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 1101-1109 Q St. NW, a multifamily redevelopment opportunity in Washington, D.C., according to Bryn D. Merrey, senior vice president/division manager of the firm’s Mid-Atlantic and Southeastern offices. After a successful marketing process that yielded 25 written offers and 50 property tours, the asset sold for $3,500,000.
“The property ultimately sold 16.7 percent above list price in large part because we had so many written offers from all types of investors and developers, which is emblematic of the colossal demand in the neighborhood,” said Grant Fitzgerald, an investment associate.
Fitzgerald and vice president investments Marty Zupancic, both in the firm’s D.C. office, had the exclusive listing to market the property. The Seller was the Estate of two brothers whose family had owned the property since the 1920’s. Each Estate was represented by an immediate family member, capping off a nearly 100 year ownership. Fitzgerald and Zupancic also secured the buyer, a developer, who plans to convert the property into luxury condominiums.
The Property, which was approximately 40 percent occupied at the time of contract, is comprised of three contiguous buildings built in 1911 that sit on a 6,223-square-foot lot, currently zoned MU-4. The closing was extended as all parties worked collaboratively to ensure a positive outcome for the occupants, sellers, and buyer.
The buildings sit on the corner of 11th and Q Street NW, just north of the Shaw Historic District and northeast of the Logan Circle Historic District and steps from the booming 14th Street, U Street, and the burgeoning 9th Street corridors. The property is ideally located within a 10-minute walk to three Metro Stations, including Shaw-Howard University, U Street, and Mt Vernon/ 7th St-Convention Center.
“Logan and Shaw’s combined submarket is fairly unique in that rents and condo sales have continued to grow steadily in the Class B, Class A, and the hyper-luxury products,” Fitzgerald explains. “That leads to a multitude of strong buyers looking at deals from all angles, an essential element to achieving strong pricing, elegant design, and a good mix of uses for the neighborhood.”
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
