Real Capital Solutions Acquires Office Building From J.P. Morgan Investment Management For $29.4M
1501 M Street Northwest
$29,400,000
$164/SF
Building Size
178,589 SF
Asset Type
Office
Closing
Dec 24, 2024
AI
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:
- Property Type: Office
- Transaction Amount: $29,400,000
- Buyer: Real Capital Solutions (RCS)
- Seller: J.P. Morgan Investment Management
- Broker: Gerry Trainor - Transwestern
- Lender: Hingham Institution for Savings
- Sale Date: 12/24/2024
- Square Footage: 178,589
- Price per Square Foot: $165
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.
Washington Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.54%
Cash-on-Cash
-0.15%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93