101 Chestnut St
Gaithersburg, MD 20877
Chestnut Court Condominium · Office Property For Sale

Major Price Reduction! Why Rent when you can Own! Motivated Seller. This rarely available first floor approximately 1,000 Sq Ft Office has front and rear entrances. There is currently a Tenant who has been there since YR 2019 and has Renewed Early for the 3rd Time and their Lease now extends to 11/30/28 however the Lease has flexibility for a Buyer since there is an option in the Lease for the New Owner to maintain the current Renewed Favorable Lease or terminate the Lease if they wish to be an Owner Occupant Buyer! Minimal Landlord Responsibilities. NNN Lease except The Landlord pays base YR (2019) real estate taxes and condo fees. Tenant pays any increase from Base YR real estate taxes and condo fees. Lease includes annual increases of 4%. Tenant pays for repairs as well as Utilities (Water and Electric), Cleaning and upkeep. The Current owner invested approximately 20K in renovations for the property. This is rare opportunity to own the most prized area of any building (the 1st Floor Retail/Medical office space) without having the challenges of leasing or owning standard higher floors office space. This Beautiful Office Condo Community located next to the Historic Chestnut Meem District is a hidden gem in Montgomery County, MD. This first floor Office Condo located in Suite 120 (5A) has 4 large windowed offices, a reception area, private restroom, 2 exterior entrances and free and plentiful parking. The community just reinvested in a new roof, gutters and repaving of the parking lot. Excellent location near Montgomery County Fair Grounds, restaurants, shopping and very close to both 355 and I-270. This property is located in a Tax advantaged Opportunity Zone creating an attractive long term real estate investment. This property is also located in a Federally Designated HUBZone area which is an excellent opportunity for a long term tenant Government Contractor or an Owner/User Government Contractor who needs that location status or simply a professional business that enjoys first floor walk in accommodations! Cap rate includes estimated tax benefits in the calculation. Great long term stable investment opportunity or excellent Owner-Occupied opportunity to build equity and provide a financial nest egg for your future.