The Elbo Room building hit the market Monday for $4.2 million, spurring what has now become a common refrain: Is this the end of Elbo Room?
The two-story, 5,250-square-foot building, with a bar and music venue on the ground floor and three housing units above, is being marketed as a “Commercial space with approved site permit for future development on prime Valencia Street location.”
“This could be a great chance for an owner to have a great return on their investment,” according to the marketing materials.
Indeed, the owners, Susan and Dennis Ring, have owned the building since 1991, and in 2014 decided to entitle the property, which now allows a developer to erect a five-story, seven-unit condo building with four parking spaces.
In other words, the site is plug-and-play for any would-be developer.
Back in 2014, however, that is not what Susan Ring told community members. Their plans then: Move into one of the condos.
“This is part of our vision for ourselves, for my husband and I to spend the rest of our days,” Susan Ring told community members in November 2014, when she and her husband, Dennis Ring, presented their plans for the site.
Mission Local revealed in February that the Rings have repeatedly evicted tenants from their properties by moving into the units, and then subsequently flipped the properties. All told, the Rings have evicted tenants on at least four separate occasions to turn a profit.
With the Elbo Room plans, the Rings placated community criticism by saying they wanted to retire in one of the condos they planned to build on Valencia. Now, it turns out, they were only turning the building into a development opportunity.
“We don’t have any comment,” Susan Ring told Mission Local on Tuesday. Ring, a real estate agent, is also the broker for the property.
Some experts, however, believe that the Rings could have a difficult time selling the property with its current $4.2 million price tag — citing high construction, capital, and carrying costs.
This is the latest in a long saga with the Rings and Elbo Room that began with Dennis Ring founding the popular bar on the corner of Valencia and Sycamore in the 1990s.