Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 1522 Rhode Island Ave, a 2,214-square foot retail property located in the Northeast quadrant of Washington, D.C., according to Bryn D. Merrey, district manager of the firm’s Mid-Atlantic offices. The asset sold for $1,450,000, approximately $655 per square foot.

Benjamin Wilson, investment specialist, and Josh Feldman, associate vice president investments, both in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a personal trust who’s owned the property since the mid 1990’s. Wilson and Feldman also represented the buyer, a local private developer who purchased the property to eventually redevelop after the current leases expire.

“Right now, there is a lot of competition for development sites in neighborhoods that have historically attracted developers,” Wilson said. “This results in smaller developers looking into tertiary markets to identify opportunities. It’s that demand from smaller private developers that we’ve been able to leverage and create a market for our clients within periphery neighborhoods.”

The property is located at 1522 Rhode Island Ave on an 8,092-square foot parcel in the Langdon neighborhood of Northeast Washington, D.C.  Located less than one mile from the Rhode Island Ave and Brookland/Catholic University metro stations, 1522 Rhode Island Ave N.E. is zoned C-2-A and allows for 20,230 buildable square feet.

“Because the Rhode Island Avenue corridor has a favorable mixed-use zoning on sizable parcels and serves as a connector between College Park and downtown D.C., it’s become an appealing area for investors,” Wilson concluded.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com