Press Releases
Marcus & Millichap Brokers Sale of Never-Before-Sold Multifamily Property in Washington D.C.
May 29, 2024
WASHINGTON, May 29, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 1603 19th St. NW, a 14-unit apartment property located in the Dupont Circle neighborhood of Washington, D.C. The property sold for $4,550,000, or $325,000 per unit.
“We are very excited for our clients to have closed a multifamily transaction in such a challenging market,” said Ryan Murray, associate with the Zupancic Group of Marcus & Millichap. “This property has been in the seller’s family for generations, and we are looking forward to watching the new ownership execute on their value-add strategy for this historic apartment building.”
Murray and Marty Zupancic, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, The Zehner Family, and procured the buyer, Cedar Realty, LLC, a single asset entity.
1603 19th St. NW is situated in Washington D.C.’s Dupont Circle neighborhood, one block east of Connecticut Avenue and the Dupont Circle Metro Station. The 22,645-square-foot, L-shaped property features studio, one- and two-bedroom floor plans with an additional entrance to the building at 1819/1821 Q St. NW. Never sold since its original construction, the asset has remained under the control of the original family ownership since 1870.
The property has been home to historical figures like Dr. George M. Kober, a public health pioneer and Georgetown Medical School president; Walter Reed, a US Army surgeon who researched typhoid and yellow fever; and Lily Spandorf, an artist and journalist renowned for her urban depictions from the 1960s to early 2000s.
“We are very excited for our clients to have closed a multifamily transaction in such a challenging market,” said Ryan Murray, associate with the Zupancic Group of Marcus & Millichap. “This property has been in the seller’s family for generations, and we are looking forward to watching the new ownership execute on their value-add strategy for this historic apartment building.”
Murray and Marty Zupancic, investment specialists in Marcus & Millichap’s Washington D.C. office, had the exclusive listing to market the property on behalf of the seller, The Zehner Family, and procured the buyer, Cedar Realty, LLC, a single asset entity.
1603 19th St. NW is situated in Washington D.C.’s Dupont Circle neighborhood, one block east of Connecticut Avenue and the Dupont Circle Metro Station. The 22,645-square-foot, L-shaped property features studio, one- and two-bedroom floor plans with an additional entrance to the building at 1819/1821 Q St. NW. Never sold since its original construction, the asset has remained under the control of the original family ownership since 1870.
The property has been home to historical figures like Dr. George M. Kober, a public health pioneer and Georgetown Medical School president; Walter Reed, a US Army surgeon who researched typhoid and yellow fever; and Lily Spandorf, an artist and journalist renowned for her urban depictions from the 1960s to early 2000s.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
