Silver Spring Mixed-Use Redevelopment
For Sale
$1,999,999
7961 EASTERN Ave, Silver Spring, MD 20910
Value-add mixed-use redevelopment in Silver Spring's Opportunity Zone.
Property Size16,000 SF
Lot Size0.14 Acres
Price / SF$124
Days on Market152
Property Features for 7961 EASTERN Ave
General Information
Standard status
Active
Size
16,000 SF
Lot size
0.14 Acres
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$31,891
Building Details
Year Built
1956
Units
8
Listing Agency:
FLEUR DE LIS, LLC
(301) 523-0193
Listed By:
Monique A Walker · License #BR98379354
(301) 523-0193
Source:
Elliman
Added: Mar 11
Changed: Aug 8
Last Checked: Aug 8 at 6:23AM
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 FLEUR DE LIS, LLC
Investment Insights
Based on property information with market context.
Located in downtown Silver Spring, this property presents a value-add mixed-use redevelopment opportunity within an Opportunity Zone. The property, an office building, benefits from a newly up-zoned Commercial Residential Zone and is situated near Metro rail and Metro bus lines on Eastern Avenue, bordering Washington, DC. It is located in a Priority Funding Area and benefits from the expansion of uses per the 2022 Amended Comprehensive Plan through the Silver Spring Downtown and Adjacent Comprehensive Plan, allowing for a 4 FAR or 24,000 SQFT building potential. The building is currently 16,000+/- SQFT. Approved Zoning Code Amendments make this location suitable for repositioning or redevelopment. Approved transit and roadway improvements will allow for greater connectivity throughout the 8 distinct districts making up Downtown Silver Spring. Environmentally and security-focused design on the multi-modal trails/paths and roadways emphasize 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. Recent 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.
Key Highlights
- High Redevelopment Potential: Newly up‑zoned Commercial Residential Zone with 4 FAR (24,000 SQFT potential) and approved Zoning Code Amendments.
- Opportunity Zone & Priority Funding Area: Located in an Opportunity Zone and Priority Funding Area, offering potential tax and financial benefits.
- Mixed‑Use Redevelopment: Proximity to Kennett Street Garage & Parking Lot opens opportunities for diverse redevelopment possibilities (Institutional, Residential, Health, Education, etc.).
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,464
Businesses Nearby
Explore this area
Business Placement
Demographics for 20910, MD
45,610
Population
23,209
Households
2
Avg Household Size
36
Median Age
74%
College-Educated
95%
High-School Grad
4.6 sq mi
ZIP Area
9,915
Density / Sq Mi
$107,994
Median Household Income
$70,022
Median Earnings
$1,992
Median Rent
$690,900
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Value-add mixed-use redevelopment in Silver Spring's Opportunity Zone.
Where is this mixed-use property located?
The property is located at 7961 EASTERN Ave Silver Spring, MD.
What is the asking price?
The asking price for this property is $1,999,999.
What are key features of this property?
This property features: High Redevelopment Potential: Newly up‑zoned Commercial Residential Zone with 4 FAR (24,000 SQFT potential) and approved Zoning Code Amendments.; Opportunity Zone & Priority Funding Area: Located in an Opportunity Zone and Priority Funding Area, offering potential tax and financial benefits.; Mixed‑Use Redevelopment: Proximity to Kennett Street Garage & Parking Lot opens opportunities for diverse redevelopment possibilities (Institutional, Residential, Health, Education, etc.).
