A partially-leased retail building in downtown Bethesda has hit the market for sale. 4707-4711 Chase Avenue is the former home of Besta Pizza and Hope Floats, the latter of which moved to a new spot at 7625 Wisconsin Avenue a few years ago. Those storefronts are vacant, but Autobody Dimensions is still located on the second floor.
The asking price is not provided in the online listing, which does note that the prospective buyer will be subject to a ground lease, which has 36 years remaining on it. We don't know the specifics of this situation, or what adjustments might be made in negotiations with a prospective buyer, but ground leases can complicate matters for the buyer and seller.
Foremost, under the typical ground lease arrangement, it means that 36 years from now, the property and all improvements the new owner might make revert to the ground lease holder. So your investment as the buyer is depreciating over time, while the property continues appreciating for the ground lease holder over the next four decades.
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