Ownership retained Capital Retail Group to manage and lease 1334 U Street NW Washington DC. The 3 story brick building is located in the heart of the U Street corridor.
Capital Retail Group was tasked with quickly determining the viability of the existing tenant and improving operational building performance without hindering ability to lease the property.
The sole tenant hadn’t paid rent in several months. At the same time, the building had significant maintenance issues associated with the roof, HVAC, and electrical systems.
Capital Retail Group immediately met with the delinquent tenant while simultaneously implementing a leasing campaign for new tenants. A well qualified tenant was quickly found signing a lease substantially more than previous tenant’s rental rate. The delinquent tenant voluntarily left within 60 days of initial engagement reducing legal fees. Capital Retail Group prepared and implemented a detailed preventive maintenance program reversed the building’s deferred maintenance and sequencing building renovations over three years while keeping the tenant fully operational. Capital Retail Group increased the value of the building by 25% in less than twelve months.
- Property Representation
1334 U Street NW 3, Story brick building, Washington, DC
Results: Increased Net Income by 35%