Views - Lease to Own
Listed By:
Capital Realty Advisors
Address
1908 Mt Vernon Avenue, Alexandria, VA
Price
$ 4,475,000
Property Attributes
  • MLS#VAAX2029718
  • TypeCommercial
  • CountyALEXANDRIA CITY
  • CityAlexandria
  • NeighborhoodDel Ray
  • Zip22301
  • StyleApartment Building,Hair Salon and Spa,Health Club
  • Year Built1946
  • Taxes$ 27834
  • Price$ 4,475,000
  • Bedrooms0
  • Full Bathrooms0
  • Half Bathrooms0
  • Sqr Footage12600
  • Lot Size5,227 SqFt
Data Source:
Bright MLS
Property Description

* 5-Year Lease Extensions by tenants USPS and iData * Office floors upgraded to Class-A style * Upside with 3rd floor vacancy * An incredibleand rare22 parking spaces * Residential conversion opportunity This unique property in the heart of Alexandrias 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.

Price History
12/12/2023 Listed $4,475,000

General Features

Sewer Public Sewer
Heating Steam
Cooling Central A/C
Possession Settlement
Zoning CL
Security Features Main Entrance Lock,Security System,Sprinkler System - Indoor,Fire Detection System
Construction Materials Block,Brick
Year Built 1946
View City,Panoramic
Property SubType Mixed Use
Tax Year 2023
Percent Ownership Fee Simple
Cool Fuel Electric
Gross Income 225000.00
Business Type Apartment Building,Hair Salon and Spa,Health Club,Medical,Other/General Retail,Professional,Restaurant/Bar
Accessibility Elevator
County ALEXANDRIA CITY
New Construction No
Property Type Commercial Sale
Subdivision Name DEL RAY
Water Access Y/N No
Property Use Investment
Status ACTIVE
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 tur
ModificationTimestamp 2024-04-29T18:33:37
City ALEXANDRIA
Buyer Agent Compensation 2.5
Disclosures None
Zoning Description The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.
Lot Size Square Feet 5152.00
Tax Assessed Value 2399000.0
Waterfront Y/N No
Street Name MT VERNON
Tax Annual Amount 27834.0
Property Condition Very Good
Price Per Sq Ft 341.71
Acceptable Financing Cash,Conventional
Historic Y/N No
Lease Considered Y/N No
Vacation Rental Y/N No
Virtual Tour https://my.matterport.com/show/?m=pkVtDWb6iUA&play=1&qs=0&help=2&brand=0&mls=1&
Days on Market 141
Location Type Free Standing
Standard Status Active
Year Built Source Assessor
Tax Lot 501
Buyer Agent Compensation Type % Of Gross

Interior Features

Heating Fuel Natural Gas
Hot Water Natural Gas
Total Stories 3
Heating Y/N Yes
Street Suffix AVENUE
Central Air Y/N Yes
Total Restrooms 6
Entry Level 1
Clear Span Ceiling Height 12' to 15',8' to 10'
Number of Elevators 1

Exterior Features

Water Source Public
Total Parking Spaces 22
Type of Parking Parking Lot
Land Use Code 45
Water View Y/N No
Building Area Total 13096.00
Lot Size Acres 0.12
Road Frontage Length 50
Lot Size Units Square Feet
Lot Size Source Assessor
Total Loading Docks 1
Land Assessed Value 654120.00
Navigable Water Y/N No
Water Oriented Y/N No
Car Parking Spaces 22

Amenities

  • Foreclosure
  • Views
  • Short Sale
  • New Construction
  • Adult 55+
  • Lease To Own
  • No HOA Fees
  • Furnished
  • Primary On Main
  • Air Conditioning
  • Seller Finance
  • Green
  • Fixer Upper
  • Horse
  • Golf
  • Fireplace
  • Deck
  • Garage
  • Basement
  • Pool

Property vs Commercial Average in 22301

Price
AVG $4.48M
$4.48M
Taxes
AVG $27,834
$27,834
Visits
AVG 253
253
Data Provided by Inside Real Estate®
Year Built
AVG 1946
1946

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