LeDroit Market Building For Sale (Again)

by Prince Of Petworth August 5, 2015 at 3:45 pm 12 Comments

1901 4th Street, NW

The LeDroit Market just reopened in January. Thanks to a reader for the heads up – that the building for sale again but note “Market has just started a 5 year lease with additional 5 year option”:

“Amazing opportunity to own and live in an historic landmark building. Ledroit Park market is downstairs and luxurious 3 bedroom, 2 bath owners unit with top notch renovations upstairs. This property features a gourmet kitchen, custom master bath, huge deck and a private garage with extra storage. Market has just started a 5 year lease with additional 5 year option. Steps to everything.”

It’s going for $1,799,000.

  • Erin

    Seriously?? This location is DOOMED

    • B’Dale

      Erin (@3:48), this may actually be a sign of good things. About a year ago, the upstairs was stripped to the studs. The store set up around the same time as the renovations took place upstairs, from what I could tell. If the owner of the building is different than the owner of the store, then the owner of the building could be looking to sell the building with the existing lease. In fact, that makes it more desirable because the purchaser has income from the day of close going forward, all without having to conduct any marketing or spend other resources to fill the space on the first floor with a paying tenant.

  • Truxton Thomas

    But it’s the building, not the business, right?

    • Shan

      I think that’s right. The listing says: “Market has just started a 5 year lease with additional 5 year option.” So it seems that the Market should keep running as is, and the buyer would just take over that lease.

    • nate

      Right. When the building last sold, I think the upper floors were mostly unfinished (looked like it from the street too). Now they’ve finished them.

      • petworther

        Wether this is a good deal depends heavily on the income from that lease. It’s also a decent amount of risk since the loss of rental income could be pretty devastating.

  • James

    The building changed hands in April 2014. After securing a (presumably) successful tenant, they have raised the price by a $1 Million over what they paid. If the Market was struggling, there’s no way anyone would pay that level of appreciation.

    • Neighbor

      They also finished the residential unit upstairs (in a rather awkward manner). The developer is just trying to cash in on the quick flip + secured tenant.
      (I really pined for this building back when it was on the market tenantless and in unrenovated form.)

  • JS

    That stone wall…no.

  • mail

    the upstairs renovation is BIZARRE.

  • anon

    the pictures don’t do justice to the renovation. i went to the open house and it is actually far more hideous. i went to the open house and could not believe the tastelessness.

  • Anon

    That’s a shame. This could have been an INCREDIBLE property.


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