The Feldman Group of Marcus & Millichap announced today the sale of 653 Pennsylvania Avenue SE for $3,650,000 in the Capitol Hill neighborhood of Washington, D.C. The 6,155-SF mixed-use property traded at $593.01 per square foot.

Josh Feldman, First Vice President Investments, and Ian Ruel, Senior Investment Associate, of the Feldman Group brokered the transaction between the seller, The Goldstar Group, and the buyer, Douglas Development Corporation. The property’s retail unit is occupied by the popular restaurant, Sanphan Thai Cuisine. “The retail tenant was signed to a new 10-year lease right before the building went to market so there is nothing for the buyer to do regarding that tenant,” explains Feldman. “The buyer does plan to make some minor improvements to the 2 vacant residential units before re-leasing them to increase the rental income, in addition to some possible landscaping and beautification of the rear of the property by the entrance to the residential units.”

The property is located 2 blocks away from Eastern Market, and is less than a half block from the Eastern Market Metro station. “The buyer purchased the asset for its long-term potential, buoyed by its location which is just feet from Eastern Market metro station and across the street from the Hine School redevelopment project anchored by Trader Joe’s,” concludes Feldman.

About The Feldman Group of Marcus & Millichap

The Feldman Group of Marcus & Millichap is comprised of First Vice President of Investments Josh Feldman, Senior Investment Associate Ian Ruel, and Investment Associates Ryan Smith, LaMarr Datcher, and Walsh Richards. 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 1,700 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