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$3,495,000

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5,152 Sqft Lot

Pending

1908 MT VERNON AVE Alexandria, VA 22301

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Key Details

Property Type Commercial

Sub Type Mixed Use

Listing Status Pending

Purchase Type For Sale

Subdivision Del Ray

MLS Listing ID VAAX2029718

Year Built 1946

Annual Tax Amount $27,467

Tax Year 2024

Lot Size 5,152 Sqft

Acres 0.12

Property Sub-Type Mixed Use

Source BRIGHT

Property Description

* Prime Location in Heart of Del Ray
* Perfect for User/Investor
* Private Parking on E. Howell Ave. Lots
* Residential conversion opportunity *
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 $267/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, or medical, legal, government contractor, trade assn. or professional society, 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 in rent, based on a recent nearby lease comp. Or, for a residential buyer, convert the 3rd floor to a luxury 3-BR unit. Looking ahead, once 2nd floor lease expires, this 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).
A big plus to a new owner are the parking spaces on the two RB residential lots on E. Howell Ave. Two recent sold comps had zero off-street parking.
Property is also listed under Residential. See MLS# VAAX2030462.

Location

State VA

County Alexandria City

Zoning CL

Interior

Hot Water Natural Gas

Heating Steam

Cooling Central A/C

Heat Source Natural Gas

Exterior

Garage Spaces 11.0

Water Access N

View City, Panoramic

Accessibility Elevator

Total Parking Spaces 11

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Alexandria City Public Schools

Others

Tax ID 14960010

Ownership Fee Simple

Security Features Main Entrance Lock,Security System,Sprinkler System - Indoor,Fire Detection System

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Financing Cash,Conventional

Special Listing Condition Standard

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1908 MT VERNON AVE Alexandria, VA 22301

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1908 MT VERNON AVE