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.
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.