The site of a prominent Northeast D.C. grocery store has hit the market, billed as a redevelopment opportunity that would likely see the shop shutter once the property sells.
The property owner, an affiliate controlled by Joon Sang Lee of Texas, has retained commercial brokerage Feldman Ruel to market for sale the 0.2-acre property at 1201 Mt. Olivet Road NE in Trinidad, home to the 3,000-square-foot Northeast Supermarket.
Located at the corner of Mt. Olivet Road and Montello Avenue NE near Mount Olivet Cemetery and the National Arboretum, the site will be delivered vacant at closing, providing the next owner immediate occupancy, according to marketing materials.
The property has a 2026 assessed value of $1.8 million, according to the Office of Tax and Revenue. The asking price is $1.99 million. The affiliate acquired the property for $1.3 million in 2015, according to D.C.’s Recorder of Deeds.
The owner did not immediately return a request for comment.
The corner location “offers strong visibility for an owner-user or tenant, while also presenting significant redevelopment potential,” per the marketing. The site’s zoning permits mixed-use development.
It’s also possible for a potential buyer to redevelop the site with another grocery store, according to Ian Ruel of Feldman Ruel.
“My expectation is that it ends up being some sort of user that I think appreciates the existing building that's there, and the fact that it's on a corner and the visibility, but also appreciates the longer term redevelopment potential,” Ruel told me.
The property, which has been on the market for a few weeks, has caught the eye of primarily owner-operators, along with a few more “speculative investors and developers that are poking around,” Ruel said.
The single-story grocery store was built in 1955 and was renovated in 2014. The site comes with nine striped parking spaces.
The property is located about a mile from both the H Street Corridor and Union Market and is about two miles north of the RFK campus, marketing materials note, which D.C. and the Washington Commanders are redeveloping with a new stadium and mixed-use. The stadium is slated to open in 2030.