1908 MT VERNON AVE, ALEXANDRIA,VA 22301

$4,475,000

1908 MT VERNON AVE, ALEXANDRIA, Virginia 22301 - $4,475,000

0.12 Acre
Marketed by Virginia Estates

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

Property Description

* 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.

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

Property Details
Basic Details
Property Type : Land
Price : $4,475,000
Year Built : 1946
Lot : 0.12 Acre
Status : Active

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

Features
: Steam
: Central a/c
: Main entrance lock, Sprinkler system - indoor, Security system, Fire detection system

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

Address Map
US
VA
ALEXANDRIA CITY
ALEXANDRIA
DEL RAY
22301
W78° 56' 30''
N38° 49' 25.5''

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

Additional Details
13,096 Sq.Ft
: Rh
N
: Settlement
Public Sewer
: Public
$0
Capital Realty Advisors
7035362100
341.71
2023
27834
VAAX2029718
N

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

For More Information Call (434) 981-5923 or email rick@virginiaestates.com

    For Immediate Personal Service from a Local Agent

     

    Call (434) 981-5923

    Email rick@virginiaestates.com

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