INTRODUCING:

THE PIERCE SCHOOL1375 MARYLAND AVENUE NE, WASHINGTON DC 20002

There is always a market for the exceptional.

March 17th, 2014

The Rob + Brent Group of TTR Sotheby’s International Realty and Evolve DC LLC are excited to present you with The Pierce School Lofts at 1375 Maryland Avenue NE.  Built in 1983, The Pierce School Lofts is an incredibly unique building comprised of 10 extraordinary units. The Pierce School houses 7 rentable units ranging from 1100 sqft - 1500 sqft, and an enormous 9500 sqft Penthouse that occupies the top 2 floors of the school and includes and 14-person movie theater, an 800 sqft panoramic roof deck and a 2-car garage. In addition, there are 2 more units located in a beautiful Victorian row house situated behind the property but sharing the resort style amenities that the Pierce School Lofts offers. It was renovated for residential use by Evolve DC LLC in 2005 and has been highly sought after and fully occupied ever since.  Each unit contains original touches as well as modern features. Pierce School Lofts offers all the community amenities that one would require including a state of the art fitness center, a 38,000-gallon heated pool, and spa.

For more information, call Peter Lane at 202.664.9202.

THE ROB + BRENT GROUP TTR Sotheby’s International Realty1506 14th Street NW, Washington, DC 20005 robandbrent@ttrsir.com +1 202 664 9202

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DESCRIPTION AND HISTORY

The Pierce School has enjoyed a long and interesting history in addition to occupying an important location in the city, near the H Street, NE corridor. Built in 1893, the school was alma mater to thousands of children until it closed eight decades later in 1973. The building itself is very much in the architectural spirit of celebrated German-born architect Adolf Cluss, who was responsible for the design of more than 90 structures in DC in the late 19th and early 20th centuries, a number of which were public schools like the Pierce School. A notable example of Cluss’s commercial work is the nearby Eastern Market, designed in 1873. Like most large-scale buildings of its time, the Pierce School was constructed entirely of red brick, which was manufactured locally and plentiful.

The 23,000 square foot property has been masterfully transformed into a luxury complex complete with all the modern amenities of a first class resort. The premier unit is a magnificent penthouse spanning approximately 9,500 square feet. It is equipped with its own movie theater, 50-foot ceilings and an enormous roof deck offering panoramic views of the city. This building also includes nine loft apartments that have been renovated to exceed contemporary expectations.

Each unit has been completely updated with stainless steel appliances including dishwasher, built-in microwave, side-by-side refrigerator, electric self-cleaning range, a front-loading washer/dryer and everything else needed to create a sumptuous living experience. The countertops are made of 3/4’’ thick white Carrera marble, reminiscent of the fine materials and period in which the school was built. The loft apartments vary in size ranging from 1,115 to 2,200 total square feet of living/work space. The 14’ ceilings and light emanating from the 8’ tall, 4’ wide windows create a vast, open and airy feel unlike any other traditional apartment. Many vestiges of the school’s history are found in each of the units including the original 110 year-old hardwood floors, chalkboards and school clock.

All nine loft units are occupied and have been rented at market rates ever since their conversion in 2005. The property offers a beautifully landscaped rear garden with a 38,000 gallon heated swimming pool and hot tub, along with a complete fitness and spa center. 

The old cloakrooms have been converted into master bathrooms for each of the loft apartments. The new bathrooms are outfitted with a built-in ceramic tiled shower, claw foot soaking tub, and dual vanities with vessel sinks to give each bathroom an industrial sensibility evoking the high quality and craftsmanship original to the building itself. While the property is replete with period details, it also has the latest in wireless Internet technology provided by DC Access. Residents can use the Internet while in their apartments or while enjoying entertaining guests in any of the outdoor spaces.

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PROPERTY INFORMATION

WEBSITE: www.pierceschoollofts.comVIRTUAL TOUR: tour.homevisit.com/view/70882

SUBDIVSION: Capitol Hill/Atlas DistrictTAX ID: 1028//01932013 TAXES: $14,990YEAR BUILT: 1894YEAR REMODELED: 2003

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RENT ROLL FOR THE PIERCE SCHOOL LOFTS UPDATED 02.02.14

UNIT: LEASE START: LEASE END: BED/BATH: RECURRING CHARGES: DEPOSITS HELD:A 12.1.2013 11.30.2014 Studio/1BA $2,591.00 $2,591.00B 12.1.2006 Month-to-month Studio/1BA $2,295.00 $2,570.00C 3.1.2010 Month-to-month Studio/1BA $2,495.00 $2,820.00D 8.15.2012 Month-to-month Studio/1BA $2,491.00 $2,491.00E 12.1.2010 Month-to-month Studio/1BA $2,497.00 $2,497.00F 5.1.2005 Month-to-month Studio/1BA $1,845.00 $1,595.00G 12.1.2013 11.30.2014 Studio/1BA $2,391.00 $2,391.00H* 1.1.2014 Month-to-month 5BDR/2.5BA $11,000.00 $11,000.00K** 12.1.201 Month-to-month Studio/1BA $1,795.00 $1,895.00L** 8.1.2008 Month-to-month 1BDR/1BA $1,645.00 $1,645.00O1 4.1.2013 4.30.2014 - $300.00 $0.00O2 4.1.2013 4.30.2014 - $300.00 $0.00

TOTAL $31,645.00 $31,495.00

*LOFT H: 9,500 SQ FT - 5 BR/4.5 BA AND OCCUPIES THE TOP 2 LEVELS OF THE SCHOOL. INCLUDES 2 CAR PARKING, A 14-PERSON MOVIE THEATER, PRIVATE 800-SQFT PANORAMIC ROOF DECK AND MANY OTHER EXTRAORDINARY FEATURES THAT SET THIS RESIDENCE APART FROM ANY OTHER PROPERTY.LOFT K & L - LOCATED IN A BEAUTIFUL VICTORIAN TOWNHOUSE SITUATED DIRECTLY BEHIND THE PIERCE SCHOOL LOFTS ON 14TH ST NE

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OPERATING EXPENSES FOR THE PIERCE SCHOOL LOFTS UPDATED 02.20.14

EXPENSES PER MONTH AVERAGEElectric (All separately metered) $550 ($300-$700)Gas $400 ($300-500)Phone (Front Door) $24Taxes $1,249 ($14,988 yr)Trash $250Water $370Pool Maintenance (Daily Cleaning May-September) $250Common Area and Building Cleaning (2X week) $250TOTAL $3,343/month

- All loft spaces are Electric – Tenants only pay Electric

- Gas heats the Pool and Building.

- Lofts could easily be converted to Gas

- Certificate of Occupancy for all the individual lofts in the Pierce School and the two individualunits behind the property.

- 4 Years of Free Property Management ($144K)

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FLOOR PLANS

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NEIGHBORHOOD DESCRIPTIONThirty years ago, downtown Washington had an unflattering reputation. Downtown today could not be more different than what those encountered just three decades ago. Thousands are following the trend and flocking to DC, living in lofts and condos stacked among offices, museums, and theatres. The once somber and lifeless streets are now lined with posh restaurants, cafes, and food trucks. The roads are not just filled with commuters, but with bicycles, shared cars, uber vehicles, and soon-to-be street cars. Downtown is no longer a dull collection of boxy office buildings – with the tremendous addition of housing, arts, and entertainment, what used to be an urban office park has morphed into an outstanding city with lots of character. Specifically, one DC neighborhood, which has greatly evolved is the H Street Corridor. The enclave has matured into one of the liveliest sections of DC, and has experienced phenomenal success. Due to revitalization efforts ramped up in the area from the early 2000s, this trendy community has become a hotspot for urban rebirth. H Street has returned to its roots as a thriving, commercial hub, and is home to a diverse, cohesive community. A revitalized visual and performing arts scene, hip bars and restaurants, art galleries, music venues and a boom of high-end condos and apartments are quickly reshaping the historic corridor attracting young professionals who have been priced out of other sections of the city. Choice to invest in this transitional neighborhood is indicative of a larger trend. H Street is one of the most attractive areas of DC when it comes to new residential construction. A future streetcar system along h street which will help the corridor take advantage of the linear economic and retail development potential. This neighborhood has just begun its blistering evolution and is undoubtedly the best area in the nation’s capital to invest in right now. 

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H-STREET DEVELOPMENTS

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