7961 Eastern Ave NW Silver Spring, MD 20910

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.