October 31, 2024 – Christian Barreiro, Dennis Cravedi and Austin Smith of Horvath & Tremblay have successfully completed the sale of The Franklin Montessori School in Washington, DC. Horvath & Tremblay exclusively represented the seller to complete the transaction at a sale price of $7,995,000, which represents a 6.48% Cap Rate and $421 per square foot.
The single tenant urban retail Property located at 4473 Connecticut Avenue NW in Washington, DC and offers significant redevelopment potential. The Property is currently 100% leased to the Franklin Montessori School which has operated at this location for more than 20 years (since 2002). The Franklin Montessori School has demonstrated their commitment to this site and the market, expanding their space within the building to occupy 100% of the Property and extending their lease. The Franklin Montessori School has 4 years remaining on their lease. The Property offers several options including negotiating to extend the lease with the current tenant, looking to re-tenant the building when the lease expires in four years, or operating as a covered land play, collecting income while going through an entitlement process to redevelop the site and greatly expand on the existing footprint. Based on the current lot size, the site could support a development of over 60,000 SF, which is a significant boost from the existing building square footage of approximately 18,900 SF. The asset is also located in a “Residential-High Density/Commercial-Medium Density” Zone on the DC Comprehensive Plan Future Land Use Map, which means that a developer could seek out additional buildable density beyond the existing by-right potential through the Map Amendment process. The Property is located in the Forest Hills neighborhood of Washington, DC and is situated adjacent to the signalized intersection of Albemarle Street and Connecticut Avenue NW, one of the city’s primary commercial corridors. The Property is surrounded by national retailers and local businesses that drive traffic to the area. The Property enjoys convenient access to a several public and private grade schools and colleges and universities. The Property is a short walk from Van Ness – UDC metro station which serves the Red Line and is surrounded by densely populated residential neighborhoods that provide a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.