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The Math Still Works For Luxury Condos

WASHINGTON, DC–A popular play for developers in the Washington DC area has been to buy small, urban infill properties to redevelop into luxury condos. And so it went for 1101-1109 Q St. NW recently—a partially occupied multifamily complex consisting of three contiguous buildings that were built in 1911 and that sit on a 6,223-square-foot lot. They are just north of the Shaw Historic District and northeast of the Logan Circle Historic District.

As is typical for Logan Circle specifically and multifamily/condo development opportunities in general, the marketing process, led by Marcus & Millichap’s Grant Fitzgerald and Marty Zupancic, went well and yielded 25 written offers. The property sold for $3.5 million, 16.7% above the list offer.

About Marcus & Millichap (NYSE: MMI)

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