The 57-unit, 4701 Connecticut Avenue building in upper Northwest has been sold for $2.65 million to Holland & Lyons and Warren Avis, who plan to convert it to condominium ownership in early spring.

The building was constructed as a rental apartment in the 1920s, and was purchase and extensively rehabilitated a few years ago by David P. Bindeman of the Landmark companies.

Former President Harry S. Truman lived in the building before succeeding Franklin D. Roosevelt as President in 1945. A plaque in the lobby honors Mr. Truman's memory.

Holland & Lyons is a local real estate management and development firm that has done some rehabilitation and condominium conversion in the District Avis is an author and industrialist whose name is borne by a rental car company.

A spokesman for Holland / Lyons said thay leases of current residents will behonred and that they have the first option to purchase the fully leased apartments most of which have one or two bedrooms - at prices beginning about $50,000. Some minor renovations are being made in the lobby of the building. New mechanical and electrical installations and individual air conditioning units and a new elevator were added by Bindeman three years ago when he modernized the building.

Bindeman said that rent control in the District was one of his reasons for selling.