Feldman Ruel Urban Property Advisors, the leader in the sale in the sale of sub-institutional commercial investment properties in the D.C. metropolitan area, announces the sale of 5305 Dana Place NW, a four-level mixed-use property with an on-site parking garage, located just off of MacArthur Blvd in the Palisades neighborhood of Washington, D.C. The property was delivered 100% vacant upon closing and sold for $1,775,000.
Ian Ruel and Josh Feldman of Feldman Ruel had the exclusive listing to market the property on behalf of the seller, a private owner. The building was originally constructed as a seven-unit multifamily building in 1955, but when the sellers acquired the property in 1983, they converted the second and third level to office space for their advertising firm and the fourth level into a 3BR/2BA residential unit, which they occupied until just before closing.
The purchaser, C&O Real Estate Partners, is planning a conversion back to a seven-unit multifamily building consisting of 2 and 3 bedroom units. Upon completion, they plan to lease the units and hold the asset long-term. The Palisades neighborhood, one of the District’s most affluent with an average household income of $316,549 per year, is mostly comprised of high-end single family homes with very few for-rent multifamily buildings. The new owners believe that the lack of comparable supply in the submarket will allow them to achieve strong rents. C&O Real Estate Partners has almost completed the design phase and hopes to complete construction by the end of the year.
About Feldman Ruel
Feldman Ruel Urban Property Advisors is a commercial real estate services firm focused primarily on sub-institutional investment sales and property management in the Washington, D.C. metropolitan area and is consistently recognized as a market leader in the industry. Feldman Ruel successfully completes dozens of transactions every year making it one of the top investment sales brokerage firms in the area. The experience and relationships resulting from hundreds of successful transactions allow the principals and agents of Feldman Ruel to provide its clients with the most accurate valuations, most effective multichannel marketing, and best advisory services available in its practice areas.