5911 BLAIR ROAD
NW Washington, D.C., 20011
Purchased 2014: $750,000
Total Project Costs: $825,000
Refinanced 2015: $849,000
Annual Lease Value: $90,000
Lease Term: 60 months
Tenant: Avis / Budget, Inc.
INVESTMENT SUMMARY
This former Bank of America (BOA) location is located in the Takoma neighborhood of NW D.C. BOA occupied this location for several decades. The ~1,500 sq/ft building is situated on a ~16,644 sq/ft (PDR zoned) lot with ~50K sq/ft future buildable potential as a matter of right. The property features a rare permitted drive through and a bank vault. As a result of CC’s swift leasing efforts, ownership experienced almost zero improvement dollars and nine months of downtime and was able to refinance in excess of the total project cost in 13 months. The property is being held as a portfolio asset with no intention to sell. / CC swapped position in ’18.