101 Chestnut St, Unit 1B Gaithersburg, MD 20877-2139

Property Details for 101 Chestnut St

Lot size

0.08 lot acres

Property size

1,051 SF

Zone code

RB

Property type

Commercial real estate

APN

09-02183903

APU

902183903

Description

This 984 square foot Class B office condo in Gaithersburg, MD, presents a compelling investment opportunity. Located on the desirable first floor of a well-maintained building (renovated in 2016, new roof and parking lot in recent years), this property boasts two exterior entrances, ample natural light, and plentiful free parking. Currently 100% occupied by a corporate-guaranteed tenant under a triple net (NN+) lease with a remaining term of four years (expiring 11/29/2028), the lease includes annual rent bumps of 3%. The tenant covers all utilities, repairs, and maintenance, minimizing landlord responsibilities. The landlord is responsible for base year taxes and condo fees. The property features four large offices, a reception area, and a private restroom. Situated in a HUBZone and Opportunity Zone, this location offers significant tax advantages and attracts government contractors. The asking price is $279,995, representing a $284.55 price per square foot and a 7.31% cap rate (including estimated tax benefits). This property is ideal for owner-users seeking a turnkey operation or investors looking for a stable, long-term income stream with significant upside potential. The current owner invested approximately $20,000 in renovations. The lease has flexibility for a buyer, allowing for either continuation of the existing lease or termination for owner-occupancy. The property's prime location near the Montgomery County Fairgrounds, restaurants, shopping, and major roadways (I-270 and Route 355) adds to its appeal.