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 1424 North Capitol St. NW, a 5,606-square foot mixed-use property located in Washington, D.C., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic offices. The asset sold for $2,000,000, $1,000 over its original list price, which represents $357 per square foot.
Josh Feldman, vice president investments, and Ian Ruel, investment specialist, both in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a partnership of D.C. developers. The buyer, a private investor, was also secured by Feldman and Ruel.
The property is a four-story, mixed-use building comprised of four residential units and two currently vacant commercial units, all of which the buyer intends to lease out. Located centrally on the North Capitol stretch between Florida and New York Avenues, the property is three blocks from the NoMa-Gallaudet metro station in the middle of the NoMa neighborhood, which currently enjoys a development potential of about 32 million square feet of mixed-use and transit-oriented development, according to the NoMa Business Improvement District.
“This transaction evidences the maturation of this section of the North Capitol Street corridor,” explained Feldman. “Buyers looking for that next frontier in terms of surrounding development and early rent growth are beginning to realize the opportunity this area can offer.”
Per CoStar, the sale sets a new record for sales price per square foot along the North Capitol Street corridor between Florida and New York Avenues, surpassing its original list price of $1,999,000. The property was under LOI after 16 days on the market.
“We expect that a serious influx of capital and improvement in tenancy will occur along the corridor from Florida to New York Avenues over the next few years and most of that benefit will go to the first movers as usual,” Feldman continued. “We saw it along the H Street corridor over the last five to 10 years and we expect to see it here next”
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
