Value-Add Industrial | Conversion Opportunity 900 Franklin St NE

Coldwell Banker Commercial is pleased to offer 900 Franklin Street NE, the Stonestraw Building, a unique industrial property located amidst some of Washington, DC’s most exciting emerging submarkets. The vacant property sits less than a half mile from the Rhode Island Avenue Metro Station, and thousands of new or planned residential units are in the surrounding neighborhoods. The elevated demand in the area presents investors and adaptive reuse developers with a substantial conversion upside to create new storage or residential units to serve the growing population. The zoning permits self-storage uses for not less than 50% of the ground floor area. Concepts are included for conversion into 487 storage units, as well as a 104-unit multifamily conversion.

The Stonestraw Building comprises approximately 64,848 square feet on 0.65 acres of land zoned PDR-2, permitting a range of industrial purposes. This impressive structure was built in 1931 but has not been included in the District’s inventory of historic sites. The property spans two adjoining buildings, one two-story story facility, and an additional five-story building. Desirable property features include a fully functional passenger elevator near the front entrance, a 20,000 lb. freight elevator in the rear of the building, a 100% wet-sprinkler system, and a flat EPDM membrane roof. The building is served by a 2,400-amp, 120/240-volt transformer fed from a three-phase alternating current (AC) system, providing ample power. Loading capabilities at the property include one loading dock and two roll-up doors.

A prime location in the Franklin Street submarket puts the Stonestraw Building in a neighborhood on the rise. Soon to be the next big thing in DC, the area is seeing significant investment, which is transforming the emerging market. Several marquee projects sponsored by some of Washington’s premier developers, including Trammel Crow, Douglas Development, and MRP, have been built or are under construction. Contrary to the DC market at large, this submarket has seen rent growth year-to-date remain positive. In recent years, the broader Northeast DC has evolved into one of the most popular destinations in the nation’s capital and is well-situated for excellent growth in the future.

The submarket already boasts a strong core retail infrastructure, with nearby Home Depot and Giant-anchored centers. MRP’s mixed-use project, Chase at Bryant Street & Bryant Street Market Food Hall, offers both housing and destination retail. Future demand growth will likely come from the wave of young, wealthy renters moving east. The traditional center of DC is moving east, as NoMa, H Street, and Capitol Riverfront are becoming the city’s most popular neighborhoods. Additionally, the Franklin Street submarket is near the Union Market, H Street, and Brookland neighborhoods, which have all experienced significant development and gentrification. The influx of new residential and retail development will continue to transform the area over the coming years.

Help shape one of the strongest emerging markets in the nation’s capital with a historic industrial property with immense conversion potential at 900 Franklin Street NE, the Stonestraw Building.