1908 Mt Vernon Ave, ALEXANDRIA, VA

$4,475,000

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12,600

Square feet

0.12

Acres

About 1908 Mt Vernon Ave

* 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.

Features of 1908 Mt Vernon Ave

MLS® # VAAX2029718
Price $4,475,000
Bathrooms 0.00
Square Footage 12,600
Acres 0.12
Year Built 1946
Type Commercial Sale
Sub-Type Mixed Use
Status Active

Community Information

Address 1908 Mt Vernon Ave
Subdivision DEL RAY
City ALEXANDRIA
County ALEXANDRIA CITY-VA
State VA
Zip Code 22301

Amenities

View City, Panoramic
Is Waterfront No

Interior

Heating Steam
Cooling Central A/C
Has Basement No
Fireplace No
# of Stories 3

Exterior

Exterior Block, Brick and Siding

School Information

District ALEXANDRIA CITY PUBLIC SCHOOLS

Additional Information

Zoning CL
Foreclosure No
Short Sale No
RE / Bank Owned No

Listing Details

OfficeCapital Realty Advisors
Contact Info(703) 536-2100

Listing Map

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