Washington, DC7708 Georgia Ave Nw
Price$990,000
MLS Number DCDC2056992
- Commercial
- Address 7708 Georgia Ave Nw
- Year Built 1927
- Acreage 0.03
- Property SubType Mixed Use
This shovel-ready MU-4 property has all the architectural, structural, and MEP PLANS with PERMITS to build a 6 unit, 4,501 sq ft Condominium Building with two surface parking spaces. Additionally, email the listing agent for a copy of a construction budget quoting less than $850,000 to complete the build. Talk about a profit margin! ------------------------------ The lot is zoned MU-4 and 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. Additionally, there are two parking spaces included in the sale, P-2 & P-3 directly across the back alley at 7723 Alaska Ave NW. ------------------------------ 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. And that's without the additional value the two parking spaces bring. ------------------------------ 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.
Listed by Arynne N Crane of RLAH @properties
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