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 2027 Rhode Island Ave. NE, a 3,739-square foot mixed-use property located on 10,780 square feet of land in Washington, D.C., according to Bryn D. Merrey, division manager of the firm’s Mid-Atlantic offices. The property closed at $1,900,000, more than ten percent above list price.
Benjamin Wilson and Ryan C. Smith, investment specialists, along with Josh Feldman, vice president investments, in Marcus & Millichap’s local office, had the exclusive listing to market the property on behalf of the seller who was looking to relocate the business.
“We have worked closely with the seller since 2015 to advise him as he planned to move his business from this location,” reported Wilson. “Ultimately, he felt he could maximize his return by selling now.”
The marketing process for the property concluded with multiple offers all with competitive prices and terms. As soon as the contract was signed, the deposit was non-refundable and non-contingent.
“This transaction is an indication of the increasing prices along Rhode Island Avenue NE as the corridor’s prices adjust to reflect the strength of the greater Washington, D.C. market,” explained Wilson.
Feldman, Wilson, and Smith worked with Cameron Webb, an investment specialist in Marcus & Millichap's local, to secure the investor, a developer and long term client of Webb. The investor plans to develop 30+ multifamily units on the property, by virtue of the current C-2-A zoning.
“The property was well located for this market-savvy investor and serves as a good fit for his plans to carry out multifamily development on the lot,” Webb 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
