Skip To Content
    Return to Previous Page

    2619 Evarts Street NE

    WASHINGTON, DC 20018
    • $3,069,900
    • STATUS: Active
    • ON SITE: 231 days
    • ID#: DCDC461392
    UPDATED: 22 min ago
    $3,069,900
    • 0
      BEDS
    • 0.17
      ACRES
    • 0
      BATHS
    • 0
      1/2 BATHS
    Type:
    Commercial
    Built:
    1966
    County:

    School Ratings & Info

    Description

    Fully-leased commercial kitchen 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, makes this a solid investment opportunity with significant upside potential and a high likelihood of value appreciation.

    Monthly Payment Calculator



    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Redux Group | Keller Williams. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-10-26T23:49:50.04.
    dmv.thereduxgroup.com/homes/103976387
    Print Image

    2619 Evarts Street NE WASHINGTON, DC 20018

    • Price: $3,069,900
    • Status: Active
    • Updated: 22 min ago
    • ID#: DCDC461392
    0
    Beds
    0
    Baths
    0
    ½ Baths
    0.17
    Acres
    1966
    Built
    County:
    Washington
    School District:
    District Of Columbia Public Schools
    Property Description
    Fully-leased commercial kitchen 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, makes this a solid investment opportunity with significant upside potential and a high likelihood of value appreciation.
    Exterior Features

    Construction Materials Brick Garage YN No Parking Types Parking LotOn Street Riparian Rights YN No Soil Types Unknown Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

    Interior Features

    Building Area Total 8040.00 Cooling Central A/C Heating Heat Pump(S) Heating YN Yes Net Square Feet 8040.00

    Property Features

    Accessibility Features None Assessment Year 2019 Association YN No Business Type Other Central Air YN Yes Cooling Fuel Other Heating Fuel Other Hot Water Natural Gas Navigable Water YN N Net Operating Income 220998.23 New Construction YN No Original MLSNumber 304054393358 Ownership Interest Fee Simple Possession Other Property Sub Type Industrial Sale Type Standard Sewer Public Sewer Tax Annual Amount 12897.00 Tax Assessment Amount 824350.00 Tax Lot 4 Total Actual Rent 234600.00 Vacation Rental YN No Water Source Public Zoning Pdr-1

    Listing courtesy of Century 21 New Millennium.


    ©2020 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Redux Group | Keller Williams. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2020-10-26T23:49:50.04.
     
    https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_304054393358-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_304054393358-2.jpg https://bt-photos.global.ssl.fastly.net/brightmls/1280_boomver_1_304054393358-2.jpg
    Logo
    The Redux Group | Keller Williams
    11700 Plaza America Dr. Suite 150
    Reston VA, 20190