Property Attributes
- MLS#MDMC2036404
- TypeCommercial
- CountyMONTGOMERY
- CityGaithersburg
- Zip20877
- StyleMedical,/General Retail,Professional,Storage
- Year Built1984
- Taxes$ 2286
- Price$ 325,995
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage984
Data Source:
Bright MLS
Property Description
Tenant Renewed Early for 3rd Time 1st Floor Oppty/HUBZone Owner Occupant Oppty Approx. 1000 SF Gaithersburg MD Lease now extends to 11/30/28. Also, the Lease has flexibility for a Buyer since there is an option in the Lease for the New Owner to maintain the current Renewed Favorable Lease or terminate the Lease if they wish to be an Owner Occupant Buyer! Rarely available HUBZone/Opportunity Zone property. 1st floor location in this highly desirable business park. This Recession proof stable investment property is currently leased to a very successful established organization that has a diversified business portfolio including tax preparation services, translation services, vending machine sales and others. They outgrew their previous location and moved to this location in 2019 and signed an initial one year lease but renewed early three times now and the Lease now runs through 11/30/2028. Minimal Landlord Responsibilities. The Landlord pays base real estate taxes and condo fees. Tenant pays any increase from base real estate taxes and condo fees. Lease includes annual increases of 4%. Tenant pays for repairs as well as Utilities (Water and Electric), Cleaning and upkeep. The Current owner invested approximately 20K in renovations to accommodate tenant including a new HVAC in 2016. This is rare opportunity to own the most prized area of any building (the 1st Floor Retail/Medical office space) without having the challenges of leasing or owning standard higher floors office space. This Beautiful Office Condo Community located next to the Historic Chestnut Meem District is a hidden gem in Montgomery County, MD. This first floor Office Condo located in Suite 120 (5A) has 4 large windowed offices, a reception area, private restroom, 2 exterior entrances and free and plentiful parking. The community just reinvested in a new roof, gutters and repaving of the parking lot. Excellent location near Montgomery County Fair Grounds, restaurants, shopping and very close to both 355 and I-270. This property is located in a Tax advantaged Opportunity Zone creating an attractive long term real estate investment. This property is also located in a Federally Designated HUBZone area which is an excellent opportunity for a long term tenant Government Contractor or an Owner/User Government Contractor who needs that location status. Cap rate includes estimated tax benefits in the calculation. Great long term stable investment opportunity or excellent Owner Occupied opportunity to build equity and provide a financial nest egg for your future.
Price History | |
---|---|
2/7/2022 | Listed $299,995 |
3/27/2023 | 7% - $279,995 |
General Features
Sewer | Public Sewer |
---|---|
Heating | Energy Star Heating System,Central |
Cooling | Energy Star Cooling System,Central A/C |
Utilities | Cable TV,Electric Available |
Possession | 61-90 Days CD |
Roof | Shingle |
Zoning | RB |
Construction Materials | Brick,Stone,Vinyl Siding |
Year Built | 1984 |
Unit Number | 5A |
Property SubType | Office |
Tax Year | 2023 |
Percent Ownership | Condominium |
Cool Fuel | Electric |
OwnerPays | Taxes - Real Estate,Common Area Maintenance |
Business Type | Medical,Other/General Retail,Professional,Storage |
Accessibility | Level Entry - Main |
County | MONTGOMERY |
Net Operating Income | 19031.00 |
New Construction | No |
Property Type | Commercial Sale |
Possible Use | Church,Commercial,Day Care,Dry Cleaner,Flex Space,Florist/Nursery,Investment,Industrial,Medical/Dental,Mini-Storage,Professional Service,Printing,Retail |
Water Access Y/N | No |
Property Use | Owner User |
Status | ACTIVE |
Directions | 355 to left on Chestnut St. Building is on corner of Meem and Chestnut St Or 270 to Clopper Rd. Take left at light and left on Meem and left into Parking lot on Chestnut |
ModificationTimestamp | 2024-01-24T15:07:59 |
City | GAITHERSBURG |
Buyer Agent Compensation | 2.5 |
Total Units | 1 |
Tax Assessed Value | 157400.0 |
Waterfront Y/N | No |
Street Name | CHESTNUT |
Tax Annual Amount | 2286.0 |
Price Per Sq Ft | 331.3 |
Acceptable Financing | Cash,Contract,Conventional,FHA |
Lease Considered Y/N | No |
Vacation Rental Y/N | No |
Days on Market | 815 |
Location Type | Business Park |
Standard Status | Active |
Year Built Source | Estimated |
Legal Subdivision | CHESTNUT COURT CODM |
Total Actual Rent | 19668.00 |
Cap Rate | 6.80 |
Buyer Agent Compensation Type | % Of Gross |
Interior Features
Heating Fuel | Electric |
---|---|
Hot Water | Electric |
Heating Y/N | Yes |
Street Suffix | STREET |
Central Air Y/N | Yes |
Total Restrooms | 1 |
Exterior Features
Water Source | Public |
---|---|
Total Parking Spaces | 10 |
Type of Parking | Parking Lot,On Street |
Land Use Code | CC |
Water View Y/N | No |
Building Area Total | 984.00 |
Land Assessed Value | 47200.00 |
Navigable Water Y/N | No |
Water Oriented Y/N | No |
Car Parking Spaces | 10 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool