Finding Your Ideal Commercial Property in Georgetown, DC
Are you searching for commercial property for sale in Georgetown DC? It's a smart move. This historic neighborhood offers unique investment opportunities.
Here's a quick look at what's typically on the market:
- Current Availability: Around 5 commercial properties are usually available for sale near Georgetown, DC at any given time.
- Property Types: Common listings include mixed-use buildings, retail storefronts, and office spaces. You might also find restaurants and commercial lots.
- Price Range: Prices vary widely based on size, location, and type. Smaller retail/office properties can start from approximately $1.3 million. Larger investments reach several million dollars. For instance, recent retail listings ranged from $1.38 million to $2.95 million.
- Typical Sizes: Properties often range from 1,800 to over 7,000 square feet.
Georgetown holds a special place in Washington D.C.'s real estate. It's known for its prestige and historic charm. This makes it a top choice for commercial investors. The area blends high-end retail, affluent residents, and strong tourism. This mix creates steady demand for commercial spaces.
Choosing Georgetown for your next commercial investment means tapping into a stable and valuable market.
Find more about commercial property for sale in georgetown dc:
Georgetown's Commercial Real Estate Market: Trends and Opportunities
Georgetown’s commercial real estate market isn't just a place to do business; it’s a living, breathing part of this historic community. Imagine over 5.5 million square feet of retail and office space, housed within more than 450 charming buildings. It’s a dynamic environment where the past graciously meets the present, creating unique opportunities for savvy investors.
In recent years, especially after the world shifted post-pandemic, we’ve seen some exciting changes. One of the biggest trends? The rise of adaptive reuse projects. This is where older buildings get a fresh lease on life, often changing from traditional offices into modern residential spaces, or a vibrant mix of residential, retail, and commercial uses. It’s a smart way to breathe new energy into the neighborhood. For a wider view of what’s happening in the capital’s commercial scene, take a look at the DC Commercial Real Estate Market.
Investment opportunities in Georgetown are consistently strong. Why? Because the area boasts affluent residents, a steady stream of visitors, and a retail scene that just keeps attracting both big-name brands and delightful local shops. This enduring appeal means there's always interest from investors, whether they're seeking stable income or looking for properties with potential for added value. If you're on the hunt for an Investment Property Washington DC, Georgetown truly stands out as a prime location.
The Rise of Adaptive Reuse Projects
Adaptive reuse, simply put, means giving an old building a new purpose. It’s a concept that’s truly taken off in Georgetown. Why now? Well, several factors play a part: there are more vacant office spaces since the pandemic, but there’s also a huge demand for new homes in this highly sought-after area. Plus, everyone loves preserving Georgetown's beautiful historic buildings. It’s a win-win: we honor the past while building for the future.
A shining example of this trend is the Georgetown Flour Mill conversion. This historic landmark, located at 1000 Potomac Street NW, has a fascinating past. Built in 1847 and 1922, it was once an office building. Now, it's undergoing an incredible change into 135 luxury multifamily residential units, complete with an additional 8,000 square feet of vibrant retail space. An affiliate of Related Fund Management acquired this project for $16.5 million, showing just how appealing this shift in the market is. The best part? The historic facades of the mill buildings will be carefully preserved, blending Georgetown’s rich history with modern living. This project isn't just a renovation; it’s a smart move to meet the high demand for housing, especially for those dreaming of riverfront residences in Georgetown. You can dive deeper into this exciting development in articles like Inside the $16.5M Plan to Turn Georgetown’s Historic Mill into Riverfront Apartments with Retail Vibes.
Another fantastic story of adaptive reuse is the acquisition of the historic Car Barn. This iconic building at 3600 M Street NW was originally a home for horse-drawn trolley cars way back in 1895! Later, it was redeveloped into office space. Recently, Georgetown University acquired it for a significant $70 million. This shows that even large institutions are embracing the idea of repurposing historic properties to fit their current needs, whether for academics or administration. These kinds of transactions are becoming more and more common throughout Washington D.C. For more on the broader market, check out Commercial Real Estate Washington DC and read about the Car Barn acquisition specifically here: Georgetown Acquires Historic Car Barn for $70M.
Key Economic Indicators and Visitor Profiles
To truly grasp the value and potential of a commercial property for sale in Georgetown DC, it’s crucial to understand the economic heartbeat of the area and who lives and visits here. The Georgetown Business Improvement District (BID) is an absolute treasure trove of information, offering detailed insights into the area's commercial activity. Their reports are like gold for investors and business owners!
The Georgetown BID diligently gathers and shares data on various crucial aspects:
- Employment Data: This tells us about the local workforce and what industries are thriving.
- Residential Demographics: Here, we learn about the affluent residents who proudly call Georgetown home.
- Visitor Profiles: Understanding who visits Georgetown and how they spend their money is key, especially for retail and hospitality ventures.
- Pedestrian Traffic Patterns: Knowing where and when people walk helps pinpoint the best spots for a new shop or restaurant.
- Hotel Market Performance: This gives us a peek into tourism and business travel, which is vital for hotel investments.
- Retail Market Performance: By tracking consumer spending and retail vacancy rates, we can gauge the health of the shopping scene.
For example, the BID's 'State of Georgetown' report covers everything from typical rental rates and vacancy trends to the mix of businesses you’ll find. This detailed information is incredibly valuable for making smart decisions about purchasing a commercial property for sale in Georgetown DC. It helps you figure out if a commercial venture will be successful and what kind of returns you might expect. The constant flow of visitors, combined with a robust local economy, truly underpins the stability and attractiveness of commercial real estate here. You can find many of these insightful reports and guides directly on the Georgetown BID's website under their Commercial Activity | Georgetown DC - Explore Georgetown in Washington, DC section.
Current Commercial Property for Sale in Georgetown DC: What's on the Market?
When we look for commercial property for sale in Georgetown DC, we're diving into a market that's both vibrant and, admittedly, a bit exclusive. Given the neighborhood's rich history and consistently high demand, properties here tend to find new owners quite quickly. Typically, we might see around five commercial listings available for sale across the broader Georgetown area at any given moment. It's a testament to its enduring appeal!
So, what kinds of commercial properties are you likely to find when searching for commercial property for sale in Georgetown DC? Our market offers a fascinating mix. You'll often find charming storefront retail spaces, usually on the ground floor of those iconic historic buildings. These are absolutely perfect for a boutique, an art gallery, or a cozy cafe, all ready to tap into Georgetown's busy foot traffic.
Another popular option here are mixed-use buildings. These clever properties combine commercial spaces—think retail or offices—on the lower levels with residential units above. They're a fantastic way to diversify your income streams and are always in high demand. And while we've seen a trend of converting offices into residential spaces, traditional office space is still very much available. Look for boutique offices and Class B/C buildings that are ideal for professional services, non-profits, or even embassies.
Given Georgetown's lively dining scene, opportunities to acquire existing restaurant spaces pop up too, sometimes even including those coveted liquor licenses. And then there are the specialty properties—the truly unique gems. Occasionally, you might stumble upon a commercial lot, or even something as unexpected as a standalone wall (yes, it really happened!). These highlight the truly one-of-a-kind nature of the Georgetown market.
For a broader perspective on what's available across the capital, you can always check out our guide to Commercial Property For Sale DC.
Typical Pricing for Commercial Property for Sale in Georgetown DC
Understanding the typical price range and size of a commercial property for sale in Georgetown DC is super important for setting realistic expectations. Let's be honest, this isn't your average commercial market. The prestige and prime location here come with a premium, but also with incredible value.
Based on our recent market insights, here’s a peek into what you can expect regarding pricing:
For retail buildings, we've seen properties listed from roughly $1,385,000 for a space around 2,972 square feet, all the way up to about $2,950,000 for a more substantial 7,200 square foot building. To give you another example, a 2,500 square foot retail space might be priced around $1,929,900.
Commercial lots, while quite rare, do occasionally appear. A small lot, say 0.02 acres, could be listed for a unique opportunity around $59,000. However, keep in mind this would typically be for a very specific use or development idea.
When it comes to office buildings, larger investment opportunities, like an office building over 120,000 square feet, might be listed as an investment opportunity without a public price, meaning they involve multi-million dollar transactions, much like the Car Barn acquisition we discussed, which fetched $70 million.
These figures show a pretty wide spectrum, and that's because prices are influenced by several critical factors:
- Property Condition: Is it sparkling and move-in ready, or does it need a significant facelift?
- Tenancy: Properties with stable, long-term tenants are often more valuable because they offer immediate income.
- Location: As we'll explore shortly, even within Georgetown, specific addresses carry different values.
- Building Age and Historical Status: Older, historically significant buildings can have unique charm and value, but they also come with specific regulatory considerations, which we'll cover in more detail.
- Cap Rates: For our savvy investors, the capitalization rate (Cap Rate) is a crucial metric, giving you an idea of the potential rate of return. Recent retail listings in Georgetown have shown cap rates around 4.66%.
If you're particularly interested in office spaces, understanding the broader market for Washington DC Office Space can provide excellent context.
Here's a handy table comparing some sample property types with typical size and price ranges you might encounter in Georgetown:
| Property Type | Typical Size Range (SF) | Recent Price Range (USD) | Notes |
|---|---|---|---|
| Retail Building | 2,500 – 7,200 | $1,385,000 – $2,950,000 | Prime street frontage, high foot traffic, strong retail demand. Cap rates around 4.66% observed. |
| Mixed-Use Building | 3,000 – 10,000+ | $2,000,000 – $8,000,000+ | Diversified income from retail/office on ground floor and residential units above. Highly sought-after. |
| Boutique Office | 1,500 – 5,000 | $1,000,000 – $3,500,000 | Ideal for professional services, non-profits. Often in historic, charming buildings. |
| Restaurant Space | 2,000 – 4,000 | $1,500,000 – $4,000,000+ | Turnkey operations or shell spaces. Potential for liquor license transfer adds value. |
| Commercial Lot | < 0.1 Acre | $59,000+ (rare) | Extremely rare; typically for very specific, small-scale development or expansion. |
| Large Office Building (Investment) | 50,000+ | $20,000,000+ | Significant investment opportunities, often off-market. Can include adaptive reuse potential. |
