Mount Pleasant Retail Trades at Pro Forma 6 Cap

3165 Mount Pleasant St.

WASHINGTON, DC–A local private investor has acquired a retail building in the Mount Pleasant neighborhood for $1.2 million, or $555 per square foot. It is a significant price as it represents a new threshold in a retail sale on a per square foot basis, Greysteel Senior Investment Associate Benjamin Wilson tells GlobeSt.com. Wilson and Max Freedman of the firm’s Washington, DC Commercial and Mixed-Use team, brokered the sale.

“This was a pure retail play — the new owner won’t develop there or expand,” Wilson says. The ground floor of the two-story building is occupied by a dentist and the top floor is vacant. The building was valued at a pro forma 6 cap rate.