1908 MT VERNON AVENUE
Alexandria, Virginia, 22301, United States
13,096 ft²
0.12 acres
- beds
- baths
Property Provided By
- Geoff Lindsay
- Capital Realty Advisors
- +1 (703) 536-2100
Connect with local buyer agents who are willing to offer commission savings!
Property Information
* 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.
Directions
From Beltway/495, take exit 176B onto SR-241 North, Telegraph Rd toward Alexandria. In 0.6 mile, take a slight right turn onto SR-236 East toward Downtown Alexandria. In 0.5 mile, take a slight left turn onto Callahan Dr. In 0.4 mile turn right onto W Linden St. In 0.1 mile, turn left onto Commonwealth Ave. In 0.9 mile, turn right onto E Howell Ave. In 0.2 mile turn right. In 98 ft, turn left. In 62 ft, the destination is on your left.
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Listing Information © 2024 BrightMLS. All Rights Reserved.
Courtesy of Geoff Lindsay, Capital Realty Advisors geoff@caprealtyadv.com
This information is provided exclusively for consumers' personal, non-commercial use; that it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing, and that data is deemed reliable but is not guaranteed accurate by BrightMLS. Information may appear from many brokers but not every listing in BrightMLS is available.
This content last updated on 2024-10-13 17:02:08.
Property Provided By
- Geoff Lindsay
- Capital Realty Advisors
- +1 (703) 536-2100
Connect with local buyer agents who are willing to offer commission savings!
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