$3,249,900

2619 Evarts St NE

WASHINGTON DC, 20018

Description

Fully-leased industrial building in Northeast Washington, DC. Built in 1966, the property is built out as a health department certified, commercial kitchen with over $1M in improvements including a new HVAC system and upgraded water, gas, and electrical service to accommodate existing and future equipment. The TasteLab has approximately 8,000 SF of usable cook and prep space complete with a double-sided hot line with gas ranges, stock pot burners, double stack ovens, grills, and broilers. The space has 2 walk-in refrigerators and a walk-in freezer (comprising approximately 800 SF), a full scullery room with a commercial dishwasher, and approximately 500 SF of individually locked dry storage rooms. All furniture, fixtures, and equipment, including commercial stand mixers, immersion blenders, robot coupe, deli slicers, and common kitchen equipment, i.e. pots and pans, are the property of the seller and shall convey with the sale. The receiving refrigerator is conveniently located by the loading dock, and the property~s wide hallways are able to accommodate pallets, making loading and unloading easy, as well as additional storage. The property also has approximately 800 SF of office space on 2 levels with attractive murals painted by local artists. The entire property is leased, jointly and severally, to two, venture-backed tenants with approximately 3 years remaining on the initial lease term with one 3-year renewal option. Tenant A is a meal delivery company that provides healthy meals directly to customers. Tenant B is a catering company with large institutional contracts, specializing in breakfast and lunch foods available in coffee shops and grab-n-go spots in the DC metro area. Designed by a kitchen consultant to optimize operations for large food businesses, the TasteLab was originally operated as a ~food business incubator,~ similar to Union Kitchen. Short-term license agreements provided local food entrepreneurs, including caterers, personal chefs, bakers, chocolatiers, beverage makers, snack makers, etc., with access to its full, commercial kitchen; lowering barriers to entry with lower price structures and not requiring equity in the businesses operating in its space. At its peak, the TasteLab hosted over 100 food-related businesses with revenues of over $60k/month. With its mix of world-renowned chefs and adventurous eaters, the District is well known for its thriving food scene. This fact should contribute to strong, increased demand, which combined with the property~s valuable, existing infrastructure,

Details

MLS#DCDC461392
Listing TypeFor Sale
StyleIndustrial
Sub-TypeResale
StatusActive
Year1966
Days On Site80

Features

SQ Feet8,040
Story(s)0
ZoningPDR-1

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Area Information

StateDC
CityWASHINGTON
Zip Code20018
Listing VS Median (in 20018)
Price:
$3,249,900
low | high
Med:
$680,000
100% of Average
SqFt:
8,040
low | high
Med:
2,135
100% of Average
$ / SqFt:
$404
low | high
Med:
$333
67.585673262771% of Average
On Site:
80
low | high
Med:
3.500000
100% of Average
Listing Updated: 05/28/2020
MLS Number: DCDC461392
Listing Provided By:
Ryan Rauner  of  Century 21 New Millennium
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