Price now includes 1 parking space! Talk about a profit margin! This shovel-ready MU-4 property includes all the architectural, structural, & MEP PLANS with PERMITS to build a 6 unit, 4,501 sq ft Condominium Building. Email the listing agent for a copy of a construction budget quoting less than $850,000 to complete the build. Seller also willing to share tradespeople to help create a smooth project transition. This project can be built out in 12 months or less which means there is less guesswork regarding future demand & changing economic factors, yay (and fewer months of interest to pay on a construction loan)! This project was appraised & pre-approved by Capital Bank, email listing agent for more information. ------------------ The lot is zoned MU-4 & totals 1,240 sq ft. According to the Plans (available in Docs), the Area Schedule (FAR) is 3,076 sq ft and the Area Schedule (GBA) is 4,529 sq ft. ------------------ Unit 1 is designed as a 712 sq ft two bedroom, two bathroom condo. Unit 2 is a 469 sq ft one bedroom, one bathroom condo. Unit 3 is a 574 sq ft one bedroom, one bathroom ground floor commercial space. Unit 4 is a 463 sq ft one bedroom, one bathroom. Unit 5 is a 689 sq ft two bedroom, one bathroom condo. Unit 6 is a 1,264 sq ft three bedroom, 2 bathroom condo. There is a private roof deck on the 2nd and 3rd floors, a balcony on the 4th floor, and a private roof deck at the penthouse level. Consider working with riversmart homes to make the green rooftop and it may be subsidized. ------------------ Directly to the South, 7700 Georgia Ave NW is a newly completed 33-unit condominium building. All 33 units combined are selling for $16,600,800 with an average unit price of $503,055. ------------------ Another great example of new construction resale values is the recently built Brooks Condominiums located at 6803 Cameron Dr NW. These 2bd/2ba condos sold from $639,900 to $943,200. The average closed sales price was $760,114 and the average sold price/sqft was $724.14. ------------------ Multiply the average price/sqft ($724.14) by the sellable sq ft of this development (4,171 sq ft) and the ARV is $3,020,388. This indicates a huge spread from the asking price! ------------------ The project is centrally located in the coveted Shepherd Park neighborhood of DC across the street from the Tomoka Coffee House on Georgia Ave NW. Thanks to its sought after location, future residents will enjoy all that Downtown Silver Spring and Takoma Park have to offer: shops, restaurants, gyms, parks, Farmer’s market, grocery stores, The Commas Food Hall, AFI Theater, The Fillmore, and all the new development at The Parks at Historic Walter Reed (a one billion dollar project that will feature a combination of over three million square feet of dining, retail, office space, residential, and over 20 acres of open space). ------------------ Everyone loves fresh air. Future owner’s can enjoy time outdoors jogging, biking, horseback riding, and various playgrounds and picnic sites at nearby Rock Creek Park, Juniper Trailhead, and Jesup Blair Park. ------------------ Located on several main arteries, with quick access to downtown DC, just a 15 minute walk to the Silver Spring Metro Station (Red Line and future Purple Line), and less than 2.5 miles from the 495 beltway; this neighborhood provides easy accessibility for any commuter. With a walkscore of 90 (walker’s paradise), most errands can be accomplished on foot. And as The Parks at Historic Walter Reed are completed, that score is only going to go up. ------------------ Dining in Silver Spring is extremely varied, including American, African, Burmese, Ethiopian, Moroccan, Italian, Mexican, Salvadoran, Jamaican, Vietnamese, Lebanese, Thai, Persian, Chinese, Indian, Greek, and fusion restaurants, as well as many national and regional chains. ------------------- Disclaimer: All information is deemed reliable but not guaranteed; buyer to do their own due diligence.
Courtesy of: RLAH @properties Listing information provided courtesy of the Bright MLS. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS. Updated: 8th August, 2022 1:46 AM (UTC)