Douglas Sells 100-Year-Old Dupont Circle Building For $6M
A 100-year-old building near Dupont Circle with retail and office space has just traded hands.
Douglas Development sold the building at 2122 P St. NW to Chevy Chase-based KIK Investments for $5.8M, documents posted last week to the D.C. Recorder of Deeds show.
The building's retail space features Asia 54 and Bagels Etc. An additional retail space with a sign for Thomas Shelton Hair Design is being marketed by Papadopoulos Properties for lease. The building also has a 560 SF office space listed on Breather, a platform that provides short-term workspaces.
Three blocks west of Dupont Circle, the building sits next to a Residence Inn by Marriott hotel and across the street from the Kimpton Hotel Palomar. The building was constructed in 1910 and has 10,492 SF of total space, according to the Reonomy platform, pricing the deal at roughly $550/SF.
The latest sale comes two years after Douglas acquired the building from Meritage Properties for $5.2M, property records show. Prior to that, the building sold for $9.3M in 2014.
"We were able to execute on our business plan of creating incremental value and recognizing a profit, and so we sold it," Douglas principal Norman Jemal said. "It's great real estate and the building has windows on three sides. I think they got an excellent property and we got a good value."