637-639 Pennsylvania Ave SE
Washington, DC 20003
Capitol Hill 7-Eleven & Sprint · Retail Property For Sale

The Feldman Group of Marcus & Millichap is pleased to present the exclusive offering of 637-639 Pennsylvania Avenue SE in Washington, D.C. The property is a two-story, 6,095-square foot building situated on a 3,674-square foot lot along on of the District' s most prestigious and well-known corridors, Pennsylvania Avenue. Located in Capitol Hill, 637-639 Pennsylvania Avenue SE represents an outstanding opportunity for an investor to acquire a stable multitenant retail asset in one of Washington, D.C.' s most prominent and affluent neighborhoods. The property is 100% occupied by 7-Eleven and Sprint on the first floor and Off Road on the second floor which is a cycling, boxing, and fitness studio with multiple area locations. There are no lease expirations before 2023 and the lease structures allow for almost no landlord responsibilities. A full gut rehab of the building was completed in 2015 including a new roof, HVAC and utility systems. Upon completion, 7-Eleven began a new ten-year lease with three five-year options. The area' s largest Sprint franchisee, MOBILENOW (Parent Company: Simply Wireless) who operates more than 100 units, began a new seven-year lease with one five-year option. And lastly, the second floor was leased to Off Road, who committed to a seven-year lease with a five-year option. With strong long-term tenancy in place, an investor can capitalize on the areas future appreciation. 637-639 Pennsylvania Avenue SE is located one block from the Eastern Market metro station and Eastern Market itself, 0.7 miles from the Capitol South metro station, 0.8 miles from the Potomac Avenue metro station, and just over one mile from Union Station and the Stadium-Armory metro station. Across the street from the property is 700 Penn which is the new name for the Hine School redevelopment project which will be anchored by Trader Joe' s and include 61,000 square feet of retail space, 150,000 square feet of office space, 162 residential units, and an underground parking garage with 390 planned spaces. The project is a partnership between Stanton Development and Eastbanc.