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7961 Eastern Ave
For Sale $3,225,000
$3,225,000
- 8 Units
- Unknown Sq Ft
- 6,000 Sq Ft
- Unknown Cap Rate
Description
Downtown Silver Spring Value-Add Mixed-Use Redevelopment in Opportunity Zone
Purchase an office building in a newly up-zoned Commercial Residential Zone, in close proximity to Metro rail and Metro bus on well-traveled Eastern Avenue bordering Washington, DC. Property sits in a Priority Funding Area and benefits from recent expansion of uses per 2022 Amended Comprehensive Plan through the Silver Spring Downtown and Adjacent Comprehensive Plan. The amended plan allows for a 4 FAR or 24, 000 SQFT building potential. The building is currently 16,000+/- SQFT. Additionally, approved Zoning Code Amendments make this location ripe for repositioning or redevelopment. Approved transit and roadway improvements are value-ads, as they will allow for greater connectivity throughout the 8 distinct districts making up Downtown Silver Spring. Moreover, environmentally and security-focused design on the multi-modal trails/paths and roadways have an emphasis on storm water management and cooling roadways mechanism like right of way rain gardens, and expansion of tree canopy on pedestrian connector roads, sidewalks and roadways.
Recently passed Montgomery County legislation will allow greater density in the split-zoned (CR-3, C-3, R-3, and H-125) location. Proximity to the abutting Kennett Street Garage & Parking Lot opens up opportunity for multiple redevelopment possibilities to include:
Institutional Uses
Residential
Health
Education
Philanthropic
Cultural
Charitable
Specialty Uses
Family Day Care Hospital Educational Private Club/Service Organization Religious Assembly
Restaurant Hotel/Motel Dental Labs Research and Development (R&D) Health Club Radio Facility
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,225,000 |
| Property Type | Multi-Family |
| Usable Sqft | Unknown |
| Number of Stories | 3 stories |
| Parking Spots | 0 spots |
| Year Built | 1956 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 161301040400 |
| MLS # | MDMC2130998 |
| Property ID | 320456068 |
| Lot Sqft | 6,000 |
| Zoning | CR3.0 |
| Total Units | 8 |
| Days on Market | 201 |
| Original List Price | Unknown |
| Date Updated | September 07, 2024 |
| Date Created | May 05, 2024 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Monique A Walker an agent of . Lic #35560
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Data last updated: November 22, 2024.
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