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8700 1st Ave
Silver Spring, MD 20910
Land For Sale
·
0.21 AC
INVESTMENT HIGHLIGHTS
- Development Site in Downtown Silver Spring Zoned CR 5.0 Allows for 90,000 Buildable Square Feet
- Located Six Blocks from the Silver Spring Metro Station. A Station that will Soon be Home to the District's new Purple Line
- Ability to Develop Approximately 100 Apartment or Condo Units and First Floor Retail Space
- Located Within Walking Distance to The AFI Silver Theatre and Cultural Center, The Fillmore Silver Spring, and other commercial businesses in Downtown
EXECUTIVE SUMMARY
Marcus & Millichap is pleased to exclusively represent the owner of 8700 1st Avenue, Silver Spring, MD 20910. This property is situated on a .21-acre lot in the heart of
downtown Silver Spring. This site is zoned CR-5.0, HT 175 with an FAR basis of 18,316 square feet. Thus, allowing the opportunity to build over 90,000 square feet of
apartment or condominium units and first floor retail space.
8700 1st Avenue allows the opportunity to purchase a mixed-use development site within walking distance to the Silver Spring metro station which will soon be home to
the Washington D.C. metro’s new Purple Line. Thus, making this site accessible to D.C. in a matter of minutes. In addition, the site sits just blocks away from
entertainment options such as The AFI Silver Theatre and Cultural Center, The Fillmore, Dave & Busters, and many other downtown retailers.
The centrality of this parcel in Montgomery County in relation to its retail hotbed drives a strong tenant demand and therefore favorable market rate rents. Once fully
stabilized, the building is projected to operate at an NOI of over $2,400,000 with a fully stabilized value of over $41M.
This site is one of the last undeveloped sites in downtown Silver Spring. Silver Spring has been a hotbed for development over the past five years, attracting attention
from national development firms such as Foulger Pratt. Foulger Pratt described Downtown Silver Spring as a “vibrant transit-oriented” locale, and such sentiment has
been backed by the Montgomery County government, who recently approved a plan to “increase zoning flexibility and heights to encourage market-driven
development”.
Currently, 58% of Silver Spring residents hold a bachelor’s degree or a postgraduate certification and the average household income is $92,000. This thriving downtown
submarket is densely populated with a multitude of Big Box retail tenants, restaurants, new residential development and a very active art scene.
downtown Silver Spring. This site is zoned CR-5.0, HT 175 with an FAR basis of 18,316 square feet. Thus, allowing the opportunity to build over 90,000 square feet of
apartment or condominium units and first floor retail space.
8700 1st Avenue allows the opportunity to purchase a mixed-use development site within walking distance to the Silver Spring metro station which will soon be home to
the Washington D.C. metro’s new Purple Line. Thus, making this site accessible to D.C. in a matter of minutes. In addition, the site sits just blocks away from
entertainment options such as The AFI Silver Theatre and Cultural Center, The Fillmore, Dave & Busters, and many other downtown retailers.
The centrality of this parcel in Montgomery County in relation to its retail hotbed drives a strong tenant demand and therefore favorable market rate rents. Once fully
stabilized, the building is projected to operate at an NOI of over $2,400,000 with a fully stabilized value of over $41M.
This site is one of the last undeveloped sites in downtown Silver Spring. Silver Spring has been a hotbed for development over the past five years, attracting attention
from national development firms such as Foulger Pratt. Foulger Pratt described Downtown Silver Spring as a “vibrant transit-oriented” locale, and such sentiment has
been backed by the Montgomery County government, who recently approved a plan to “increase zoning flexibility and heights to encourage market-driven
development”.
Currently, 58% of Silver Spring residents hold a bachelor’s degree or a postgraduate certification and the average household income is $92,000. This thriving downtown
submarket is densely populated with a multitude of Big Box retail tenants, restaurants, new residential development and a very active art scene.
PROPERTY FACTS
1 LOT AVAILABLE
Lot
| Lot Size | 0.21 AC |
| Lot Size | 0.21 AC |
9,000+ Square Foot Corner Lot with 5.0 FAR with a 2x Stepped-up FAR Basis. Located on the corner of 1st Avenue and Fenwick Lane in Downtown Silver Spring.
PROPERTY TAXES
| Parcel Number | 13-01090084 | Improvements Assessment | $0 |
| Land Assessment | $0 | Total Assessment | $1,227,200 |
PROPERTY TAXES
Parcel Number
13-01090084
Land Assessment
$0
Improvements Assessment
$0
Total Assessment
$1,227,200
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