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Adams Morgan Retail Leasing Comparable

Posted by Capital Retail on September 1, 2006
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adamsmorganblogjpg.jpgA local Verizon Wireless agent is paying approximately $4,000 per month for 1st floor retail space at 1758 Columbia Road in Adams Morgan Washington D.C.. Commercial buildings along the same block with 1st floor retail and 2 stories of residential above are valued at $390 per square foot. A commercial building in shell condition recently sold for $1.12 million at 1700-1800 Columbia Road. Construction costs of 500K makes the total acquisition $1.62 million. 1756 Columbia Road went to contract in August of 06′ for a reported $1.48 million. It’s estimated the landlord will need to spend another $200K to $300K in improvements.