74°Mostly Cloudy

Church at 10th and Monroe St, NW For Sale

by Prince Of Petworth January 27, 2014 at 4:00 pm 20 Comments

IMG_3729
1001 Monroe St, NW

The listing says:

“Spacious Victorian Residence with four levels. Room for 4 to 5 units on corner lot. Currently used as a House of Worship. Bedrooms converted to open area. Columbia Heights neighborhood close to Metro Bus & Rail, Grocery Stores, Restaurants, Shopping. Settlement to coincide with purchase by seller at Avalon Settlements SS, MD.”

You can see a virtual tour here.

Offers were due Friday with the asking price of $2,000,000.

  • Anonymous

    Well, that’s rather… ambitious.

  • Another church just sold at 13th and H St NE for $2.2M earlier this month.

    • Anonymous

      This isn’t H Street … ;-)

      • That Man A

        That would have been my point haha

        but the church id really love to buy is the one on Stanton Park that ha sbeen for sale for some time now
        im certain that one is going for more than 2 mill though

      • Anonymous

        That is at the far end of H St and this church is between two metros and a block to the 11th St. strip…I don’t see your point? The buildings could be quite different as well.

        • My point was that another church recently sold at a similar price point. I made no assertions of neighborhood or value.

      • Marcus Aurelius

        It’s not H St but it’s a block away from the restaurant strip on 11St, 3 blocks from the Columbia Heights strip, and 2 blocks from the Georgia Ave/Petworth strip (which is developing). So it’s a great location. But I think it’s priced too high for a developer to be able to buy it and turn it into a 4 or 5 unit building and make any kind of profit.

  • Jay

    I’m thinking no possible way, right? Looks like you’d need to do a gut renovation to convert this into a 4 unit building, and then you have to sell the units for more than $500,000 each just to cover the cost of acquiring the building? Maybe $600,000+ a piece to cover renovation costs and turn even a tiny profit? Unless there’s way, way, way more square footage there than I think, I can’t see how you can possibly build four $600k units in this location.

    • textdoc

      Yeah, I’m thinking similarly. If the property is $2M to start with, the developer is going to have to charge a LOT for the units just to recoup costs, let alone make a profit.

  • Anonymous

    I think what is missing is that the building immediately to the right of the church is also included in the sale. I believe that is the reference to the “spacious Victorian residence with four levels.” I know in fact that the next door building is owned by the church so I assume they are selling them together, which makes the price tag less preposterous.

    • quincy dude

      Looking at the zoning map (http://maps.dcoz.dc.gov/), I don’t believe that’s the case. Each of the adjoining properties has a different owner listed (not the church). I believe they’re referring to the church itself as the 4-level Victorian.

      That said, there is a gutted/flipped property around the corner on NH ave that split a rowhouse into two 2-floor units, and they’re asking 750 and 820 each (which I can’t imagine how on earth they’ll imagine they can possibly get). I do think you could put 4 decent sized units in here, and if you did a top notch renovation, could sell them at over 500k each (purely based on the location). But that still doesn’t add up for the amount of work it’s going to take it get it done.

      • JS

        The crazy thing is they wanted 899K and 799K when those units first went on the market.

    • BS

      are you thinking of the church on Park that recently re-did the rentals adjacent to it?

  • Eponymous

    Wow… creeptastic. Here’s hoping that it is converted for some socially useful (or at least taxable) purpose.

  • Anonymous

    To offset the multimillion dollar mortgage, keep the church designation and offer $10 all day illegal parking to your “parishioners”.

  • MLSDC

    I think it’s beautiful. It doesn’t look like a church.

    • quincy dude

      i like the tower in the front. i wouldn’t , however, characterize the addition on the back or the aluminium siding as beautiful.

  • JB

    The listing does not include the 4 level apartment building next door. And according to my neighborhood sources, it is not owned by the church.

    I think it will make 4 decent sized condos, so I think the $2mil price is ambitious. My guess is $1.5 mil.

×

Subscribe to our mailing list