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1908 Mt Vernon Avenue

ALEXANDRIA, VA 22301
  • $4,475,000
  • STATUS: Active
  • ON SITE: 77 Days
  • ID#: VAAX2029718
UPDATED: 23 min ago
$4,475,000
  • 0
    BEDS
  • 0.12
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1946
County:

School Ratings & Info

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+GGand rare+GG22 parking spaces * Residential conversion opportunityThis unique property in the heart of Alexandria+GGs 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.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or McClain-Williamson Realty, LLC.. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-28T21:52:19.373.
www.mcclainwilliamson.com/homes/146010385
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1908 Mt Vernon Avenue ALEXANDRIA, VA 22301

  • Price: $4,475,000
  • Status: Active
  • On Site: 77 Days
  • Updated: 23 min ago
  • ID#: VAAX2029718
0
Beds
0
Baths
0
½ Baths
0.12
Acres
1946
Built
Neighborhood:
Del Ray
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+GGand rare+GG22 parking spaces * Residential conversion opportunityThis unique property in the heart of Alexandria+GGs 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.
Exterior Features

Construction Materials BlockBrick Garage YN No Location Type Free Standing Parking Types Parking Lot Property Condition Very Good Riparian Rights YN No View CityPanoramic Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 13096.00 Cooling Central A/C Heating Steam Heating YN Yes Net Square Feet 12600.00 Security Features Main Entrance LockSecurity SystemSprinkler System - IndoorFire Detection System

Property Features

Acceptable Financing CashConventional Accessibility Features Elevator Assessment Year 2023 Business Type Apartment BuildingHair Salon and SpaHealth ClubMedicalOther/General RetailProfessionalRestaurant/Bar Central Air YN Yes Cooling Fuel Electric Cross Street E. Howell Ave. Elevators 1 Entry Level 1 Gross Income 225000.00 Heating Fuel Natural Gas Historic YN No Hot Water Natural Gas Lease Considered YN No Navigable Water YN N New Construction YN No Original MLSNumber 802772040716 Ownership Interest Fee Simple Possession Settlement Property Sub Type Mixed Use Sale Type Standard Sewer Public Sewer Tax Annual Amount 27834.00 Tax Assessment Amount 2399000.00 Tax Lot 501 Vacation Rental YN No Water Source Public Year Built Effective 1994 Zoning CL Zoning Description The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.

Listing courtesy of Capital Realty Advisors: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or McClain-Williamson Realty, LLC.. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-02-28T21:52:19.373.
 
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