What's the fair market value for this DC parcel?
Was discussing with a colleague to what extent the deal in this article is a giveaway to insiders.
Other relevant data - office in the submarket (NoMa) is at a 5.75 cap. So that should give one valuation from the $14m leaseback. Parcel is ~105,000 sf, zoned D-5 with 130 foot limits. Comparable land sells for $700-800 psf, with IZ restrictions but without the additional requirements from it being owned by the Housing Authoirty.
Hey wso_4, sorry about the delay, but are any of these useful:
More suggestions...
If those topics were completely useless, don't blame me, blame my programmers...
Was chatting about this with some ULI guys recently, views for FMV were all over the place so who knows.
Whatever Bowser is paid to say it's worth...
Actually a pretty decent location for office (provided there is visibility/frontage on North Cap) which is going to command a higher land value. A lot of second gen office product in this area is pushing in the mid-upper $50s gross, which should help you back into a land value. Multifamily is sucking wind in NOMA a bit, plus trying to figure out how much affordable to underwrite is going to really impact that land price.
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