MLS® ID: DCDC461392

2619 EVARTS STREET NE

WASHINGTON, District of Columbia, 20018

$3,249,900 Active
  • - SQFT
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 catering company specializing in breakfast and lunch foods available in coffee shops and grab-n-go spots in the DC metro area. The tenant has contracts with local airports, hospitals, and offices and are developing high-tech vending machines for use in locations without storefronts. Tenant B is a meal delivery company that provides healthy meals directly to customers. 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, makes this a solid investment opportunity with significant upside potential and a high likelihood of value appreciation.
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Listing courtesy of Century 21 New Millennium

Amenities

  • Full baths
    0
  • Half baths
    0
  • Zip
    20018
  • Office name
    Century 21 New Millennium
  • SQFT
    0
  • Bedrooms
    0
  • Property type
    Commercial Sale
  • Zoning type
    PDR-1
  • School district
    DISTRICT OF COLUMBIA PUBLIC SCHOOLS
  • Year built
    1966
  • Lot size
    0.17
  • Sewer
    Public Sewer
  • Heating
    Heat Pump(s)
  • Agent name
    Ryan Rauner
  • Purchase Type
    Active
  • Price Range
    $2m+
  • Square Feet Range
    < 1000 sq ft.
  • Year Built Range
    1989 (and earlier)
  • Office ID
    CENT2040
  • Agent ID
    3228360

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