The international real estate firm CBRE is highlighting the investment potential of a large piece of Bethesda property as the offer deadline for the land approaches.
The property, known for the radio towers currently occupying it, includes 75 acres nestled between I-270 and I-495, which the real estate firm lists in a brochure as an “extremely rare development opportunity.”
The CBRE brochure notes the land can be developed into a diverse house stock ranging from ¼-acre to 1-acre lots. If the land were subdivided into ¼-acre lots, up to 300 homes could be built on the property, if approved by county officials.
Statistics cited in the brochure note that housing values in a 3-mile radius of the property have increased by 14 percent over the past 5 years, and that homes for sale in Bethesda spend an average of 14 days on the market. The average home value within 3 miles of the property is $731,109, according to the brochure.
A broker for CBRE told The Washington Post the property could sell for more than $1 million per acre.
The brochure notes that all offers for the property must be submitted by March 12. Cumulus Media owns the site, which currently contains open grassland and four radio towers.