Active
1908 Mt Vernon Ave
Alexandria VA, 22301
$3,950,000
$301.62 per sqft
Active
13,096 sqft
Commercial
Built in 1946
* 5-Year Lease Extensions by tenants USPS and iData
* Office floors upgraded to Class-A style
* Upside with 3rd floor vacancy
* An incredible--and rare--22 parking spaces
* Residential conversion opportunity
This unique property in the heart of Alexandria's vibrant and popular Del Ray neighborhood offers an opportunity for both users and investors, particularly with its multiple value-add opportunities.
For users, operate your business on the now-vacant third floor while you benefit from $225,000+ in gross annual income from existing tenants, USPS and iData, each of which recently exercised options to extend leases for another five years as of January 1, 2024.
For investors, lease up the third floor either as is for professional office, or target for more retail-like uses allowed under CL zoning, which could generate a higher rent than straight office. The 3rd floor has intentionally been kept vacant for a prospective owner-user to occupy. If leased, expect another $100K +/- in gross income.
Among the value-add scenarios is to convert the third floor to residential, specifically four 1-BR apartments, that could command up to $2,350 per unit, based on a recent nearby lease comp. Or convert to a luxury 3-BR, 2-BA single-unit residence, as shown in the offering memorandum attached with the listing.
Looking ahead, when lease options eventually expire, the second floor could also be converted to residential under the Mt. Vernon Overlay plan, for a total of eight 1-BR units, and the ground floor could be converted to other uses allowed under existing zoning, including restaurant use, yielding better returns.
Included in asking price are an incredible--and rare--22 parking spaces on two RB-zoned lots behind the building at 115-117 E. Howell Ave. Parking allowed on these residential lots under an SUP that would need to be renewed by new owner.
VAAX2029718
MLSⓇ ID
December 12, 2023
Listed
October 2, 2024
Updated
Map
1908 Mt Vernon Ave
Alexandria VA, 22301
Interior Features
Total Stories
3
Interior Features
Elevator
Fireplace
No
Cooling
Yes
Cooling Description
Central Air
Heating
Yes
Heating Description
Steam, Natural Gas
Exterior/Building Features
Lot Size
0.12 Acres
Sewer
Public Sewer
Other Property Details
Taxes
$27,467
Tax Frequency
Annually
Days on Market
247
Garage
No
Parking Total
22
View
Yes
View Description
City
County
ALEXANDRIA CITY
Water Source
Public
Pool
No
Zoning
The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.
Listing History
Date | Event | Price |
---|---|---|
7/23/2024 | Price change | $3,950,000 -12% |
Listed by Capital Realty Advisors
Listing Contact: 7035362100
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Data last updated on 10/2/2024 at 7:02 AM UTC