1908 Mt Vernon Ave, ALEXANDRIA

$4,475,000

0 Bed
0 Bath
12,600 Sqft
.12 Acre
22 Parking

* 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.

Essential Information
MLS® #VAAX2029718
Price$4,475,000
Bathrooms0.00
Square Footage12,600
Acres0.12
Year Built1946
TypeCommercial Sale
Sub-TypeMixed Use
StatusActive
Community Information
Address1908 Mt Vernon Ave
SubdivisionDEL RAY
CityALEXANDRIA
CountyALEXANDRIA CITY-VA
StateVA
Zip Code22301
Amenities
Parking Spaces22
ViewCity, Panoramic
Interior
HeatingSteam
CoolingCentral A/C
# of Stories3
Exterior
ExteriorBlock, Brick and Siding
School Information
DistrictALEXANDRIA CITY PUBLIC SCHOOLS
Additional Information
ZoningCL
Condo Fees$0
HOA Fees$0
Listing Details
OfficeCapital Realty Advisors
Office Contact(703) 536-2100
LISTING MAP

Get directions to this property:

Bright MLS Logo

© 2024 BRIGHT, All Rights Reserved. Information deemed reliable but not guaranteed. The data relating to real estate for sale on this website appears in part through the BRIGHT Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Compass participates, and is provided by BRIGHT through a licensing agreement. Real estate listings held by brokerage firms other than Compass are marked with the IDX logo and detailed information about each listing includes the name of the listing broker. The information provided by this website is for the personal, non-commercial use of consumers 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 on this website may no longer be available because they are under contract, have Closed or are no longer being offered for sale. 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.

Listing information last updated on July 20th, 2024 at 2:45am EDT.