Alsabeel Masjid Acquisition

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Overview

• Alsabeel currently has a congregation of almost 500 congregants and over 200 unique weekly visit. The existing center, with just under 1,000 sqft., is designed to hold no more than 70 people in one time, leading the leaders of the center to search for expansion opportunities.

• The center also provides Arabic/Sunday classes by renting community space at a county recreational center. The leasing of external space was necessitated by the high demand and increase in students for the center’s classes. Currently, the center providesArabic and Quran classes to over 40 students.

• Alsabeel was established in North Bethesda to fill a need in area lacking in Muslim places of prayer. Additionally, the North Bethesda /Bethesda areas are one of the demographically densest areas in westMaryland (along with Silver Spring)

• The nearest mosques are the IslamicCommunity Center of Potomac (ICCP), SilverSpring Islamic Community Center (SSICP), and the Indonesian Muslim Association in America(IMAAM). Each of these centers are a 20-minute drive from Alsabeel, further solidifying Alsabeel’s service area.

• The acquisition of 5506 Edson will help Alsabeel accommodate the existing active visitors as well as allow the center to provide space for additional congregants who would otherwise travel 15-20 minutes to other centers. Additionally, the acquisition will allow Alsabeel to internalize the Arabic/Sunday classes back into the center’s own space.

• Alsabeel’s current center is under a very favorable and flexible lease, allowing for an immediate transition to the new location.

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Transaction Overview

• Alsabeel is under contract to acquire 5506 EdsonLn, which is located 1.5 miles away from the current Alsabeel center.

• The new center will double Alsabeel’s physical footprint to 2,000 Sqft. of indoors space and0.47 Acres of outdoors space, allowing Alsabeel to host more members, larger events, and reintegrate the Arabic/Sunday school at the new center.

• Alsabeel negotiated A purchase price of the property is $1.55m, along with a seller note of$900k to be paid over 5 years with a monthly payment of ~$18k, which reflects the seller’s share in renting the property (average of$2,821/month) as well as ~$15k/month payment towards the seller’s note. This payment plan allows Alsabeel to control the property and spread the burden of purchase over 5 years.

• Alsabeel has raised $200k and is seeking to raise$600k to complete the acquisition of the new center.

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New Location Overview

• The property is zoned CRN (Commercial /Residential Neighborhood), with “ReligiousAssembly” and “Cultural Institution” as a permitted uses, removing the risk of being shutdown by safety authorities.

• Alsabeel intends on conducting minor development upon acquisition to reconfigure the property for the center’s use, including larger prayer hall, expanded ablution/wudu’ area, and classroom space.

• The appeal of this location is that both neighboring properties, with the same zoning designation, are used for commercial office use, including medical office, indicating a precedent and increasing Alsabeel’s long-term flexibility by expanding the possible permitted uses.

• In 5 to 7 years and upon owning the property free and clear, Alsabeel may consider building a sustainable income stream by developing rental apartments, retail space, or offices in addition to a new Masjid, solidifying the center’s financial foundation and increasing web of services provided to the community.

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PROPERTY INFO

Address: 5506 EDSON LNROCKVILLE, 20852
Legal Description: EDSON LANE EST
Land use: Single Family Detached
WSSC Grid: 214NW05
Zoning Info Zone: CRN-0.5 C-0.5 R-0.25 H-35
Overlay Zone: N/A
TDR Overlay: N/A
Allowable Use Table: View PDF

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When a human being dies, their work comes to an end, except for three things: ongoing charity, knowledge benefitted from, or a pious child who prays for them. – Muhammed (pbuh)

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None of you (believers) will attain true piety unless you give out of what you cherish: whatever you give, God knows about it very well.– Quran 3:92