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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 3126 16th St. NW, a 16-unit apartment building located in Northwest, Washington, DC, according to Matthew Drane, Regional Manager of the firm’s Washington, D.C. office. The asset sold for $2,630,000.
The four-story property totals 12,560 gross square feet and is situated on a 3,308 square foot lot, zoned RA-4. Located on the border of Columbia Heights and the Mt. Pleasant neighborhoods in Northwest, Washington, DC, the property is located on the thoroughly traveled 16th street corridor, just two blocks away from the Columbia Heights Metro Station.
Christian Barreiro, senior associate and Marty Zupancic, first vice president investments, in Marcus & Millichap’s Washington, D.C. office, represented the seller, a private investor.
Through this exclusive listing assignment, Barreiro and Zupancic generated a total of 12 written offers to purchase the property and were able to achieve the highest price and best terms for the Seller. At the time of sale, the price represents a 3.76% cap rate and closed 14.76% above list price.
“There is a robust demand for apartment assets in the district. This transaction conveys that when marketed properly, well-located metrocentric properties can create a very competitive bidding environment, which is what the Zupancic Group of Marcus & Millichap created here,” says Barreiro.
Marcus & Millichap is the nation’s largest brokerage firm focused exclusively on investment sales. It is based on a simple premise: matching each property with the largest pool of pre-qualified investors. With over 2,000 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 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap 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 about the company, please visit www.MarcusMillichap.com.