13,096 SqFt
13,096 SqFt
Key Details
Property Type Commercial
Sub Type Mixed Use
Listing Status Active
Purchase Type For Sale
Square Footage 13,096 sqft
Price per Sqft $301
Subdivision Del Ray
MLS Listing ID VAAX2029718
Originating Board BRIGHT
Year Built 1946
Annual Tax Amount $27,467
Tax Year 2024
Lot Size 5,152 Sqft
Acres 0.12
Property Description
* 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.
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 22.0
Water Access N
View City, Panoramic
Accessibility Elevator
Total Parking Spaces 22
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
SqFt Source Assessor
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
