Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 1709 19th Street NW, a 13-unit apartment building in the historic Dupont Circle District of Washington, D.C. The property is located just three blocks from the Dupont Circle Metro Station (Red Line). The property is situated on a 0.05-acre lot, zoned RA-8, and totals approximately 6,200 rentable square feet. The building consists of 10 studios and three one-bedroom/one-bathroom units. The building sold for $3,400,000, equating to more than $261,500 per unit.
Cameron Webb, first vice president investments, and Jesse Mates, associate in Marcus & Millichap’s Washington, D.C. office, exclusively listed the property on behalf of the seller and procured the buyer through a very competitive bidding process. The private buyer plans to reposition the property in the future.
“This disposition was even more meaningful as this property had belonged to the seller’s family for over 70 years,” says Webb. “The property traded at an in-place cap rate of 4.17 percent, which demonstrates our execution of attaining premium pricing for our out-of-state client.”
“Through our marketing process, we were able to achieve premium pricing for our sellers by generating nine written offers that ultimately led the property to trade above list price. This sale demonstrates the market’s appetite for core assets with value-add components in Washington, D.C., as these properties are still heavily sought after by investors. Dupont Circle is a staple neighborhood with historically low vacancy rates and high walkability scores to many retail, restaurants, and transportation options,” Mates explains.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 2016 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
