Find a Property > Properties > 1908 Mt Vernon Ave.
1908 Mt Vernon Ave. - Alexandria, VA 22101 | For Sale |
Value-Add Investment in the Heart of Del Ray--Price Adjustment* 5-Year Lease Extensions by tenants USPS and iData
* Office floors upgraded to Class-A style
* Upside with 3rd floor vacancy
* Private Parking on E. Howell Ave.
* Residential conversion opportunity
* Third Floor Available for Lease
This unique property in the heart of Alexandria’s vibrant and popular Del Ray neighborhood offers an opportunity for users, investors, and even residential buyers, as well as featuring a strong value-add component. And it’s offered at a below-market rate of $305/SF—vs. sold comps averaging $379/SF.
For users, operate your business on the third floor while you benefit from $225,000+ in gross annual income from two existing tenants, USPS and iData, each of which exercised options to extend leases through 12/31/28. USPS has one more 5-year option thereafter.
For investors, lease up the third floor either as is for professional office, medical, legal, government contractor, trade assn., or target other uses allowed under CL zoning, such as spa or fitness studio.
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, for a residential buyer, convert the 3rd floor now to a luxury 3-BR unit as shown on pages 25-29. Looking ahead, if tenant doesn’t renew, the 2nd floor could also be converted to residential under the Mt. Vernon Overlay plan, for a total of 8 1-BR units (assuming 3rd floor was converted to 4 1-BRs). And the ground floor could be converted to other uses allowed under existing zoning, including restaurant use, yielding better returns.
In the future, another value-add option is to convert the building to condo, and then sell residential units on the 2nd and 3rd floors individually.
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