th Street Washington, DC

Transcription

1 th Street Washington, DC OFFERING MEMORANDUM Building for Sale Dupont Circle

2 CONTENTS Offering Terms 3 Executive Summary.4 Property Summary. 6 Floor Plans.. 7 Zoning Map. 12 Location Overview Economic Overview 14 CONTACT Bill Zonghetti Executive Managing Director bzonghetti@ngkf.com Larry Bank Executive Managing Director lbank@ngkf.com

3 Offering Terms Ownership th Street LLC Interest Offered 100% Fee Simple Offering Price $3,300,000 Offers All submissions must be faxed, ed or hard copy delivered. Offers should be submitted in the form of a non-binding letter of intent and should specify the following: Purchase Price Study Period (if any) Closing Earnest Money Deposit Contingencies (if any) Sources of Funds (Equity and Debt, if applicable) Consents and/or approvals needed for closing Any other information having a direct bearing on the investor/user s ability to close the proposed transaction 3

4 Reception Area Conference Room 3

5 2 nd Floor Office 2 nd Floor Office 3

6 Executive Summary Newmark Grubb Knight Frank is pleased to offer for sale the property located at th Street, NW in Washington s Dupont Circle neighborhood th Street offers discriminating investors or users the opportunity to purchase a classic boutique building with unparalleled location and presence in Washington s Uptown submarket in the highly desirable Dupont Circle neighborhood. The building will be delivered vacant. Built in 1885 by F.D Foster, an executive with the American Building and Loan Association and designed by renowned architect Arthur Brown, the building has a rich history including serving as the venue for frequent dinners by president Theodore Roosevelt at the turn of the century. The building was placed in the National Register of Historic Places for its beaux arts and Victorian style architecture. The building consists of approximately 4,719 square feet on four levels was completely renovated in 2006 by the current owner. The lower level offers a separate entrance ideal for a user that has a separate business entity or for a sublease tenant. Interior features on the first floor include a well maintained and decorated foyer and reception area with a built in wood reception desk. A large conference room is located directly off the reception area. An employee lounge (with a non working fireplace) leads to a rear exit and directly to the three (3) parking spaces located behind the building. The public areas on the first floor have wood flooring and were recently refinished. Working areas on this floor include a copy room, a large office and work station. 4

7 Executive Summary The main working areas on the second and third floors include three (3) large offices and two (2) work stations on the second floor and four (4) large offices on the third floor. The main offices on these floors also have a non working fire place. The lower level has an additional three (2) offices and storage area. Each level has a private renovated restroom. The property is zoned RA-8 zoning with a certificate of occupancy that allows for professional organizations which uses include embassies and diplomatic residences, not for profit organizations, attorneys, educational organizations, religious organizations, doctors and professional organizations such as architects, engineers among other businesses. Development density is a 1.8 FAR for residential. Additional development rights may be available. The subject property was most recently used as the offices for a mid sized law firm, which has owned and occupied the buildings since The location of the property is unparalleled. The property is located two (2) blocks from Dupont Metro station and one block from the thriving retail corridor on Connecticut Avenue where there are a variety of restaurants, shopping and entertainment options. There are bus stations and bike share stations in close proximity th Street has a Walk Score of 98 making this a Walker s Paradise. The Transit Score is 86 and bike score is 90. The investment potential of th Street is tremendous. Owner/Users can benefit from extremely low interest rates and achieve costs of ownership that are less than leasing with the opportunity to gain appreciation. The strong location and on-site parking are significant benefits for any purchaser. 5

8 Entry Foyer 1 st Floor Dining Area 3

9 Office Work Space 3

10 Property Summary PRESTIGIOUS LOCATION CLOSE TO DUPONT CIRCLE RARE PURCHASE OPPORTUNITY OF 4,719 SF OFFICE BUILDING STATELY BUILDING WITH ABUNDANT LIGHT, HIGH CEILINGS, AND THREE PARKING SPACES Address: Ownership: th Street, NW, Washington, DC Square 0110, Lot th Street LLC Year Built: 1885, most recently renovated in 2006 Building Area: Parking: Zoning: Submarket: Transportation: 4,719 SF on 1,800 SF Lot. Three (3) parking spaces RA-8 Uptown 2 blocks to Dupont Circle Metro Metro bus access for the A2 & X3 routes Circulator Bus at Dupont Metro Station Smartbike stations are located throughout the neighborhood 6

11 Floor Plan Lower Level 7

12 Floor Plan 1 st Floor 8

13 Floor Plan 2 nd Floor 9

14 Floor Plan 3 rd Floor 10

15 Rear Building View Three (3) parking spaces with Storage Shed 11

16 Zoning Map th Street 12

17 Location Overview Dupont Circle/Golden Triangle Over 33 million square feet of office space 85,000 daytime workers 20,671 daily Metrorail riders at Dupont Circle 70+ embassies located around nearby Embassy Row $137,00 average household income within a half mile 90% of residents have bachelor s degree or higher 52% of the population between the ages of Dupont Circle is a traffic circle, park, neighborhood, and historic district in Northwest Washington, D.C. The traffic circle is located at the intersection of Massachusetts Avenue, NW, Connecticut Avenue, NW, New Hampshire Avenue, NW, P Street, NW and 19 th Street, NW. The DuPont Circle neighborhood is bounded approximately by 16 th Street, NW to the east, 22 nd street NW to the west, M street, NW to the south and Florida Avenue NW to the north. DuPont Circle is one of DC s most diverse and celebrated neighborhoods with boutique shops and cozy restaurants. The area boasts extremely walkable blocks with easy access to housing, offices, hotels and the Metro. Dupont Circle features more than 150 restaurants, 100 shops and countless services that range from local craft stores and international foods and fine ding and everything in between. WALKER S PARADISE RIDER S PARADISE BIKER S PARADISE 98 Walk Score 86 Transit Score 90 Biker Score Walk Score Walker s Paradise Daily errands do not require a car Transit Score Rider s Paradise World-class public transportation Bike Score Biker s Paradise Excellent bike lanes 13

18 Economic Overview The Washington, DC metropolitan area continues to be one of the best performing economies in the country. It is driven by strong demographics, a diverse employment base fueled by both the private and public sectors, and the lowest unemployment rate in the nation for major metropolitan areas at 4.1% as of April The region, which includes the surrounding suburbs in Maryland, Virginia and West Virginia, with a median household income of $90,149, ranks highest among the nation s 25 most populous metro areas. Incomes in the metropolitan area grew by 34% from 2000 to 2012, compared to just 20.0% nationally. The region also boasts the most educated populations in the nation, with 25.3% of adults ages 25+ holding a bachelor s degree and 23.3% of adults ages 25+ holding a graduate or professional degree. With almost 3.2 million payroll jobs, the DC metropolitan area continues to rank in the top five largest job markets among metro areas, behind New York, the LA Basin and Chicago. Non-farm employment grew by 3,236 jobs from February 2016 to February 2017 or 2% led by the leisure and hospitality industry that experienced a 5.9% increase during that period. A major contributing factor to the stability in the region is its consistently strong job market, a result of the presence of the federal government and a diverse economy based on technology, construction, healthcare and hospitality industries. 14

19 Washington D.C Pennsylvania Ave Suite 300 Washington, D.C North America Canada United States Europe Austria Latin America Argentina Brazil Chile Colombia Costa Rica Africa Botswana Kenya Malawi Nigeria South Africa Bill Zonghetti Executive Managing Director Belgium Czech Republic France Germany Dominican Republic Mexico Peru Puerto Rico Tanzania Uganda Zambia Zimbabwe Larry Bank Executive Managing Director Ireland Italy Netherlands Poland Asia-Pacific Australia Cambodia Middle East Saudi Arabia United Arab Emirates Portugal China Romania Hong Kong Russia India Spain Indonesia Switzerland Japan United Kingdom Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand