8700 1st Ave

Investment Highlights

A 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.

• Sale Type    Investment
• Sale Condition    Redevelopment Project
• Property Type    Office Office General Retail Convenience Store General Retail Restaurant General Retail Storefront Retail/Residential Office
• Building Size    2,529
• Building Class    C
• Year Built    1937
• Price    3,950,000
• Price Per SF    1,562
• Tenancy    Single
• Building Height    2 Stories
• Typical Floor Size    1,265
• Slab To Slab    9?
• Building FAR    0.28
• Land Acres    0.21 AC

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