1908 Mt Vernon Ave

Alexandria, VA 22301

About this property

* 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.

Features and Additional Information

Schedule a Tour
It's free and no obligation

Schedule a Private Showing

$4,475,000 Active
13,096 SQFT

Presented By Century 21 Gold Key Realty

Agent Image
Get in touch today! Phone: 1-302-369-5397
Brokerage
Capital Realty Advisors
1-703-536-2100

Want to See More Listings in the Area?

Listed By Geoffrey G Lindsay
Brokerage: Capital Realty Advisors

Schedule a Private Showing

It's free and no obligation

Have Questions? Contact
Century 21 Gold Key Realty

Real Estate Links Our Domains