$194.75 Per Sq Foot $17,312 est/mo Sourced by Back At You

7961 Eastern Ave,Silver Spring, MD 20910

Silver Spring MD, 20910

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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

Details

MLS#MDMC2130998
Listing TypeFor Sale
Building NameNONE AVAILABLE
Sub-TypeResale
StatusActive
Year1956
Days On Site14
Listing Provided ByFleur de Lis, LLC | Monique A Walker

Features

SQ Feet16,560
ZoningCR3.0
Acreage0.14

Market Activity 20910

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Listings Checked: 1 minute ago
StateMD
CountyMontgomery
CitySilver Spring
Zip Code20910
Community NameDowntown Silver Spring
School DistrictMontgomery County Public Schools
Listing VS Median (in Downtown Silver Spring)
Price:
$3,225,000
low | high
Med:
$259,900
100% of Average
SqFt:
16,560
low | high
Med:
549
100% of Average
$ / SqFt:
$195
low | high
Med:
$473
93.088575422544% of Average
On Site:
14
low | high
Med:
26.000000
53.846153846154% of Average
Sourced by Back At You
Listing Updated: May 14, 2024 at 3:33:06 PM PDT