On Monday, Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Georgetown’s Canal Inn, located at 1061 31st Street NW. The buyer, whose name remains anonymous, purchased the property for the original asking price, which was $2.25 million.
Christian Barreiro, investment specialist at Marcus & Millichap, told Curbed DC, “We’re very pleased to have closed this deal at list price after conducting over 25 tours and generating 5 offers. At the end of the day, a buyer with a similar use to that of the previous Canal Inn triumphed.”
Along with Barreiro, Marty Zupancic, vice president investments at Marcus & Millichap, and Peggy Brooks Smith, associate vice president investments at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an individual trust, according to a press release.
The Canal Inn first landed on the market in May 2016. In 2012, the inn was renovated and built out with 10 rooms, a third-story loft, and 11-and-a-half bathrooms. Every floor features a balcony or patio. The entire structure spans roughly 3,350 square feet. The site is also zoned W-1, which permits “matter-of-right low density residential, commercial, and certain light industrial development.”
According to Barreiro, the buyer doesn’t expect to do any immediate major renovations. There are no reports as to when the Canal Inn will reopen or if it will reopen with the same name. The buyer is expected to maintain the property as either an inn or bed and breakfast.
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.