In Capitol Hill's submarket, amidst fierce competition, a groundbreaking deal emerged. The Medical Office at 620 C St, SE, a property not sold in over 30 years, initially faced uncertainty with a valuation range of $800,000 to $845,000 by a Maryland-based generalist commercial agent. In pursuit of maximizing the property's value and increasing the owner's profits, we collaborated closely with architects and engineers to explore its expansion potential. Despite contractors' skepticism, our resolute commitment to our clients drove us to schedule a meeting with the city.
We engaged architects and the city's engineers to explore adding square footage and a third level, transitioning to a three-story structure. The city's approval to expand the second floor and construct the third level validated our strategic vision, ensuring our client's optimal outcome in this groundbreaking deal.
This strategic foresight prevailed as the property achieved a remarkable sale at $985,000, signaling a potential equity loss to the sellers ranging from $140,000 to $185,000. By accepting an offering price of $985,000, we ultimately secured a record sale in Capitol Hill's submarket at a price per square foot of $642.95. Notably, the building's total square footage was 1,532 SF. This deal story highlights our unparalleled expertise and meticulous approach to navigating commercial properties in Washington, DC's Historical Districts.
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Senior VP of Facilities at Hendricks Commercial Properties, LLC
1moWay to go Leasing team 👍