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1908 Mount Vernon AvenueAlexandria, VA 22301MLS Number VAAX2029718

  • Price: $4,475,000
  • 81 Days on Market
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Federal 30-year interest rate: 6.94% last updated on Feb 29, 2024
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1908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 223011908 Mount Vernon Avenue Alexandria VA 22301
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  • 0.12Acreage
  • 1946Year Built
  • 342Price Per Square Foot
  • 2023Assessment Year
* 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.
Listed by Geoffrey G Lindsay, Capital Realty Advisors

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Yeonas & Shafran Real Estate, LLC
Yeonas & Shafran Real Estate, LLC
Office: 703-790-3330
1309 Vincent Pl
McLean, VA 22101

More Info

Location Information

  • UsmAreaAlexandria

Parking

  • Parking TypesParking Lot

Basic Information

Building

  • Building Area SourceEstimated
  • Building Area Total13096
  • Construction MaterialsBlock, Brick
  • Elevators1
  • Entry Level1
  • Stories3
  • Total Garage And Parking Spaces22
  • Total Restrooms6
  • Year Built1946
  • Year Built Effective1994

Interior

  • Clear Span Ceiling Height12' to 15',8' to 10'

Utilities

  • Central Air YNYes
  • CoolingCentral A/C
  • Cooling FuelElectric
  • Heat SystemSteam
  • Heating FuelNatural Gas
  • Heating YNYes
  • SewerPublic Sewer
  • Water HeaterNatural Gas
  • Water SourcePublic

Basic Information

  • Broker NameCapital Realty Advisors
  • List Price$4,475,000
  • LocationTypeFree Standing
  • MLS NumberVAAX2029718
  • MLS Property TypeCommercial Sale
  • Price Per Square Foot342
  • Security FeaturesMain Entrance Lock, Security System, Sprinkler System - Indoor, Fire Detection System
  • StatusACT

Property

  • Acreage0.12
  • Business TypeApartment Building, Hair Salon and Spa, Health Club, Medical, Other/General Retail, Professional, Restaurant/Bar
  • Lot Size SourceAssessor
  • Lot Size Square Feet5,152
  • New Construction YNN
  • Property ConditionVery Good
  • Property SubTypeMixed Use
  • Road Frontage Length50
  • ZoningCL
  • Zoning DescriptionThe CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits.

Tax Information

  • Assessment Year2023
  • Tax Assessment Amount$2,399,000
  • Tax Lot501
  • Tax Year2023
  • Taxes$27,834
  • Total Taxes Payment FrequencySemi-Annually

Location

  • Address1908 Mount Vernon Avenue
  • Building Number1908
  • CountyAlexandria City
  • Cross StreetE. Howell Ave.
  • DirectionsFrom 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 turn onto Callahan Dr. In 0.4 mile turn right onto W Linden St. In 0.1 mile, turn left onto Commonwealth Ave. In 0.9 mile, turn right onto E Howell Ave. In 0.2 mile turn right. In 98 ft, turn left. In 62 ft, the destination is on your left.
  • In City Limits YNYes
  • StateVA
  • SubdivisionDel Ray
  • TownAlexandria
  • Zip22301

Amenities

  • Accessibility AmenitiesElevator

Other

  • Gross Income225000
  • View Count6

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Copyright 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 Yeonas & Shafran Real Estate participates, and is provided by BRIGHT through a licensing agreement. 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.Data last updated March 2, 2024. 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.

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