Garage Next to American Ice Company for Sale in Shaw

by Prince Of Petworth June 6, 2016 at 3:00 pm 23 Comments

911 V Street Northwest
911 V Street, NW

“U-Street Corridor—Great Mixed-Use Opportunity. Zoned C2B Arts Overlay(Commercial, loft condo, gallery, theater, office, studio,retail, dry cleaners,restaurant, bookstore, gym, funeral home, or a combination of different uses). Currently utilized as an Auto Repair Shop. Max FAR 4.5.”

It’s yours for $3,500,000…

Los

Overpriced. IMO-The owner is trying to pocket all the potential profits that might come from turning this into a luxury high-rise condo development. Aren’t there significant environmental costs dealing with places like these?
- Anon
  
  That’s most certainly what’s going on here – they’re clearly targeting developers to buy this plot and build over it. Whether or not they’re asking too much taking remediation costs into account – no idea. But I’m guessing a developer could easily pull $750+ per sqft for some shiny condos.
  - Anonymous
    
    “The owner is trying to pocket all the potential profits that might come from turning this into a luxury high-rise condo development”
    
    Good let the ‘little guy’ get his paper too! If it is a bad deal no developer will buy it. I’m guessing the guy is content fixing cars until an offer blows him away. I wish I was in that position.
    - Los
      
      and that’s why all new construction is high end luxury condos
      - Anon
        
        Gah. So it’s a bad thing that the owner want to get what he can for the property? And I say that as someone who doesn’t want the repair business to go away.
      - Blithe
        
        Soooooo, you’re thinking that if the owner sold the lot for less, the developers would build something other than high end luxury condos? rofl
charlie

The price of the Sorg Church just went up another $2M !
- Philippe Lecheval
  
  The Church of Sorg! All hail The Sorg!
sometimes driver

Oh no! Pedro is my go-to mechanic. Anyone know what’s going on? Are they re-locating?
jdre

So is “U Street” just not a neighborhood anymore, or was it never and I just didn’t realize?
- Truxton Thomas
  
  Shaw is whatever you want it to be. If you will Shaw, it is no dream.
- Anon
  
  U Street has always been a sub-part of Shaw.
anon

This has been on the market for years at a very high price. Seller is obviously waiting for an outlier.
Local Resident

TBH having a repair shop within blocks from the house is vastly more useful than any of the listed purposes.

Also, is it just me or does it look like that was originally one of the small 2 floor row houses that grew a garage and had the front door bricked over?
- justinbc
  
  You never know when you’ll need a funeral home in Shaw.
Beau

Kaput’s Funeral Home & Theatre: come for the funeral, stay for the show. We’ll knock you dead, every time.
Anon

The asking price is actually undervalued, the foot print of the building, the 20+ years he has been there, the fact that 9 years ago the residence next to AM sold for $3.4 million (mind you, 9 years ago!), plus all the redevelopment… Pedro has earn more than $3.5 Mil!
Garper

Took my car to Pedro several times because the location was convenient. He fixed sh*t, but it wasn’t cheap. Pedro also is kinda old and has been there long before U street blew up. I’m guessing he’s aiming to cash out and retire. Via con dios, amigo!
- Anon
  
  And probably happy to wait for the right offer. I wish him the best.
Franklin

Way overpriced, which is why it is sitting in “boomtown”

The site is 2,615 SF in total size. The max FAR allowable in a commercial District (not on PA Ave) is 6.5, but would require the buyer to spend 12-18 months rezoning it.

Once it was rezoned, they could get an FAR of 6 on the site, or a total of 15,700 SF of allowable buildable area.

At $3.5M, thats $233/SF just for the FAR, again, after you spent hundreds of thousands and ~12-18 months rezoning.

Add in another $450/SF for demo of existing (not including any onsite hazmat the buyer would be responsible for) building and construction of say, new swanky condos, your all in price just to get the units up is just under $700/sf. You haven’t included any marketing or selling costs (~8% per SF) or profit.

Condos in that market go for $750/sf…max.

Based on existing conditions and size and state of the property, its easily overpriced by ~40-50%
- northshaw
  
  Yes also small footbprint of lot would make underground parking more expensive or tricky than usual. A couple years back a nearby site tried to build micro units with no parking and was not approved. Since then a few micro unit / no parking projects have been approved so its conceivable that could happen here but would add a lot of time for those approvals if they come through at all.
hupster

If my public records skills were a little better, I could figure this out myself, but… is Pedro actually the owner or just the tenant? If he is the owner, best wishes to him and I hope it provides him a nice retirement package, even if his shop’s customer service is pretty spotty.

I am highly amused by the death of U Street as a trendy neighborhood as well. Do you think these condos fall into the extra-hot “North Shaw” division of Shaw? :P
- Kevin
  
  I’ve been going to Pedro for years. I’ve been very pleased with the quality of his work and customer service (but the no voicemail thing is a little nuts in 2016).
  
  He owns the building and has since the 1980’s.

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