1908 Mt Vernon Ave, Alexandria, VA 22301

$4,475,000
List Price
$4,475,000
Days on Market
83
Status
ACTIVE
MLS#
VAAX2029718
Lot Size (Acres)
0.12
Year Built
1946
County
Alexandria City
School District
Alexandria City Public Schools

Property Description

* 5-Year Lease Extensions by tenants USPS and iData * Walk to proposed Wizards-Capitals Arena at Potomac Yard * 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.

Additional Information

Subdivision
Del Ray
Taxes
$27834
Stories
3
School District
Alexandria City Public Schools
View
City, Panoramic
Heating
Steam
Heating Fuel
Natural Gas
Cooling
Central A/C
Water
Public
Sewer
Public Sewer

Mortgage Calculator

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Calculator source: Real Geeks

Listing courtesy of Capital Realty Advisors. Contact: (703) 536-2100