403 DIAMOND AVENUE, GAITHERSBURG, MD 20877

$690,000

Prime Redevelopment Opportunity in Historic Downtown Gaithersburg Ask Listing Agent about Seller Financing Options. Seller is open to holding a first deed of trust for a buyer while they proceed with their plans. Property Overview includes Location Downtown Gaithersburg Lot Size 0.27 acres Property is ready for redevelopment Survey is… Read More available in documents This unique property offers an exceptional redevelopment opportunity in the heart of historic downtown Gaithersburg. Situated on a 0.27-acre lot, this prime location is ideal for developers and investors looking to tap into the growing potential of the area. Key Features include Strategic Location - Located in the vibrant downtown area, this property is in close proximity to entertainment hubs and essential amenities. It is just 0.2 miles from the MARC Train Brunswick Line, providing convenient commuter access, and 2.9 miles from the Metro Station, ensuring easy connectivity to the broader DC metropolitan area. Development Potential - The lot is suitable for constructing more than a two-level building, offering ample space for various commercial or mixed-use developments. With approval for demolition from both the city and CSX, the existing structure can be removed, allowing for a fresh start on this prime site. Comprehensive Planning - environmental tests and construction plans are available for review during due diligence. These include stormwater management, soil tests, a forest conservation plan, and a traffic flow assessment, giving a buyer confidence that many foundational aspects for redevelopment are in place. Parking Capacity - The property offers the potential for up to 12 parking spaces, a valuable asset in downtown Gaithersburg, where parking availability can significantly enhance the appeal and functionality of the development. Not Historically Protected - The property is not deemed historical, and the seller has obtained the necessary approvals, providing flexibility for redevelopment without the constraints of historical preservation regulations. Important Notices - Safety Warning - Please do not enter the existing building on the property. Entry is at your own risk due to safety concerns. Document Availability - The survey and additional documentation are available for review, providing detailed insights into the property's potential and requirements for redevelopment. b7; Please note that utilities to the property have been cut/disconnected, which will need to be re-established as part of the redevelopment process. This property represents a rare opportunity to invest in and transform a key piece of downtown Gaithersburg. With its excellent location, extensive planning resources, and flexible redevelopment options, it is an ideal choice for developers looking to create a landmark project in a growing community. Take the first step toward realizing the potential of this exceptional redevelopment opportunity in historic downtown Gaithersburg! Read Less

Courtesy of Ed Martin, Keller Williams Realty/Lee Beaver & Assoc., [email protected].

Listing Snapshot

Days Online

Last Updated

Sep 1, 2025

Property Type

Single Family Residential

Square Ft.

1,872

Lot Size

0.25 Acres

Year Built

1899

MLS Number

MDMC2197662

30 Days Snapshot Of 20877

$546k

+25%

(avg) sold price

-39%

homes sold

+15%

(avg) days on market

Snapshot

Area Map

Additional Details

Building

1,872 sqft living area, 1,872 sqft above grade (finished), Built in 1899, Structure Type: Detached, 2 levels, Converted Dwelling, Stick Built, Wood Siding

Cooling

Electric, Window Unit(s)

Fees

Front Foot Fee Pymt Freq: Annually, Ground Rent Pymnt Freq: Annually

Heating

Baseboard - Hot Water

Lot

10,890 sqft, 0.25 acres

Parking

Private

Property

Other Structures: Above Grade, Below Grade

Sewer

Public Sewer

Taxes

City/Town Tax: $1,460, City/Town Tax Pymnt Freq: Annually, County Tax: $5,792, County Tax Pymnt Freq: Annually, Tax Annual Amount: $8,051, Tax Year: 2024

Utilities

Hot Water: Multi-tank, Electric Available, Phone Available, Sewer Available, Water Available

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