Active

7961 Eastern Ave

Silver Spring MD, 20910

$3,225,000


$194.75 per sqft

Active

16,560 sqft

Commercial

Built in 1956

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

MDMC2130998

MLS ID

May 6, 2024

Listed

July 14, 2024

Updated

Map

7961 Eastern Ave
Silver Spring MD, 20910

Interior Features

Total Stories

3


Interior Features

Concrete


Floor Description

Concrete


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Natural Gas

Exterior/Building Features

Lot Size

0.14 Acres


Roof

Rubber


Sewer

Public Sewer

Other Property Details

Taxes

$31,886


Tax Frequency

Annually


Days on Market

9


Garage

No


Parking

On Street


View

No


County

MONTGOMERY


Water Source

Public


Pool

No

Listed by Monique A Walker, with Fleur de Lis, LLC
Listing Contact: 3015230193 

The IDX display contains information sourced from the Bright MLS, Inc. as of 7/14/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

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Data last updated on 7/14/2024 at 6:32 AM UTC

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