7961 Eastern Ave NW Silver Spring, MD 20910
Property profile & analytics
7961 Eastern Ave NW Silver Spring, MD 20910
- Office buildings
- 16,560 SF
- 0.14 lot acres
Property ID
US40-1254054
The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.
Location Intelligence
Current Use by Public Records
- Lance Bailey & associates Inc / Architect / Design
- King-13th Street Garage / Parking Lot & Garage
- Hebret Mutual Aid Society / Association Or Organization
- Lance Bailey & Associates / Architect
Property Details for 7961 Eastern Ave NW
- Year built
- 1956
- Construction
- BRICK
- Lot size
- 0.14 lot acres
- Property size
- 16,560 SF
- Zone code
- CR3.0
- Property type
- Office buildings
- APN
- 13-01040400
- APU
- 1301040400
Description
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.
Value Estimations
based on Realmo’s proprietary methodology
-
CAP approach
- CAP Return
- Estimation
- 6%
- $3,600,000
- 6.5%
- $3,320,000
- 7%
- $3,085,000
-
Comparable approach
- Method
- Estimation
- Statistic Estimate
- $5,493,000
- AI Estimate
- $5,997,000
Market price range: $4.43M - $11.9MMarket price range: $3.79M - $16.6M -
Alternative Use
- Use
- Estimation
- OFFICE BUILDING
- $7,640,000 Current use
- INDUSTRIAL (GENERAL)
- $7,890,000 Change: +3% Conversion: Difficult
- RETAIL STORES
- $7,325,000 Change: -4% Conversion: Moderate
- COMMERCIAL (GENERAL)
- $6,420,000 Change: -16% Conversion: Easy
Get a detailed, property-specific estimation — fast and free
Location Insight
- Map
- Local Demand
- City
- Silver Spring
- County
- Montgomery
- State
- Maryland
- Longitude
- -77.03
- Latitude
- 38.9876
- CBSA code
- 47900
- CBSA name
- WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA
Property Tax & Assessments
Tax date
Tax Amount
Assessed Land Value
Assessed Improvement Value
Total Assessed Value
Applied Tax Rate
Land Market Value
Improvement Market Value
Total Market Value
2022
$35,672
$450,400
$2,149,600
$2,600,000
-
$450,400
$2,149,600
$2,600,000
