Three high-profile properties are back on the market near the University of the District of Columbia in Van Ness after the previous contract buyer walked away from plans to build up to 110 apartments or condominiums there.
Brokerage Feldman Ruel has been tapped to market all three properties, two of which come as a package deal.
The properties, 4422-4430 Connecticut Ave. NW and 3415 Yuma St. NW, came back to market this summer after a prior deal to redevelop the sites fell through over what Josh Feldman, managing director of brokerage Feldman Ruel, called a "red herring."
D.C. developer Highcrest last year had contracts for all three sites with plans to develop about 110 multifamily units, according to details presented before Advisory Neighborhood Commission 3F.
Feldman said that deal fell apart after a concern related to the title on a nearby property spooked the team's equity partner. The concern was ultimately found to be a nonissue, but the partner had already walked amid deadline pressure tied to a 1031 exchange, according to Feldman.
Though market forces have made ground-up multifamily development more difficult across the District, Feldman he believes there's need for new condos in upper Northwest D.C., where the supply is aging.
The properties include the vacant 0.24-acre lot at 4422 Connecticut, where the so-called “Rock n' Roll” Burger King — known for its vintage movie and music decor — once stood. It's zoned for mixed-use and could support 55,000 square feet of new development, per marketing materials. The Burger King closed in 2022 and was razed earlier this year.
A 0.2-acre parking lot located across a public alley behind 4422 Connecticut Avenue NW is being offered alongside the former Burger King site. The lot, 4430 Connecticut, is fitted with 15 surface parking spaces to either create additional rental income or boost the offering's appeal as a for-sale condo project, per the marketing. It’s zoned for single-family housing, but Feldman said the site will most likely remain a parking lot.
Both Connecticut Avenue properties are owned by an affiliate of Albino Management, a D.C.-area family that’s invested in real estate for generations, according to Feldman.
Family spokesperson Devin Hinton, whose father developed 4422 Connecticut Ave. NW and was the original Burger King franchisee, said that when the fast-food restaurant left, the owners attempted to find another similar tenant, such as McDonald's or Chick-fil-A. Hinton said they were unable to score a deal after a ruling from the District government made the site no longer able to host a drive-thru, which was a primary source of the property's value.
"Our hands are kind of forced," Hinton said in explaining why the family is selling.
Feldman Ruel is also marketing the separately owned nearby 0.4-acre site at 3415 Yuma St. NW, located behind the Days Inn at 4400 Connecticut Ave. NW.
The site, fitted with a three-story, 41,288-square-foot parking garage, could be rezoned to support higher-density residential redevelopment similar to what’s possible at 4422 Connecticut, according to marketing. The site’s existing zoning only allows for development of detached single-family homes.
Feldman said that a buyer could make use of 3415 Yuma and 4422-4430 Connecticut to achieve the scale needed to make the economics of a multifamily project more easily pencil, although either site could be acquired stand-alone, according to Feldman.
The Yuma Street garage is owned by a large group that has been developing and operating commercial properties in the area since the 1960s. The group also owns the leasehold interest in the Days Inn property, according to Feldman. The garage was once used as overflow parking for the Days Inn and was later leased to car-rental service Avis, Feldman added. It’s been vacant about a year.
All three properties are located two blocks from the Van Ness Metro station. Ryan Smith, Feldman Ruel associate director, is marketing all three properties alongside Feldman.