-level condo (1–2BR) | — | — | $400K–$470K |
The conversion costs more to build — two kitchens, two sets of utilities, fire separation, and condo documents — but the combined sale can beat a single-house sale by $150K–$250K on the right building.
RF-1 zoning: what is allowed
Most of Park View is zoned RF-1, a rowhouse zone. You can check any parcel on the DC Office of Zoning map. In general:
- Two units are allowed as a matter of right in a qualifying rowhouse
- Three or more units usually need a special exception from the Board of Zoning Adjustment, plus affordable-unit requirements in some cases
- Height is generally capped at 35 feet, with protections for rooftop elements like cornices and porch roofs
- Rear additions face lot-occupancy and setback limits
Design your conversion within by-right limits. A BZA hearing can add four to eight months, which is expensive at bridge-loan interest rates.
How our hard money fits Park View conversions
- Up to 90% loan-to-cost, capped at 75% of combined condo ARV
- 100% of rehab funded through inspection-based draws
- 15–18 month interest-only terms at 8.99%–13.5% to allow time for two sales
- 7–10 business day closes
- Partial releases available — sell one unit, pay down the loan, and keep marketing the other
We underwrite the property and your exit plan, not your W-2 income.
Worked example: Princeton Place two-condo conversion
Property: Vacant 20-foot-wide rowhouse on Princeton Place NW with a full-height basement and rear yard. RF-1 zoning, no prior permits for a second unit.
Purchase: $615,000 Rehab budget: $285,000 — fire separation and second means of egress ($38K), separate utilities and meters ($24K), two kitchens ($64K), three baths ($54K), systems ($58K), finishes ($35K), condo documents and survey ($12K) All-in cost: $900,000 Loan: 87% LTC → $783,000 at 10.75% interest-only; about 70% of $1,120,000 combined ARV Timeline: Close in 9 business days; permits in 10 weeks; construction 6 months; upper unit sold in month 10, lower in month 11 Sales: Upper 3BR duplex $705,000 + lower 2BR $432,000 = $1,137,000
Carry: About $7,000/month for 10 months, then lower after the first unit’s paydown ≈ $73,000 total. Two sets of selling and closing costs about $70,000. Net profit near $94,000.
As a single-family rowhouse, the same building would have sold near $900,000 after a $150K renovation. That path nets roughly $45,000–$50,000 less, but finishes about five months sooner. Weigh the extra profit against the extra time and zoning risk.
The 5% conversion fee can erase the conversion premium
This is the number most Park View pro formas leave out. DC’s Rental Housing Conversion and Sale Act charges a conversion fee of 5% of each condo unit’s sale price. It applies when an owner converts a “housing accommodation” to condominium, including a vacant one. A housing accommodation is a building with one or more rental units. The fee is paid into escrow at each unit’s settlement.
Whether you owe it depends on the building’s history. DHCD’s Rental Conversion and Sale Division forms show the main paths:
- Not a Housing Accommodation (NHA) exemption. For buildings that were not rental housing, such as an owner-occupied single-family rowhouse. An approved NHA exemption avoids the fee.
- Vacancy exemption. For vacant rental buildings. It can remove the tenant election step, but it does not by itself waive the fee. A separate fee exemption covers buildings registered vacant for at least 12 months with 10 or fewer units.
- Tenant election and full conversion. For occupied rental buildings. Expect tenant rights, time, and the fee.
Ask the seller for proof of prior use before you sign. Utility history, the tax bill’s homestead status, and any rental license records all help. A rowhouse rented even briefly may not qualify for NHA.
Four seller questions to ask in writing:
- Was any part of the house ever rented, including the basement?
- Has the property ever been registered as vacant?
- Is there a rental license on file for the address?
- Who lived there for the last three years?
Princeton Place, rerun with the fee and a soft lower unit
Here is the worked example under four outcomes. Selling costs stay at 6%. A lower sale price reduces profit by 94% of the drop.
| Scenario | Conversion fee | Net profit |
|---|---|---|
| NHA approved, both units sell at plan | $0 | About $94,000 |
| NHA approved, lower unit sells at $400,000 | $0 | About $63,900 |
| Fee owed, both units sell at plan | $56,850 | About $37,150 |
| Fee owed, lower unit sells at $400,000 | $55,250 | About $8,700 |
| Single-family sale instead (no conversion) | — | About $44,000–$49,000 |
If the fee applies, a single-family sale can beat the conversion. It also finishes about five months sooner. Only chase two condos when the building qualifies for an exemption, or when the per-unit prices clear the fee with room to spare.
Partial release math: how carry drops after the first sale
We offer partial releases on conversion loans. You sell the first unit, pay down part of the loan, and keep marketing the second. The release price is set in your loan documents. This example uses 110% of each unit’s share of the loan, allocated by expected sale price.
- Upper unit share: $705,000 of $1,137,000 is about 62% → about $485,500 of the $783,000 loan
- Release price at 110%: about $534,000, paid from the upper unit’s sale
- Upper unit net proceeds: about $662,700 after 6% selling costs, or about $627,450 if the conversion fee applies. Either covers the release.
- Remaining balance: about $249,000. Interest drops from about $7,014/month to about $2,230/month at 10.75%.
Sell the unit with the stronger buyer pool first. In Park View, that is usually the upper duplex. The lower unit then carries at about a third of the original interest while it sells.
A converted condo generally must be registered with DHCD before units are offered for sale. Buyers’ lenders will also review the declaration, plats, and budget. Your attorney should confirm what a two-unit regime needs.
Local risks we underwrite upfront
Zoning scope creep. A third unit or a pop-up can turn a by-right project into a hearing. Keep the plan simple unless the numbers justify the delay.
Condo documents. Two-unit condos still need a declaration, plats, and a budget. Budget $8K–$15K and a real estate attorney. Buyers’ lenders review the documents.
Tenant-occupied buildings. DC’s tenant purchase law and conversion rules can apply to occupied rental housing. See the DC TOPA and DOB guide.
Fire separation and egress. DOB inspectors check the rated assembly between units and a second exit where required. Failed inspections delay the certificate of occupancy.
Georgia Avenue frontage. Units facing the avenue sell for less than those on quiet side streets. Comp them separately.
Permits. Check the DC Department of Buildings for prior permits and open violations before you close.
Park View vs Petworth
Petworth investors often legalize an English basement and hold both units as rentals. Park View investors more often sell two condos, because Howard-adjacent and Columbia Heights-adjacent buyers pay well for an owner-occupied unit. Same housing stock, different exit.
Comp rules for Park View
- Use condo sales in converted rowhouses, not new-construction condo buildings.
- Comp upper and lower units separately; lower units carry a discount for light and ceiling height.
- Stay within 0.4 miles and on the same side of Georgia Avenue.
- Adjust for private outdoor space — a yard or roof deck can add $20K–$40K to a unit.
Pre-qualification checklist
- Signed purchase contract
- Zoning check confirming two units by right
- Architect sketch showing fire separation and egress
- Line-item scope including condo document costs
- Comps for both unit types within 0.4 miles
- LLC documents and interest reserves sized for 11 months
Bridge financing at 8.99%–13.5% interest-only · DC flipping rankings · (833) 264-7776.
Planning a Park View conversion? Pre-qualify for hard money or call (833) 264-7776 before your next offer.
Rates, terms and conditions offered only to qualified borrowers and are subject to change without notice. All loans are subject to full underwriting. Jaken Finance Group only finances non-owner occupied investment properties.