Real Estate Watch – $3,000 A Month Build To Suit Commercial Property On 12th St. NE

A lot of people have asked me what is going on with the commercial property on the southwest corner of 12th and Jackson. I don’t have a lot of answers, but what I knoWashington DC Commercial Property Circa 2009w, I’ll share. My wife and I haCommercial Property Washington DC 2009ve been keeping an eye on the property for years. When we first moved to Brookland about three years ago, it was one property split down the middle. One half was a Pentecostal church that met sporadically. The other half was a defunct dry cleaners that was being used as storage space and parking for some type of backhoe company. Last fall we convinced the owner to let us plant two honey locust trees on the property as part of a 12th St. tree planting effort. To the left are pics of how the property looked in 2009.

One day this spring a construction crew showed up and started working on the property; first breaking down the wall separating the property. We found out that it was sold to a Brookland resident. The new owner told my wife that he is looking to lease or sell the property, perhaps to a restaurateur. At this point it is basically a shell (see current pictures below). We are encouraged to see that it looks like they are making way for large windows, and seem to be doing something the roof, which looked rotten to the core when they removed the shingles.

3128 Jackson St. NE Washington DC 20017

Here is the property listing description courtesy of DC Mud:

Retail building for lease ($3000) or sale ($650,000) in the heart of Brookland’s 12th Street retail corridor. The build-to-suit building is 1800 s.f. with up to 5,000 s.f. in buildable space on a corner lot, perfect for a small restaurant or specialty retailer. Current configuration offers ability for large patio space or windowed street frontage with historic detail in the middle of Brookland’s burgeoning retail and residential developments.

Not being an expert in real estate, much less commercial property, I set out to find out if $3,000 a month for a shell is reasonable, and what you could get for that kind of cash in other parts of the city. According to this listing, the 12th and Jackson property is going for $20 a sq foot per year. So how does that stack up?

  • You could take over the “G-Spot Lounge” in Brightwood Park for just over $3,000 a month, liquor licence included – for a much larger finished space (a mere $14 a sq ft.). Of course, you may want to change the name.
  • This Rhode Island Ave property, right around the corner in Woodridge seems pretty comparable at $18.75 per sq ft.
  • At just under $3,000 a month, and a bit smaller and ($25 per sq sf), this North Capitol St. property has the potential for a rooftop deck – of course it does! It is in Bloomingdale! (Rolls eyes in jealously.)

Hope this has been informative. At any rate, we will keep our eyes peeled and report any developments.

2 thoughts on “Real Estate Watch – $3,000 A Month Build To Suit Commercial Property On 12th St. NE”

  1. I’ve seen Cyril Crocker of the Menkiti Group showing the property to perspective buyers/renters. It’s best to ask them what’s going on, then to have all this speculation.

  2. Hi Les,
    Thanks for commenting. I too have seen realtors (besides the Menkiti Group) showing the property. I think that speculation is all we can have at this point. In other words, it is as self-described shell, it is “build to suit”, and it is still on the market. Until there is a lease in place or a sale, there is no way of knowing what it will be.

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