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Multifamily

2626 Pennsylvania Avenue NW

2626 Pennsylvania Avenue NW, Washington, DC 20037

Listing Price: Request For Offer

Number of Units
32

Investment Overview

The Opportunity

Marcus & Millichap, as the exclusive listing agent approved by the United States Bankruptcy Court for the District of Columbia, is delighted to introduce 2626 Pennsylvania Avenue NW. The sale is subject to a Chapter 11 Bankruptcy process. This offering presents the unique opportunity to acquire an asset with significant development potential in a unique, irreplaceable, blue-chip location in the West End neighborhood of Northwest DC, next to Georgetown. The West End neighborhood is a coveted location in DC today, as residents are flocking to safer, established locations in the city, rather than “up-and-coming” submarkets that are experiencing more crime and have less established retail offerings. This development opportunity offers the potential to create a newly-built trophy asset where supply of additional competing new developments will be limited due to the West End submarket having an extremely high barrier to entry.


The Asset

2626 Pennsylvania Avenue NW is an existing 5-story, 36,407 square foot vacant office building situated on a 8,762 square foot lot zoned MU-10. The site has proposed plans for a 32-unit, 9-story, luxury residential development. The development plans for 61,839 gross square feet with 48,177 square feet of net sellable/rentable square feet. The plans for the luxury development include 21 one-bedroom units, 10 two-bedroom units, and one (1) three-bedroom unit, with units averaging over 1,500 square feet. Building amenities include a state-of-the-art fitness center, rooftop lounge with kitchen, outdoor dining and cooking facilities, a 24-hour hospitality concierge, lobby space, outdoor terraces for unobstructed views of DC, and 32 below-ground parking spaces (with EV compatible spots). The Project has received critical entitlements* including federal architectural design approval by the US Commission of Fine Arts (CFA) and the DC Board of Zoning Adjustment (BZA) approval for increased lot occupancy required to build the CFA approved design. The project still requires usual building permits. There is also potential for an investor to repurpose the existing asset as an office building, mixed-use, or residential property.
*CFA approvals have expired.


The Location

2626 Pennsylvania Avenue NW is ideally positioned in the coveted West End neighborhood, which is experiencing a major surge in demand as residents are seeking safe, residential locations in DC, rather than less established neighborhoods that are experiencing periods of change. The property is uniquely located adjacent to Rock Creek National Park and is just a short walk to Georgetown’s well-known retail, restaurant, and entertainment destinations including Washington Harbour, and the historic C&O Canal National Park. It is equidistant from George Washington and Georgetown Universities, walking distance from Foggy Bottom and the Kennedy Center, and just three blocks from the Foggy Bottom-GWU Metro station. It is also located just a few minutes from DC’s main CBD along K Street NW. The Four Season’s Hotel and the (currently under-development) Four Seasons Residences are located just across the Pennsylvania Avenue bridge spanning Rock Creek Park. The location is prime for high-end condo sales or residential rentals as there is limited newly-built supply of residential properties in the neighborhood. The submarket projects to sustain high-demand from residents seeking convenience and luxury in the heart of DC.

Investment Highlights

  • Blue chip Premier Location
  • Luxury Residential Development Potential
  • Spacious 1,500 Square Foot Average Units Planned
  • Over $65 Million Projected Condo Outsales
  • Limited New Development Competition
  • Existing Below Ground Parking
  • Chapter 11 Bankruptcy Sale

Exclusively Listed By

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349

    Washington, D.C.

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s) DC: BR200201612

    District of Columbia

Financing By

Multifamily

2626 Pennsylvania Avenue NW

Investment Highlights

  • Blue chip Premier Location
  • Luxury Residential Development Potential
  • Spacious 1,500 Square Foot Average Units Planned
  • Over $65 Million Projected Condo Outsales
  • Limited New Development Competition
  • Existing Below Ground Parking
  • Chapter 11 Bankruptcy Sale

Investment Overview

The Opportunity Marcus & Millichap, as the exclusive listing agent approved by the United States Bankruptcy Court for the District of Columbia, is delighted to introduce 2626 Pennsylvania Avenue NW. The sale is subject to a Chapter 11 Bankruptcy process. This offering presents the unique opportunity to acquire an asset with significant development potential in a unique, irreplaceable, blue-chip location in the West End neighborhood of Northwest DC, next to Georgetown. The West End neighborhood is a coveted location in DC today, as residents are flocking to safer, established locations in the city, rather than “up-and-coming” submarkets that are experiencing more crime and have less established retail offerings. This development opportunity offers the potential to create a newly-built trophy asset where supply of additional competing new developments will be limited due to the West End submarket having an extremely high barrier to entry. The Asset 2626 Pennsylvania Avenue NW is an existing 5-story, 36,407 square foot vacant office building situated on a 8,762 square foot lot zoned MU-10. The site has proposed plans for a 32-unit, 9-story, luxury residential development. The development plans for 61,839 gross square feet with 48,177 square feet of net sellable/rentable square feet. The plans for the luxury development include 21 one-bedroom units, 10 two-bedroom units, and one (1) three-bedroom unit, with units averaging over 1,500 square feet. Building amenities include a state-of-the-art fitness center, rooftop lounge with kitchen, outdoor dining and cooking facilities, a 24-hour hospitality concierge, lobby space, outdoor terraces for unobstructed views of DC, and 32 below-ground parking spaces (with EV compatible spots). The Project has received critical entitlements* including federal architectural design approval by the US Commission of Fine Arts (CFA) and the DC Board of Zoning Adjustment (BZA) approval for increased lot occupancy required to build the CFA approved design. The project still requires usual building permits. There is also potential for an investor to repurpose the existing asset as an office building, mixed-use, or residential property. *CFA approvals have expired. The Location 2626 Pennsylvania Avenue NW is ideally positioned in the coveted West End neighborhood, which is experiencing a major surge in demand as residents are seeking safe, residential locations in DC, rather than less established neighborhoods that are experiencing periods of change. The property is uniquely located adjacent to Rock Creek National Park and is just a short walk to Georgetown’s well-known retail, restaurant, and entertainment destinations including Washington Harbour, and the historic C&O Canal National Park. It is equidistant from George Washington and Georgetown Universities, walking distance from Foggy Bottom and the Kennedy Center, and just three blocks from the Foggy Bottom-GWU Metro station. It is also located just a few minutes from DC’s main CBD along K Street NW. The Four Season’s Hotel and the (currently under-development) Four Seasons Residences are located just across the Pennsylvania Avenue bridge spanning Rock Creek Park. The location is prime for high-end condo sales or residential rentals as there is limited newly-built supply of residential properties in the neighborhood. The submarket projects to sustain high-demand from residents seeking convenience and luxury in the heart of DC.

Exclusively Listed By

  • John Slowinski

    Associate

    (202) 536-3780

    Email John

    License(s): MD: 5002965, DC: SP200205349

    Washington, D.C.

  • Marty Zupancic

    Senior Vice President Investments

    (202) 536-3788

    Email Marty

    License(s): MD: 631902, VA: 0225 187032, DC: SP98368225

    Washington, D.C.

Broker of Record

  • Brian Hosey

    Senior Vice President/Division Manager

    (202) 536-3700

    License(s): DC: BR200201612

    District of Columbia

Financing By

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