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$3,950,000
247 Days Online

1908 Mt Vernon Ave
Alexandria, VA 22301

For Sale|Mixed Use|Active
0
Beds
0
Full Baths
0
Partial Baths
13,096
SqFt
$302
/SqFt
1946
Built
Subdivision:
DEL RAY
County:
ALEXANDRIA CITY
Listing courtesy of Capital Realty Advisors

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1908 Mt Vernon Ave1908 Mt Vernon Ave1908 Mt Vernon Ave1908 Mt Vernon Ave
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* 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.

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Listing Snapshot
Price 
$3,950,000
Days Online 
247 Days
Bedrooms 
N/A
Inside Area (SqFt) 
13,096 sqft
Total Baths 
N/A
Full Baths 
N/A
Partial Baths 
N/A
Lot Size 
0.12 Acres
Year Built 
1946
MLS® Number 
VAAX2029718
Status 
Active
Property Tax 
$27,467
HOA/Condo/Coop Fees 
N/A
Sq Ft Source 
N/A
Friends & Family
Recent Activity
3 months agoPrice changed to $3,950,000
8 months agoListing first seen online
10 months agoListing updated with changes from the MLS®
General Features
Acres 
0.12
Number Of Stories 
3
Parking Spaces 
22
Property Sub Type 
Mixed Use
Security 
Security System
Sewer 
Public Sewer
SqFt Total 
13096
Water Source 
Public
Zoning 
The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.
Interior Features
Cooling 
Central Air
Heating 
SteamNatural Gas
Interior 
Elevator
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Exterior Features
Construction Details 
Brick
View 
City
Waterview 
City
Listing courtesy of Capital Realty Advisors



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Neighborhood & Commute
Source: Walkscore
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