WASHINGTON, DC—Marcus & Millichap has secured the listing of 4816-4828 Auburn Ave., in the Woodmont Triangle submarket in Bethesda. Locals know it better as the former site for Steamer's Seafood House, a strange but beloved fixture in the otherwise developed neighborhood as it basically consists of two houses joined together. The owners of the restaurant grew up in these houses, running the restaurant for twenty or so years as the neighborhood changed dramatically around them.
In general it is very rare for a development site in Bethesda to hit the market and even rarer for one as well known as this site, listing agent Josh Feldman tells GlobeSt.com.
It is a small development site as of right now, but Montgomery County is wrapping up a new sector plan that will change the zoning, Feldman says. "The expectation is it will deliver in the Spring of 2016 and it should give us additional density, which is Montgomery County's goal," Feldman says.
As of right now a developer could build out about 25,000 square feet, not including possible bonus density for moderately priced units.
More than likely the houses would have to be razed. "It doesn't make sense to keep them," Feldman says. "This is being positioned as a covered land play."
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
