On Monday, Marcus & Millichap, a commercial real estate investment services firm, announced the sale of Georgetown’s Canal Inn, located at 1061 31st Street NW. The buyer, whose name remains anonymous, purchased the property for the original asking price, which was $2.25 million.
Christian Barreiro, investment specialist at Marcus & Millichap, told Curbed DC, "We're very pleased to have closed this deal at list price after conducting over 25 tours and generating 5 offers. At the end of the day, a buyer with a similar use to that of the previous Canal Inn triumphed."
Along with Barreiro, Marty Zupancic, vice president investments at Marcus & Millichap, and Peggy Brooks Smith, associate vice president investments at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, an individual trust, according to a press release.
The Canal Inn first landed on the market in May 2016. In 2012, the inn was renovated and built out with 10 rooms, a third-story loft, and 11-and-a-half bathrooms. Every floor features a balcony or patio. The entire structure spans roughly 3,350 square feet. The site is also zoned W-1, which permits "matter-of-right low density residential, commercial, and certain light industrial development."
According to Barreiro, the buyer doesn’t expect to do any immediate major renovations. There are no reports as to when the Canal Inn will reopen or if it will reopen with the same name. The buyer is expected to maintain the property as either an inn or bed and breakfast.