$341.71 Per Sq Foot $24,023 est/mo Sourced by Back At You

1908 Mt Vernon Ave,Alexandria, VA 22301

Alexandria VA, 22301

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Description

* 5-Year Lease Extensions by tenants USPS and iData* Office floors upgraded to Class-A style * Upside with 3rd floor vacancy* An incredibleand rare22 parking spaces * Residential conversion opportunityThis 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.

Details

MLS#VAAX2029718
Listing TypeFor Sale
Sub-TypeResale
StatusActive
Year1946
Days On Site164
Listing Provided ByCapital Realty Advisors | Geoffrey G Lindsay

Features

SQ Feet13,096
ZoningCL
Acreage0.12
Property ViewYes

Market Activity 22301

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Learn More About This Property

StateVA
CountyAlexandria City
CityAlexandria
Zip Code22301
Community NameDel Ray
School DistrictAlexandria City Public Schools
Listing VS Median (in Del Ray)
Price:
$4,475,000
low | high
Med:
$1,075,000
100% of Average
SqFt:
13,096
low | high
Med:
1,872
100% of Average
$ / SqFt:
$342
low | high
Med:
$574
18.053764981139% of Average
On Site:
164
low | high
Med:
11.000000
100% of Average
Sourced by Back At You
Listing Updated: April 29, 2024 at 6:50:34 PM PDT
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