Three-Building Multifamily Development
For Sale
$2,950,000
1315 E Deer Park E, Gaithersburg, MD 20877
Three-building campus in RB zoning, offering existing income and an adaptive-reuse path for additional condominium units.
Property SizeContact for details
Days on Market162
Property Features for 1315 E Deer Park E
General Information
Standard status
Active
Property subtype
Commercial
Zoning
RB
Occupancy
80%
Lease Term
[]
Building Details
Year Built
1970
Listing Agency:
RE/MAX Realty Centre,Inc.
(301) 774-5900
Listed By:
J. Larry Galey · License #5299
Source:
Deepcreeklake
Added: Mar 14
Changed: Aug 21
Last Checked: Aug 21 at 11:28AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RE/MAX Realty Centre,Inc.
Investment Insights
Based on property information with market context.
The East Deer Park campus consists of three apartment buildings presented as a multi-phase development opportunity in RB zoning. The zoning allows for adaptive reuse and establishes a maximum building footprint of 17,847 square feet, equal to 30% of the site. The campus is currently approximately 60% leased, with a stated projection to reach 80% occupancy within the next 60 days.
Located in Deer Park, the campus is described as being within one block of an active two-over-two condominium community, with units currently selling starting at $600,000 (subject to City of Gaithersburg approval for the East Deer Park concept). The property is also described as benefiting from proximity to the MARC train station, Olde Town Gaithersburg, the Shady Grove Metro, the ICC, and the I-270 corridor, along with marketing exposure along North Frederick Avenue.
For investors or operators, this offering combines in-place multifamily occupancy with a supported redevelopment framework through RB zoning. The provided redevelopment concept indicates potential for up to 34 additional two-over-two condominium units, pending municipal approval. The campus format and current leasing provide a practical foundation for an investor seeking a buy-and-hold strategy alongside an authorized expansion pathway.
Located in Deer Park, the campus is described as being within one block of an active two-over-two condominium community, with units currently selling starting at $600,000 (subject to City of Gaithersburg approval for the East Deer Park concept). The property is also described as benefiting from proximity to the MARC train station, Olde Town Gaithersburg, the Shady Grove Metro, the ICC, and the I-270 corridor, along with marketing exposure along North Frederick Avenue.
For investors or operators, this offering combines in-place multifamily occupancy with a supported redevelopment framework through RB zoning. The provided redevelopment concept indicates potential for up to 34 additional two-over-two condominium units, pending municipal approval. The campus format and current leasing provide a practical foundation for an investor seeking a buy-and-hold strategy alongside an authorized expansion pathway.
Key Highlights
- Three‑building campus with RB zoning, built in 1970
- RB zoning permits adaptive reuse with a maximum building footprint of 17,847 SF (30% of the site)
- Potential for up to 34 additional similar two‑over‑two condominium units (subject to City of Gaithersburg approval)
Property Analytics
Property Profile
Current Use
Lease Details
80%
Occupancy
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 20877, MD
37,577
Population
13,599
Households
2.8
Avg Household Size
36
Median Age
35%
College-Educated
76%
High-School Grad
5.6 sq mi
ZIP Area
6,710
Density / Sq Mi
$86,103
Median Household Income
$39,341
Median Earnings
$1,862
Median Rent
$462,500
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Three-building campus in RB zoning, offering existing income and an adaptive-reuse path for additional condominium units.
Where is this apartment building located?
The property is located at 1315 E Deer Park E Gaithersburg, MD.
What is the asking price?
The asking price for this property is $2,950,000.
What are key features of this property?
This property features: Three‑building campus with RB zoning, built in 1970; RB zoning permits adaptive reuse with a maximum building footprint of 17,847 SF (30% of the site); Potential for up to 34 additional similar two‑over‑two condominium units (subject to City of Gaithersburg approval)
