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Throughout this series, we provide key insights and detailed overviews to help you better understand the potential fit of these communities for your prospective tenants. Today, we delve into the unique aspects of Georgetown, covering its historical background, distinctive features, local attractions, and the type of tenants attracted to this area.
Encompassing Georgetown, this historic neighborhood provides a rich landscape for property owners. The demographics reveal that 51% of residences are owner-occupied, with a further 40% occupied by tenants. Georgetown has an annual residential turnover of 18%, and households average two residents, with 9% of homes accommodating families with children. With residents spending an average of 2.9 years in the area, the demographic landscape provides a solid foundation for rental investment.
Georgetown is an exquisite fusion of historical architecture, chic restaurants, and contemporary shops. Originally an independent city, Georgetown was included in the D.C. area in 1791 when Congress created the district. The neighborhood experienced a surge in economic growth in the 19th century with the construction of the C&O Canal, solidifying Georgetown as a crucial shipping hub. The canal operations eventually ceased in the early 20th century, but the area still retains its unique industrial character from this historical period.
Today, Georgetown is renowned for its upscale boutiques and designer stores located along M Street and Wisconsin Avenue, two of Georgetown's major commercial corridors. These shops, along with its beautiful historical residences, are part of what draws the D.C. elite to call this neighborhood home. The area exudes an old-world charm, with its cobblestone streets and grand homes harking back to an earlier time, blending harmoniously with the vibrant, modern lifestyle it offers.
Georgetown's dining scene is exceptional, offering a diverse range of eateries. These include Pizzeria Paradiso, known for its wood-fired pizzas, and The Tombs, a collegiate haunt offering American fare. For those with a sweet tooth, Georgetown Cupcake is a popular destination, while Clyde’s offers a traditional American dining experience. 1789 Restaurant provides a taste of fine dining in a historic Federal-style house, and Il Canale delivers a delightful array of Italian dishes.
For recreation and leisure, residents enjoy the Washington Waterfront and Georgetown Park Mall. The neighborhood's rich history is also embodied in several sites. The historic C&O Canal, while no longer functional, offers a serene path for walks. Tudor Place and Dumbarton House provide glimpses into Georgetown's past, offering regular tours that provide a deep dive into the neighborhood's history.
Georgetown's abundant green spaces are another draw. The Georgetown Waterfront Park provides stunning views of the Potomac River and offers a variety of recreational activities. Glover-Archbold Park, Montrose Park, and the Capital Crescent trail appeal to residents who enjoy the outdoors, providing a respite from the bustling city life.
Georgetown offers potential residents a variety of transportation options and easy access to numerous destinations in the D.C area. While there is no metro station in Georgetown, there are three stations within a mile of the neighborhood. The Rosslyn Metro station and the Foggy Bottom-GWU Metro station are on the Blue, Orange, and Silver Lines of the Metro. The Dupont Circle Metro station, serving the Red Line, is also within a short distance.
Several Metrobus routes, including the D-series, the 30-series, and the G2 routes, serve the area. The D.C. Circulator offers two routes that make stops in the neighborhood, while the Georgetown University Transportation Shuttle connects Georgetown University with multiple locations in the neighborhood. With car and bike sharing options available through Zipcar, RelayRides, Hertz On Demand, and Capital Bikeshare, Georgetown meets a wide range of commuting needs.
Georgetown's sense of community is reinforced through its neighborhood events. The Georgetown Farmers’ Market, held weekly from May to October, offers a variety of fresh, locally-sourced products. The Taste of Georgetown food festival is a culinary highlight, taking place annually in September along the Georgetown Waterfront and featuring delicacies from over 35 local restaurants.
From a landlord's perspective, Georgetown represents a prosperous rental market. Its unique blend of historical charm, modern amenities, and an elite resident base make it an appealing destination for potential tenants. The demographic trends, along with the neighborhood's attractions, suggest a wide range of tenant types could be drawn to this area, from young professionals to families. Leveraging the guidance of a property management company familiar with Georgetown's dynamics could foster a fruitful investment in this historic neighborhood.
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