Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of a 14-unit multifamily property in the Trinidad neighborhood of Northeast Washington, D.C.
“By leveraging our national platform, we successfully sourced an out-of-state investor from Los Angeles and facilitated the TOPA assignment process approximately 25 days after contract ratification,” said Lorenzo Wooten, CCIM, senior director investments in Marcus & Millichap’s Washington, D.C., office. “This transaction closed at an 8.25% cap rate, underscoring both the strength of the market and the value of our team’s execution.
This sale reflects our ability to connect sellers with qualified buyers beyond the local market while navigating complex processes to deliver results.”
Wooten represented the seller, 1810 I Street Development LLC.
Located at 1810 I Street NE, the three-story property was built in 2023 and totals about 10,568 square feet. It is 90% leased and offers a mix of one- and two-bedroom units, including two penthouse suites, with modern finishes, updated kitchens and bathrooms, luxury vinyl flooring, a green roof and rear decks with views of the Capitol. The building is less than two miles from Union Station and Capitol Hill and within walking distance of
the H Street Corridor’s restaurants, retail and entertainment.
Marcus & Millichap, Inc. (NYSE: MMI) is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. 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 our clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.
