7961 EASTERN AVE, Silver Spring, MD 20910 – MDMC2130998

Silver Spring, MD 20910,7961 EASTERN AVE

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Joseph Lam

sales@soldbyturnkey.com +1(856) 305-8329

$3,225,000

Est. payment - /mo

16,560 SqFt

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UPDATED:

09/07/2024 07:50 AM

Key Details

Property Type Commercial

Sub Type Five Or More Units

Listing Status Active

Purchase Type For Sale

Square Footage 16,560 sqft

Price per Sqft $194

Subdivision Downtown Silver Spring

MLS Listing ID MDMC2130998

Originating Board BRIGHT

Year Built 1956

Annual Tax Amount $31,891

Tax Year 2024

Lot Size 6,000 Sqft

Acres 0.14

Property 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

Location

State MD

County Montgomery

Zoning CR3.0

Interior

Hot Water 60+ Gallon Tank, Natural Gas

Heating Other

Cooling Central A/C

Flooring Concrete, Slate, Stone

Heat Source Natural Gas

Exterior

Water Access N

Roof Type Flat,Rubber

Accessibility 48\"+ Halls

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Montgomery County Public Schools

Others

Tax ID 161301040400

Ownership Fee Simple

SqFt Source Assessor

Acceptable Financing Conventional

Listing Terms Conventional

Financing Conventional

Special Listing Condition Standard

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Listed by Monique A Walker • Fleur de Lis, LLC

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Joseph Lam

+1(856) 305-8329

Broker Associate | License ID: 0682262

Broker Associate License ID: 0682262