Active

1908 Mt Vernon Ave

Alexandria VA, 22301

$4,475,000


$341.71 per sqft

Active

13,096 sqft

Commercial

Built in 1946

* 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--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.

VAAX2029718

MLS ID

February 15, 2024

Updated

Map

1908 Mt Vernon Ave
Alexandria VA, 22301

Interior Features

Total Stories

3


Interior Features

Elevator


Fireplace

No


Cooling

Yes


Cooling Description

Central Air


Heating

Yes


Heating Description

Steam, Natural Gas

Exterior/Building Features

Lot Size

0.12 Acres


Sewer

Public Sewer

Other Property Details

Taxes

$27,834


Tax Frequency

Annually


Days on Market

43


Garage

No


Parking Total

22


View

Yes


View Description

City


County

ALEXANDRIA CITY


Water Source

Public


Pool

No


Zoning

The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.


Buyer Agency Compensation

2.5%

Listed by Geoffrey G Lindsay, with Capital Realty Advisors
Listing Contact: 7035362100 

The IDX display contains information sourced from the Bright MLS, Inc. as of 2/15/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2024 Bright MLS, Inc. all rights reserved.

Data last updated on 2/15/2024 at 10:28 PM UTC

Powered byLuxury Presence