$3,225,000
7961 Eastern Ave, Silver Spring, 20910
MLS Number: Mdmc2130998
Standard Status: Active
Community: Downtown Silver Spring
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
Contact Mike McCarthy
Exterior Features
Construction Materials
Block, brick
Roof
Flat, rubber
Interior Features
Heating
Other
Heating Fuel
Natural Gas
Cooling
Central A/c
Hot Water
60+ Gallon Tank, natural Gas
Flooring
Concrete, slate, stone
Additional Details
Acres
0.14
Year Built
1956
New Construction
No
Property Type
Commercial Sale
County
Montgomery
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Listing courtesy of Fleur De Lis, Llc.