Washington, D.C.—Marcus & Millichap announced the $2.35 million sale of an 8,140-square-foot lot at 5508 7th St. NW, which will be transformed into 28 residential units and 14 above-grade parking spaces. Senior Associate Grant Fitzgerald, along with First Vice President Marty Zupancic and Associate Matthew Chambers, all of Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a private investor and developer in the District.
The property is situated north of 7th and Kennedy streets NW., close to the popular neighborhood Culture Coffee and the planned second location for ANXO Cidery, the District’s first licensed winery since the Prohibition era. The units will feature private roof decks, balconies and an elevator.
“Kennedy Street finally has real momentum, as evidenced by DDOT’s Kennedy Street Revitalization Plan, which took effect in October 2016, the new ANXO Cidery location opening soon and the number of recent transactions that will bring new apartments, townhouses and retail to the neighborhood,” Fitzgerald said in a statement. “People have talked about Kennedy Street’s future for a while but I think it is finally seeing investment into both businesses and property uses that will inevitably lead to organic growth.”
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.