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Eagle Cliff Real Estate Partners Acquires Office Building In Downtown Washington, DC For $30M

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SOLD
$30,000,000

Dc

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Office202,000 SF
Sold 12/22/2023
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SOLD

Eagle Cliff Real Estate Partners Acquires Office Building In Downtown Washington, DC For $30M

660 North Capitol Street Northwest

See Similar Deals
Office202,000 SF
Sold 12/22/2023
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Summary

Asset Type:Office
Price Per Square Foot:$148
Total Square Footage:202,000 SF
Transaction Type:Sale

Eagle Cliff Real Estate Partners, represented by Paul Teti from the same agency, has acquired the office building located at 660 North Capitol Street Northwest in Washington, DC. The property was purchased for a total price of $30 million in a foreclosure proceeding initiated by Apollo Global Management.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: $30,000,000
  • Square Footage: 202,000 SF
  • Price Per Square Foot: $149
  • Address: 660 North Capitol Street Northwest, Washington, DC
  • Buyer: Paul Teti - Eagle Cliff Real Estate Partners
  • Seller: N/A
  • Market: Washington, DC

The acquisition of the office building by Eagle Cliff Real Estate Partners was made possible through the foreclosure proceedings initiated by Apollo Global Management. This transaction signifies an important deal in the Downtown Washington, D.C. market, offering a prime investment opportunity.

Players

2 deals$49.5M volume
BUYER

Details

SOLD
IMAGE: Paul Teti DATE: 12/22/2023 ADDRESS: 660 North Capitol Street Northwest MARKET: Washington, DC ASSET TYPE: Office BUYER: Paul Teti - Eagle Cliff Real Estate Partners SALE PRICE: $30,000,000 SF: 202,000 ~ PPSF: $149 NOTE: Eagle Cliff Real Estate Partners has acquired the Downtown Washington, D.C., office building at 660 North Capitol Street NW for $30 million through foreclosure proceedings initiated by Apollo Global Management.

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

$1,600,000.01

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$106,583.66
Cash-on-Cash Return-1.27%
Monthly Debt Service$142,215.31
Annual Debt Service$1,706,583.66