WASHINGTON, DC–An empty apartment building in Dupont Circle has traded for $2.279 million, or $569,750 per unit. The four-unit property, located at 1524 18th St., NW, has sold to a local player who is planning a condo conversion and substantial rehab, Marcus & Millichap's Marty Zupancic tells GlobeSt.com.
The property traded for about $64,000 over list price, Zupancic says. The building had been on the market with another broker at a $2 million listing but didn't receive any offers, according to Zupancic. “When we got it we decided to price it for 10% more.”
Perhaps it was the new price or perhaps a different approach to marketing the property, but this time around the building received a great deal of attention. There were an array of interested investors, including condominium developers, multifamily investors, co-living operators, student and intern housing providers and various owner/users, according to associate Dennis Cravedi, who also worked on the deal. The listing generated 37 property tours and 12 written offers
WASHINGTON, DC–An empty apartment building in Dupont Circle has traded for $2.279 million, or $569,750 per unit. The four-unit property, located at 1524 18th St., NW, has sold to a local player who is planning a condo conversion and substantial rehab, Marcus & Millichap's Marty Zupancic tells GlobeSt.com.
The property traded for about $64,000 over list price, Zupancic says. The building had been on the market with another broker at a $2 million listing but didn't receive any offers, according to Zupancic. “When we got it we decided to price it for 10% more.”
Perhaps it was the new price or perhaps a different approach to marketing the property, but this time around the building received a great deal of attention. There were an array of interested investors, including condominium developers, multifamily investors, co-living operators, student and intern housing providers and various owner/users, according to associate Dennis Cravedi, who also worked on the deal. The listing generated 37 property tours and 12 written offers
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
