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    7961 Eastern Ave Silver Spring, MD 20910

    For Sale
    $3,225,000

    Downtown Mixed-Use Opportunity Zone

    Property size:
    16,560 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    370
    This exceptional mixed-use property, located at 7961 Eastern Ave NW in Silver Spring, MD 20910, presents a compelling redevelopment opportunity. The 16,560 square foot, three-story building, constructed in 1956, sits on a 6,000 square foot lot and is currently vacant. Priced at $3,225,000 ($194.75/sq ft), it offers significant potential. The property boasts a B-class designation and is situated within a designated Opportunity Zone. Its current zoning (CR-3, C-3, R-3, H-125) allows for a wide range of uses, including residential, commercial, and institutional. The land value alone is $68/SF. Recent zoning amendments and the 2022 Amended Comprehensive Plan for Silver Spring Downtown significantly increase development potential, allowing for a 4 FAR or 24,000 square foot building. The property benefits from its proximity to public transportation, including Metro rail and bus lines, and is enhanced by approved transit and roadway improvements. These improvements focus on enhanced connectivity, storm water management, and pedestrian-friendly design. Furthermore, recent Montgomery County legislation allows for increased density in this split-zoned location. The property's proximity to the Kennett Street Garage and Parking Lot further expands redevelopment possibilities. This fee-simple sale presents a unique chance to capitalize on the vibrant Silver Spring market and its strategic location bordering Washington, DC. The property is being sold vacant.

    Property Features for 7961 Eastern Ave

    General Information

    Property type
    Mixed-use properties
    Square Feet
    16,560 SF
    Class
    B

    Building Details

    Year Built
    1956
    Stories
    3
    Units
    6

    HighLights

    • Fee‑simple sale; vacant building conveyance.
    • 16,560 SF, three‑story building on a 6,000 SF lot in Silver Spring, MD.
    • $3,225,000 asking price ($194.75/SF); $68/SF land value.
    • B‑class designation; located in an Opportunity Zone.
    • CR‑3, C‑3, R‑3, H‑125 zoning allows diverse uses; 4 FAR potential (24,000 SF).
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Lance Bailey & associates ... Architect King-13th Street Garage Parking Garage Hebret Mutual Aid ... Association Or Organization Lance Bailey & Associates Architect

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Silver Spring
    County
    Montgomery
    State
    Maryland
    Longitude
    -77.029925073975
    Latitude
    38.987531421439

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    FAQs

    What type of property is this?
    Mixed-use property - Downtown Mixed-Use 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 $3,225,000.
    What are key features of this property?
    This property features: Fee-simple sale; vacant building conveyance.; 16,560 SF, three-story building on a 6,000 SF lot in Silver Spring, MD.; $3,225,000 asking price ($194.75/SF); $68/SF land value.
    Request Owner's contact information
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    7961 Eastern Ave Silver Spring, MD 20910
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