200 E Diamond Ave, Gaithersburg, MD 20877

Property Description

Great investment opportunity! The old town of Gaithersburg is seeing great renewal through the construction of over 2000 units of new condos. This property is in the center of all the action! This sale includes 2 separate structures, all zoned mixed residential commercial. The rear house is 3 levels which currently hosts a salon, it totals about 1800sqft. the front of the building has 3 separate retail spaces and 2 apartments. A printing press has been a tenant for over 20 years with submarket level lease they occupy about 2000 sqft , there's a well-ness coach who occupies about 1200 sqft and a travel company that occupies about 900 sqft. Upstairs there's a 1 bedroom and a 2 bedroom apartment units. All the units have separate utilities and meters. There are a total of 6 units, 11 parking spaces for sale. All tenants have been with the property for over 3 years with exception of the wellness coach who has been about a year. The net income from rent annually is about $90,000 and this is well below market. The rear of this lot has already been approved to build a community of over 300 apartments. As previously mentioned, this property is in the center of all the action and will generate great income for its future owner.