WASHINGTON, DC–A four-unit apartment building in the Brightwood Park submarket has traded for $940,000 or $78.99 per buildable square foot. The property, located at 433 Kennedy St., NW, is sited on a 4,760-square foot lot that is zoned MU-4.
The buyer is a local private developer with plans to redevelop the property into possibly another use. Marcus & Millichap's Grant Fitzgerald and Marty Zupancic, both of the Washington DC, office, had the exclusive listing to market the property on behalf of the seller, a private investor in the District.
The sale of the property is notable for two reasons: One is that it shows pricing is beginning to regulate — or become more reliable as Fitzgerald puts it — in this neighborhood. Two, it suggests that more amenities might be coming to the micro-market.
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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.
