403 Diamond AveGaithersburg, MD 20877

Property Details for 403 Diamond Ave

Year built

1899

Construction

BRICK

Lot size

0.25 AC

Property size (Sq ft)

780 SF

Zone code

CBD

Property type

Residential income homes

Property subtype

Small apartment buildings

APN

09-02670784

APU

902670784

Description

This exceptional 2,652 sq ft retail property presents a prime redevelopment opportunity in historic downtown Gaithersburg, MD. Situated on a 0.27-acre lot, this location offers unparalleled potential for developers and investors. Its strategic location is just 0.2 miles from the MARC Train Brunswick Line and 2.9 miles from a Metro station, ensuring convenient access to the broader DC metropolitan area and its vibrant entertainment hubs and amenities. The property is cleared for demolition by both the city and CSX, allowing for a fresh start on a site suitable for a multi-level building. Extensive due diligence materials are available, including environmental studies (soil tests, stormwater management plan, forest conservation plan), a traffic flow assessment, and a survey. Up to 20 parking spaces are potentially available, a significant advantage in the downtown area. The property is not historically protected, offering flexibility in design and construction. While utilities are currently disconnected, this presents an opportunity to tailor infrastructure to the new development. The seller is open to holding a first deed of trust, contingent on acceptable offer terms. This is a rare chance to create a landmark project in a thriving community. Safety warning: Do not enter the existing building.

• CAP approach

  CAP return

  Valuation

  6%

  $225,162

  6.5%

  $207,842

  7%

  $192,996

• Comparable approach

  Method

  Valuation

  Relative Method

  $147,296

  Geo Method

  $241,727

• Alternative Use

  Use

  Valuation

  Residential

  $207,842

  Hospitality

  $190,382

  Educational

  $158,396

  Medical

  $163,843

  Retail

  $246,393

Location Insight

City

Gaithersburg

County

Montgomery

State

Maryland

Latitude

39.1418

Longitude

-77.1905

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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