3020 Porter Street NW Unit 102 in Cleveland Park DC is a perfect starter home and it’s also a great option if you want to downsize. This is a 650 square foot updated co-op with a stainless and granite kitchen, updated bath, hardwood floors, the possibility of garage parking, a common patio for the residents and extra storage. This co-op has no underlying mortgage and low co-ops fees which include property taxes, insurance and water and sewer. The co-op is cat friendly.
Why Buy Unit 102 at 3020 Porter St NW
Unit 102 at 3020 Porter Street NW in Cleveland Park is a 650 square foot one bedroom one bath updated co-op with a stainless and granite kitchen, updated bath, hardwood floors, the possibility of garage parking, a common patio for the residents, common laundry and extra storage. This co-op has no underlying mortgage and low co-ops fees which include property taxes, insurance and water and sewer. If you are a pet lover, you will be happy to hear that you can have a cat. There are only 12 units in this building, so you will get to know all your neighbors!
What is near 3020 Porter St NW
3020 Porter St NW is just two blocks to the Cleveland Park metro and close to a micro Target, great restaurants, a grocery store, movie theater, and Vace’s, one of the best pizza places in DC!
If you live here you are a hop, skip, and a jump away from U Street, nestled up against Rock Creek Park, and within walking distance of the Zoo and the Ballet.
Cleveland Park has Walkscore of 73, meaning you can complete most daily errands without a car. While not as walkable as other NW Quadrant neighborhoods, many will say that it’s a welcome trade-off for the community’s quiet and peaceful character.
For those looking to spend quality time with their friends and loved ones outdoors, Cleveland Park might be the best place in DC to call home. Nearby to several parks and playgrounds, there’s no shortage of spots to play ball, have a picnic, ride a bike, or just enjoy the weather. Are you moving to DC and wondering what life in a Cleveland Park co-op might look like? Want to take advantage of all that this special spot has to offer? Let’s explore! Please call the Lise Howe Group at 240-401-5577 to schedule your private showing.
History of Cleveland Park
The land that is now Cleveland Park was part of a large estate in the 1790s where the first house in Washington DC was built. It also was the property of Revolutionary War General Uriah Forrest. The Rosedale Farmhouse was built in 1793 by Revolutionary War Colonel Uriah Forrest A small stone cottage constructed in 1740 was incorporated into the house, making Rosedale the oldest surviving house in what is now Washington, DC. The house is set in terraced grounds that are the last remnant of an estate that once encompassed all of what is now Cleveland Park.
Rosedale was owned by Forrest descendants until 1920. In 1920, it was purchased by Queene Coonley, the widow of Avery Coonley, owner of the Frank Lloyd Wright Coonley home in Riverside, Illinois, who had rented the house beginning in 1917 and then to two other families thereafter.
Moving into the later part of the 20th century, the property became a faculty residence for the National Cathedral School and then in 1977, the youth exchange organization Youth For Understanding bought the premises. YFU sold Rosedale to The Rosedale Conservancy, a local trust, in 2002. A renovation project was carried out by Muse Architects in that year. Rosedale is listed on the National Register of Historic Places, and is a contributing property to the Cleveland Park Historic District.
The most famous resident of Cleveland Park was possibly President Grover Cleveland who bought a summer retreat home in Cleveland Park, DC in 1886. The property was an 1868 stone farmhouse south of Rosedale which he bought from George Forrest Green, grandson of the 18th-century owner of Rosedale (then called “Pretty Prospects.”) Cleveland hired architect William Poindexter to decorate it with the porches and turrets popular during the Victorian era.
While the formal name of the property was Oak View, everyone called it “Red Top” because the house had red roofs. You can see a color image of Oak View/Red Top on the call box at the corner of Macomb and 35th Streets.
Cleveland did not own Oak View for very long. He sold it in 1890 when he was not reelected, and the house was ultimately razed in 1927. The house that was built by the new owners of the site in 1927 is the large brick house at 3542 Newark, opposite the entrance to the Rosedale driveway.
If you’re interested in learning more about Cleveland Parks history, check out the Cleveland Park Historical Society website (and sign up for their annual house tour of the neighborhood)!
Several two bedroom one bath coops have sold in the last six months for approximately $395,000. One bedroom one baths have sold from $290,000 to $325,000.
What are the Benefits of Owning a Co-Op at 3020 Porter St NW
Because coops like 3020 Porter Street NW generally emphasize owner occupancy, there is a higher percentage of owner occupants in coops versus many condos. This higher owner occupancy percentage carries with it a higher level of membership interest and involvement in the operation of the coop. This sense of community is strengthened when the Board interviews prospective owners once the buyer and seller have a ratified contract or a tenant who is interested in renting in the building. This interview process allows the buyer or prospective tenant to understand the community that he or she is joining and to ask questions about the bylaws and rules. The application process and interview also provide a means to ensure that prospective owners are financially able to afford the costs associated with ownership. The interview process also allows the Board of Directors to welcome prospective buyers and tenants into the coop community.
Tax Benefits and Treatment
Coop owners like those at 3020 Porter Street NW enjoy the same tax benefits enjoyed by any one who owns real estate. The real estate taxes and interest on an underlying mortgage (also known as a blanket loan) that are paid by the coop are passed on to the owners as a pro rata allocation according to the ownership shares. The owners then deduct the taxes and interest on federal, state and local income forms Owners can also deduct the interest on financing of their individual units.
Co-ops Are Not Easily Rented
Properties with an excessive number of rentals are difficult to finance with federally-ensured mortgages. Non-resident owners may not have the same level of interest in the day to day affairs of an entire condo community or be willing to suffer an increase in condo fees for maintenance or new amenities. On the other hand, coops generally limit owners’ ability to rent their units. Rentals are subject to Board approval in many coops. Most coops like 3020 Porter Street NW also have bylaws that (a) limit the situations in which a unit may be rented such as the owner is temporarily transferred out of the Washington area; (b) limit how long a unit can be rented, such as a year or two and (c) in some cases limit the total number of units in the building that can be rented at any one time.
Clearly if you are considering a coop but are not sure that you will be able to occupy it on a long term basis (five years or more), it may be that a condo is a better option for you.