A property in Rockville, known as the Rockville Metro Center, will be auctioned online beginning on November 13, 2023. The property consists of a vacant office building comprised of approximately 145,491 square feet, located on approximately 2.5 acres at 255 Rockville Pike, Rockville, Maryland 20850 adjacent to the Rockville Metro station. The starting bid is $2.5 million.
The property provides optionality for many uses, including the ability to redevelop the site as a residential building or convert the existing structure into life science space. The PD-RCI zoning has a wide range of applications, including the opportunity to redevelop the site into a mid-rise or high-rise residential building.
Per the listing, “Rockville Town Center offers strong demographics, correlating to steady apartment rent growth. The property’s vacancy offers an immediate opportunity to create value through multi-family development or a renovation of the existing structure for medical, life science, or other uses. Rockville Metro Center is ideally situated within the flourishing life science hub of the Washington Capital Region along the I-270 corridor, also known as “DNA Alley”. Located steps away from the metro, the property is more accessible than all life science properties in the region. Investors continue to recognize suburban Maryland (I-270 Corridor) as an established life science market with only a 4.5% vacancy rate. Rockville Metro Center presents an investor with the advantage of entering the extremely high barrier-to-entry market, where land and conversion opportunities remain rare to find.”
The auction listing can be seen here. ‘The Shops at Congressional Village’ shopping center, located just a couple miles down Rockville Pike went for $44 million in an auction last October.