7961 EASTERN AVENUE, SILVER SPRING, MD 20910
DOWNTOWN SILVER SPRING · MONTGOMERY County
Key Facts
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
Property Information
Property Type
Commercial Sale
Year Built
1956
Stories
3
Living Area
16,560 sq ft
Lot Size
0.14 acres
Zoning
CR3.0
Days on Market
772
MLS® Listing#
MDMC2130998
Property Features
Appliances
Cooling
Heating
Flooring
Parking
Construction
Roof
Sewer
Water Source
Schools
- District:
- MONTGOMERY COUNTY PUBLIC SCHOOLS
Financial Details
Annual Taxes
$31,891
Tax year 2024
Assessed Value
$2,600,000
Parcel Number
161301040400
Directions
Eastern Avenue District of Columbia/Maryland border, adjacent to the Kennett Street Garage with nearly 600 parking spaces.
Affordability Calculator
$400,000
Estimated monthly payment
$10,645/mo
Principal $1,600,000 · Est. interest $2,232,142 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in SILVER SPRING, MD
- $430,612
- Median Listing Price
- 51
- Median Days on Market
- 1,438
- Median Sq Ft
- $268
- Median Price / Sq Ft
- 450
- Active Listings
- This home’s price is 364% above the area median.
- Its price per sq ft is 55% below the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in SILVER SPRING, MD.
Location
Points of Interest in SILVER SPRING, MD
Showing the SILVER SPRING area map.
Nearby Schools
Quality Time Learning Center
School · 0.3 mi away
Shepherd Elementary School
Elementary · 0.3 mi away
Nora School
Secondary · 0.3 mi away
San Miguel School
Secondary · 0.4 mi away
Lowell School
Secondary · 0.5 mi away
Silver Spring Intermediate Park
School · 0.5 mi away
The Goddard School
School · 0.7 mi away
St. Michael's the Archangel Church
School · 0.8 mi away
East Silver Spring Elementary School
Elementary · 0.9 mi away
Chelsea School
School · 0.9 mi away
YMCA
Elementary · 0.9 mi away
Takoma Park Middle
Secondary · 0.9 mi away
Takoma Elementary School
Elementary · 0.9 mi away
Takoma Park Elementary School
Elementary · 1.0 mi away
DC International School
Secondary · 1.0 mi away
Primrose School at the Parks DC
School · 1.0 mi away
Primrose Schools
Elementary · 1.0 mi away
Sligo Creek Elementary School
Elementary · 1.1 mi away
Piney Branch Elementary School
Elementary · 1.2 mi away
Rock Creek Forest Elementary
Elementary · 1.2 mi away
Commute Calculator
Nearby Homes
Similar Homes Nearby
Similar Home Values
Comparable nearby listings and their asking prices.
| Address | Price | Beds | Baths | Sq Ft |
|---|---|---|---|---|
| 1419 ATWOOD ROAD, SILVER SPRING, MD | $1,500,000 | 5 | 6 | 5,086 |
| 11915 COVE ROAD, CLEAR SPRING, MD | $1,599,000 | 3 | 3 | 2,546 |
| 110 GENEVA, SILVER SPRING, MD | $1,670,000 | 5 | 4 | — |
| 10400 LORAIN AVENUE, SILVER SPRING, MD | $2,150,000 | 14 | 8 | 4,954 |
Moving Cost Estimate
EXIT Agents in SILVER SPRING
Listing Courtesy: Fleur de Lis, LLC - 3017507040