The Feldman Group of Marcus & Millichap announced today the sale of 1200-1212 Bladensburg Road NE for $3,000,000 in the Trinidad neighborhood of Washington, D.C. The 10,540 square foot lot sold for $95 per SF of FAR, a record along the Bladensburg Road corridor for unentitled land.

Josh Feldman, First Vice President Investments, and Ian Ruel, Vice President Investments, and LaMarr Datcher, Investment Associate, of the Feldman Group brokered the transaction. The seller, Kenny Unegbu of Capital View Investments, LLC, purchased the property in 2004 and operated a used car business on the lot. After moving that business out of Washington, D.C., the lot was leased to Bardo Beer, a well-known D.C. beer garden, and more recently Hamel Builders, a construction company utilizing the property for storage and parking. The buyer, Better Living Development, is planning to build rental apartments and hopes to break ground next year. Better Living Development is also under contract on the 8,017 square foot lot next door, 1216 Bladensburg Road NE, where they are planning a condominium project.

“This was very much a seamless transaction between a reasonable seller, and an experienced, well capitalized buyer who was extremely easy to work with.” says Ruel, adding “Isaac Pinto and his team at Better Living Development have a great vision for the future of that neighborhood, and I think they will be very successful with this project.”

“Bladensburg Road has become a burgeoning corridor for development,” says Feldman. “As prices for similar development sites along H Street and the surrounding neighborhoods farther west have increased, it has become more difficult for investors to find value so many of them are looking along corridors like Bladensburg Road as a profitable alternative.” 

About The Feldman Group of Marcus & Millichap

The Feldman Group of Marcus & Millichap is comprised of First Vice President of Investments Josh Feldman, Vice President Investments Ian Ruel, and Investment Associates Ryan Smith, LaMarr Datcher, and Tanner Scales. The Feldman Group specializes in the marketing and sale of urban infill properties including retail, office/industrial, and mixed-use product types.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 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 9,000 transactions in 2017 with a value of approximately $42.3 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