$4,000,000
8216 GEORGIA AVE Silver Spring, MD 20910
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$4,000,000
Est. payment /mo
5,843 SqFt
UPDATED:
09/24/2024 04:47 PM
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 5,843 sqft
Price per Sqft $684
MLS Listing ID MDMC2139366
Originating Board BRIGHT
Year Built 1922
Annual Tax Amount $22,424
Tax Year 2024
Lot Size 7,062 Sqft
Acres 0.16
Property Description
USER BUILDING SELLER FEELS BUILDING CAN BE DELIVERED VACANT FOR A USER
FOR SALE
5,843 Sq. Ft.
8216 Georgia Avenue
Silver Spring, Maryland 20910
TENANT: Entire property is leased to Third Hill Brewing Co. through February 28, 2029. There are 15% rental increases every 5-year period. Tenant has 2 five-year options to extend. This is a NNN lease except landlord covers the fire insurance cost. Tenant pays real estate tax, utilities, all maintenance including roof, structure, HVAC and other interior components.
SQUARE FEET: 5,843 s.f. of building at street level. The property contains +/- 7,062 square feet of land.
SALES PRICE: $4,000,000 5.8% cap rate
REAL ESTATE TAX / INSURANCE: 2023 real estate taxes of $22,045 paid by tenant & building insurance of $1,482 paid by landlord.
IMPROVEMENTS: This is a single level in-line cinderblock and brick retail building facing Georgia Avenue in downtown Silver Spring. There are multiple access points from the front, side and rear. The space is wheelchair accessible from a ramp along the side of the building and the building is sprinklered. The primary structure was built around 1922, however in 2017 the building was gutted and completely redesigned for its current use and brought up to code. There are two HVAC package units (10 ton and 5 ton) with gas fired furnace heat and electric A/C on the roof and interior ductwork providing central heat and air. The floors are smooth concrete. The roof is a white TPO rubber system with R-25 rigid insulation.
The interior is designed in sections that include the large Tap Room in the front along Georgia Ave., the large rear Brewery Room, exterior dining/gathering area, a kitchen, two large bathrooms, large walk-in cooler, office, storage and trash room.
The Tap Room contains seating for +/- 60 people with plenty of additional standing room as well, along with exterior elevated seating with a full canopy above with 4 large tables that can accommodate an additional +/- 24 people. The Tap Room has a bar / counter, 16 beer taps, hand sink, dishwashing station, customer water dispenser and two large glass panel roll up doors that provide an open and airy sensation to the space. There are high ceilings throughout the building.
The large Brewery Room contains multiple stainless steel fermenter tanks and brewing equipment. This area has high ceilings, skylights, floor drain, storage, etc. There is a large open area allowing people to gather and view the activities within this space.
There is a Kitchen area (+/- 216 s.f.) for assembling of prepared foods. This room contains 4 refrigerators, 3 compartment sink, 2 handsinks and counters. There is no hood system. There is a large walk-in cooler (+/- 400 s.f.) for storage of kegs and other beverages.
SECURITY AGREEMENT: In the event of a default under the lease by tenant, landlord holds a lien on tenant’s equipment. A full list of the secured items can be provided as needed.
FOR SALE
5,843 Sq. Ft.
8216 Georgia Avenue
Silver Spring, Maryland 20910
TENANT: Entire property is leased to Third Hill Brewing Co. through February 28, 2029. There are 15% rental increases every 5-year period. Tenant has 2 five-year options to extend. This is a NNN lease except landlord covers the fire insurance cost. Tenant pays real estate tax, utilities, all maintenance including roof, structure, HVAC and other interior components.
SQUARE FEET: 5,843 s.f. of building at street level. The property contains +/- 7,062 square feet of land.
SALES PRICE: $4,000,000 5.8% cap rate
REAL ESTATE TAX / INSURANCE: 2023 real estate taxes of $22,045 paid by tenant & building insurance of $1,482 paid by landlord.
IMPROVEMENTS: This is a single level in-line cinderblock and brick retail building facing Georgia Avenue in downtown Silver Spring. There are multiple access points from the front, side and rear. The space is wheelchair accessible from a ramp along the side of the building and the building is sprinklered. The primary structure was built around 1922, however in 2017 the building was gutted and completely redesigned for its current use and brought up to code. There are two HVAC package units (10 ton and 5 ton) with gas fired furnace heat and electric A/C on the roof and interior ductwork providing central heat and air. The floors are smooth concrete. The roof is a white TPO rubber system with R-25 rigid insulation.
The interior is designed in sections that include the large Tap Room in the front along Georgia Ave., the large rear Brewery Room, exterior dining/gathering area, a kitchen, two large bathrooms, large walk-in cooler, office, storage and trash room.
The Tap Room contains seating for +/- 60 people with plenty of additional standing room as well, along with exterior elevated seating with a full canopy above with 4 large tables that can accommodate an additional +/- 24 people. The Tap Room has a bar / counter, 16 beer taps, hand sink, dishwashing station, customer water dispenser and two large glass panel roll up doors that provide an open and airy sensation to the space. There are high ceilings throughout the building.
The large Brewery Room contains multiple stainless steel fermenter tanks and brewing equipment. This area has high ceilings, skylights, floor drain, storage, etc. There is a large open area allowing people to gather and view the activities within this space.
There is a Kitchen area (+/- 216 s.f.) for assembling of prepared foods. This room contains 4 refrigerators, 3 compartment sink, 2 handsinks and counters. There is no hood system. There is a large walk-in cooler (+/- 400 s.f.) for storage of kegs and other beverages.
SECURITY AGREEMENT: In the event of a default under the lease by tenant, landlord holds a lien on tenant’s equipment. A full list of the secured items can be provided as needed.
Location
State MD
County Montgomery
Zoning CR5.0
Interior
Hot Water Natural Gas
Heating Other
Cooling Central A/C, Multi Units, Programmable Thermostat, Roof Mounted, Zoned
Heat Source Natural Gas
Exterior
Waterfront N
Water Access N
Accessibility 36\"+ wide Halls, Level Entry - Main, No Stairs, Ramp - Main Level
Parking Type On Street, Public Garage
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Montgomery County Public Schools
Others
Tax ID 161301048030
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Standard
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Listed by Lawrence Rosen • Commercial & Investment Realty Associates, LLC.