912 Thayer Avenue

Description

OWNER USER or INVESTMENT BUILDING - FOR SALE18,753 Square Foot - Office Building – Class “A” Finishings 912 Thayer Avenue, Silver Spring, Maryland 20910 SALES PRICE: Option 1) $3,800,000 at 5.7% cap rate based on current 2025 current revenue with 24.7% (4,607 s.f.) of the building available for lease. When fully leased this building will produce approximately an 8% cap rate. Option 2) $300,000 for 1/3rd interest in the Grand Design Building. Simultaneously with the purchase the 3 owners will refinance and guarantee a new loan of +/-$2,050,000.IMPROVEMENTS: +/- 18,635 s.f. of rentable sq. ft. on three levels (+/- 6,200 s.f. per floor). This building and its furnishings resemble a Class “A” appearance. This mixed-use building is demised for multiple tenants with the potential of all or most of the 3rd floor for a single tenant or a new owner occupant. Initially constructed in 1960 this building was completely gutted, reframed and rebuilt in 2005 and professionally maintained to date. The structure is metal beams and posts and the exterior facade consists of brick and Dry-vit panels. There is a flat built-up roof system. The “operable” windows are double pane insulated glass in aluminum frames. There is an OTIS elevator with a 3,000-pound capacity, two stairways and direct walk-in access to all spaces providing accessibility for all. Primary access is via the Thayer Ave. vestibule / lobby entrance at grade that leads to a center corridor, elevator and access to all suites. Floors are a combination of wood, carpet, ceramic and granite tiles over a concrete subfloor. Ceilings consist of drywall, acoustic tile or open style industrial design with LED fixtures throughout. There are separate modern men’s and woman’s multi-stall bathrooms on each floor. HVAC is provided by a two-pipe system with boiler, cooling tower and chiller located in the 4th floor mechanical room. HVAC for the 3rd floor and corridors is provided by 4 roof top units. Roof access through large 4th floor storage room. The 22 interior or exterior security cameras, temperature controls and building access can be controlled remotely through a cell phone. Landlord has remodeled common areas, lights, tenant finishes and exterior lighting and maintains constant maintenance as needed.POTENTIAL OWNER / OCCUPANT 3rd FLOOR: The third floor (+/- 6,200 s.f.) is substantially set up as a single tenant space which has been divided into small office suites and open floor design without clear separation. There is a central kitchenette and conference room. This would make a trophy space for a new owner occupant buyer.RENT ROLL: Complete rent roll can be provided upon request.PARKING: There are street metered parking spaces in front of the building along Thayer Avenue and on the surrounding streets. Property is located within the Central Business District which is a parking district. Directly behind the building is a +/- 200-space County garage (garage #3) and the County Metro garage #5 & #55 are across Georgia Avenue that contains +/- 1,772 spaces. FUTURE PURPLE LINE METRO STATION / DEVELOPMENT: The entire 16-mile Purple Line route is scheduled for completion near the end of 2027. Construction and related road resurfacing in downtown Silver Spring are nearing completion and are likely to be finished this year. A new Purple Line Metro station will be located approximately 1.5 blocks from the subject property, at the intersection of Wayne Ave./Bonifant Street and Fenton Street at the Silver Spring Library. The existing Red Line Metro station is approximately three blocks away, at Colesville Road and Wayne Avenue.