7
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$265,995
Est. payment /mo
984 SqFt
Under Contract
101 CHESTNUT ST #5A Gaithersburg, MD 20877
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UPDATED:
12/13/2024 03:04 AM
Key Details
Property Type Commercial
Sub Type Office
Listing Status Under Contract
Purchase Type For Sale
Square Footage 984 sqft
Price per Sqft $270
MLS Listing ID MDMC2157878
Originating Board BRIGHT
Year Built 1984
Annual Tax Amount $2,531
Tax Year 2024
Property Description
Washington DC Metro Area Property
Major Price Reduction! Motivated Seller! Why Rent when you can Own! This rarely available first floor approximately 1,000 Sq Ft Office has front and rear entrances. Return on Investment 8% for YR 2025 and 9% by YR 2028!
There is currently a Tenant who has been there since YR 2019 and has Renewed Early for the 3rd Time and their Lease now extends to 11/30/28 however 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!
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 for the property.
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.
Highlights
• Major Price Reduction! Motivated Seller! Why Rent when you can Own in Gaithersburg, MD (Montgomery County)
• Tenant just Renewed Lease Early for the 3rd time. Lease now runs through 11/30/2028
• Owner has option to occupy Office and terminate Lease if they wish but Tenant is locked in through 11/30/28
• 4% increases annually (Return on Investment 8% for YR 2025 and 9% by YR 2028!)
• Rare First Floor Walk in Unit
• Stable Long Term Tenant
• Tenant pays for all utilities, maintenance and repairs including HVAC
• Landlord pays base year taxes and CAM fees. Tenant pays for any increases in taxes or CAM fees.
• Current owner invested approx. 20K in renovations in the property.
• HUBZone-This property is 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.
• Opportunity Zone-This property is located in a Tax advantaged Opportunity Zone creating an attractive long term real estate investment.
• 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.
• Tenant pays for repairs as well as Utilities (Water and Electric), Cleaning and upkeep.
• Tons of light and tree lined windows and office park
• Plentiful free parking
Major Price Reduction! Motivated Seller! Why Rent when you can Own! This rarely available first floor approximately 1,000 Sq Ft Office has front and rear entrances. Return on Investment 8% for YR 2025 and 9% by YR 2028!
There is currently a Tenant who has been there since YR 2019 and has Renewed Early for the 3rd Time and their Lease now extends to 11/30/28 however 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!
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 for the property.
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.
Highlights
• Major Price Reduction! Motivated Seller! Why Rent when you can Own in Gaithersburg, MD (Montgomery County)
• Tenant just Renewed Lease Early for the 3rd time. Lease now runs through 11/30/2028
• Owner has option to occupy Office and terminate Lease if they wish but Tenant is locked in through 11/30/28
• 4% increases annually (Return on Investment 8% for YR 2025 and 9% by YR 2028!)
• Rare First Floor Walk in Unit
• Stable Long Term Tenant
• Tenant pays for all utilities, maintenance and repairs including HVAC
• Landlord pays base year taxes and CAM fees. Tenant pays for any increases in taxes or CAM fees.
• Current owner invested approx. 20K in renovations in the property.
• HUBZone-This property is 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.
• Opportunity Zone-This property is located in a Tax advantaged Opportunity Zone creating an attractive long term real estate investment.
• 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.
• Tenant pays for repairs as well as Utilities (Water and Electric), Cleaning and upkeep.
• Tons of light and tree lined windows and office park
• Plentiful free parking
Location
State MD
County Montgomery
Zoning RB
Interior
Hot Water Electric
Heating Central
Cooling Central A/C, Heat Pump(s)
Heat Source Electric
Exterior
Garage Spaces 33.0
Water Access N
Accessibility Doors - Swing In
Total Parking Spaces 33
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Montgomery County Public Schools
Others
Tax ID 160902183960
Ownership Condominium
Special Listing Condition Standard
Listed by Robert G Epstein • Paradise Realty, Inc.
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