101 Chestnut St Unit 5B, Gaithersburg, MD 20877

Property Description

This Recession proof stable investment property is currently leased to a very successful established Cybersecurity IT government contractor that has been there since 2016. The Tenant renewed their lease with an early extension and their lease now runs through 12/31/2027. The Tenant also has Sublease agreement. Also, the current owner has invested approximately 80K in renovations for this tenant in 2016 to allow for this state of the art facility to accommodate their needs including a brand new HVAC system. Minimal Landlord Responsibilities. The Landlord pays base real estate taxes and condo fees. Tenant pays any increase from base real estate taxes and condo fees. Lease includes annual increases of 3%. Tenant pays for repairs as well as Utilities (Water and Electric), Cleaning and upkeep. The Chestnut Office Condominium Community is beautifully located next to the Historic Chestnut Meem District. This completely renovated 2nd floor Office Condo has 4 offices, a reception area, conference room, kitchenette with under counter double refrigerators, built-in microwave, granite counter tops, 2 private restrooms, tons of light and tree lined windows, extra storage built-ins, a server room, security system, 2 exterior entrances plus free and plentiful parking. This property is located in a Tax advantaged Opportunity Zone creating an attractive long term real estate investment. This property is also located in a Federally Designated HUBZone area which is an excellent opportunity for a long term tenant Government Contractor or an Owner/User Government Contractor who needs that location status. Cap rate includes estimated tax benefits in the calculation. Great long term stable investment opportunity.