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Real Capital Solutions Acquires Office Building From J.P. Morgan Investment Management For $29.4M

Property Image
SOLD
$29,400,000

Dc

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Office178,589 SF
Sold 12/24/2024
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Property Image
SOLD

Real Capital Solutions Acquires Office Building From J.P. Morgan Investment Management For $29.4M

1501 M Street Northwest

See Similar Deals
Office178,589 SF
Sold 12/24/2024
the dealplayerscompscontact
Contact now

Summary

Asset Type:Office
Price Per Square Foot:$164
Total Square Footage:178,589 SF
Transaction Type:Sale

1501 M Street Northwest is an 11-story office building located in Washington, DC. The property was sold for $29.4 million, encompassing 178,589 square feet, resulting in a price per square foot of $165. The asset is situated in a market with a current occupancy of 61%.

Summary of transaction details:

In this transaction, Real Capital Solutions secured $26 million in financing from Hingham Institution for Savings to facilitate the purchase. The sale reflects a significant decline in price compared to the property's 2010 sale price of $78.6 million.

Players

Gerry Trainor
Transwestern
Gerry Trainor
1 deal$29.4M volume(202) 775-7091
BROKER
Hingham Institution for Savings
Hingham Institution for Savings
LENDER

Details

SOLD
IMAGE: 12/24/2024 ADDRESS: 1501 M Street Northwest MARKET: Washington, DC ASSET TYPE: Office BUYER: Real Capital Solutions (RCS) SELLER: J.P. Morgan Investment Management BROKER: Gerry Trainor - Transwestern LENDER: Hingham Institution for Savings SALE PRICE: $29,400,000 SF: 178,589 ~ PPSF: $165 NOTE: Real Capital Solutions acquired 1501 M Street NW, an 11-story, 178,589-sf office building in D.C., for $29.4M, less than half of its 2010 sale price of $78.6M. Transwestern’s Gerry Trainor brokered the deal, with RCS securing $26M in financing as the property remains 61% leased. .P.MorganInvestmentManagement

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,567,999.99

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$104,452.00
Cash-on-Cash Return-1.27%
Monthly Debt Service$139,371.00
Annual Debt Service$1,672,451.99