7961 EASTERN AVE Active Save Request In-Person Tour Request Virtual Tour
Silver Spring,MD 20910
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