The buy-in for one of the last unspoken-for development sites near D.C. United’s Buzzard Point soccer stadium is now set at $12 million, what the property’s brokers are dubbing a price reduction.
Marcus & Millichap put out word of the adjusted price for 45 Q St. SW in marketing materials late last month. The sellers are willing to accept a $12 million total acquisition value with $10 million due at closing and $2 million in seller financing. The third of an acre site is being marketed for sale by the Zupancic Group and Feldman Group of Marcus & Millichap.
Marty Zupancic previously estimated a price of between $11.5 million and $16.7 million when the site first hit the market. That was a loose range, and after receiving multiple offers, the seller has homed in on what it is willing to accept to make a deal, said Josh Feldman, first vice president of investments at the Feldman Group.
The site could potentially support a 10-story multifamily building with about 150 units, Zupancic previously told me, but that’s just one potential scenario. There are about 10 prospective buyers who have expressed interest, with the consensus opinion being redevelopment as ground-floor retail with apartments above it, said Ian Ruel, senior associate with the Feldman Group.
Zupancic began marketing the 15,620-square-foot site at Q and Half streets SW about four months ago on behalf of its owner, an affiliate of the USA Motors Inc. auto repair shop that operates from a nearly 17,000-square-foot building now on the corner lot. The owner decided it was time to sell due to market changes in the auto repair business and development interest rippling out from D.C.’s United’s new stadium, to be known as Audi Field. Sale terms could include continuing to lease space back to USA Motors while its new owners seek approvals to redevelop the property, Ruel said.
D.C. United broke ground on the roughly $300 million stadium in late February and plans to move its home games from the aging RFK Stadium during their 2018 season. A wave of development and development applications has sprung up in the area surrounding the stadium, the latest being a 10-story affordable housing proposal at 1550 First St. SW.
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.