Washington, DC — Feldman Ruel Urban Property Advisors announced the sale of 2210 Martin Luther King Jr. Ave. SE, a vacant property featuring a two-level commercial building situated on a 5,356 s/f lot in the Anacostia neighborhood of Washington, DC. An existing building with green space and MU-7B zoning is extremely rare along Martin Luther King Jr Ave. SE. Multiple offers were received within the first two weeks of the marketing process, and the asset sold for $1,220,000, 101.67% of the list price, after only 18 days on the market.
Prior to the sale, the property was occupied for almost half a century by the Animal Clinic of Anacostia, the only veterinary clinic located East of the River. LaMarr Datcher, Josh Feldman, Ian Ruel, and Brandon Cardwell of Feldman Ruel had the listing assignment to market the property on behalf of the seller, the owner of the veterinary clinic, who had long intended to part with the property upon retirement. Feldman Ruel also procured the buyer in this transaction.
The property was purchased by Project Create, a community-based nonprofit that promotes creative youth development through multi-disciplinary arts education, arts enrichment, and art therapy. “The purchase of 2210 Martin Luther King Jr. Ave. SE provided Project Create with a unique opportunity to secure additional programmatic space in Historic Anacostia. With development happening in Anacostia at a lightning-fast pace and gentrification threatening to displace small nonprofits like ours as well as residents, this is a chance for Project Create to expand our permanent home in the community we have served for over two decades. Now we can serve even more young people with free art classes, art therapy and creative workshops for all ages. We can’t wait to invite even more community members to make art with us,” said Christie Walser, executive director, Project Create.
Utilizing Feldman Ruel’s marketing process and traditional hard work, the company successfully garnered multiple offers from highly qualified buyers within 18 days of marketing the property. Recognizing that this transaction likely constituted the seller’s final significant liquidity event prior to retirement, Feldman Ruel was able to create a competitive environment quickly. This approach successfully secured an above-list-price purchase price despite the prevailing macroeconomic headwinds resulting from rising interest rates and the tight debt markets.