Attention Developers and Investors! Don't miss this opportunity to build 48 units by-right in Germantown / East Mount Airy. 6327 Musgrave Avenue is currently an 18,000 square foot site . The garage is currently rented for $3,300.00 per month and the spaces are rented for an average of $75.00 per month each. This site has vast opportunities including leaving it rented as-is and just collecting a return on investment, or developing it into an apartment building, which when completed, would have huge value and significant cash flow. The owner has applied for a zoning permit to build 48 apartments by utilizing the median income bonus allowing increased density and height. The building is designed to include (8) 2-bedroom units, and (40) 1 bedrooms. 5 of the 48 units will need to be median (not low) income restricted. The building will be 4 stories. Half of the first floor will be utilized for parking at a ratio of roughly 1 spot to every 3 apartments. After careful consideration, it was determined that utilizing a green roof is the most economic and expeditious way to satisfy storm water management requirements. Stormwater management civil work is in process. The property has been surveyed and has had a phase 1 environmental study completed. Phase II soil borings have been collected but not analyzed. There are alternatives to this development plan that could be explored by a purchaser. Based on recent comparable rents, the 1 bedroom apartments should rent for $1,200 - $1,400 per month and the 2 bedroom apartments should rent for $1,400 - $1,900 per month. The parking is just a bonus! Germantown is a charming neighborhood with a rich sense of history. Along cobbled Germantown Avenue, 18th-century homes and taverns mix with indie boutiques and cafes in traditional storefronts. Picturesque attractions include the country's oldest rose garden at the Wyck House. Every summer, the Revolutionary Germantown Festival draws visitors to the Cliveden mansion, site of the 1777 Battle of Germantown. Do not let this opportunity pass you by! This lucrative investment does not come up often, make your move!
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