WASHINGTON, DC-A vacant 79-unit multifamily building in the West End has been put on the market. Located at 1230 New Hampshire Ave., the property--known as the Bond Building--has no whisper price attached to it, says one of its brokers, Jones Lang LaSalle’s Al Cissel. Really.
“It is unusual for there to be no whisper price but that is because it can be turned into one of many different uses,” he tells GlobeSt.com. “The owner has been using the building until recently so it is operable. But because it is now vacant, there are a multitude of uses it can be turned into.“ These include rentals, for sale condos, an extended hotel or student housing. Cissel, who is marketing the property for the unnamed owner along with partner Scott Melnick, says they plan to let the market set a price.
It is rare that a commercial building goes to market in this part of town so interest is expected to be high. The 60,000-square-foot, nine-story building is divided into 31 studio and 48 one-bedroom apartments. It was built in 1929 and renovated as recently as 1986.
Its vacancy does mean it will fetch a premium, especially as there are no encumbrances, agrees Ari Firoozabadi, director of Marcus & Millichap’s National Multi Housing Group. “I would guess in the $400 per square foot range at a minimum which should put it at no less than $24 million,” he tells GlobeSt.com.
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