WASHINGTON, DC – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for a 55,860-square foot redevelopment opportunity in downtown Washington, D.C. The listing price of $10 million represents $179 per FAR.
Stacey Milam (middle right photo), a first vice president investments, and Peggy Brooks Smith (lower left photo), an associate vice president investments, both in Marcus & Millichap’s Washington, D.C. office, are representing the seller, an Asia-based corporation that has owned the property for close to 50 years.
“This is an extremely rare redevelopment opportunity in a highly sought after neighborhood,” says Smith. “The property is zoned DD/C-4, which is high-density commercial zoning in the downtown core. The site has tremendous potential as a mixed-use retail and residential property or as a boutique hotel,” adds Smith.
“The downtown development overlay provides additional incentives and requirements to help create a balanced mix of uses,” says Milam “With the incentives, the site could yield a total of 55,860 buildable square feet.”
The property is located at 740 6th St. NW (top left photo) in D.C.’s Chinatown neighborhood, just south of the intersection of H Street and 6th Street. The building is on the same block as the Verizon Center and two Gallery Place-Chinatown metro station entrances, which serve the Red, Yellow, and Green lines.740 6th Street was developed in 1958 on a 5,586-square foot lot. The property contains nine commercial rental units that are all currently occupied. All of the leases will expire by the end of 2013.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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