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1908 Mt Vernon Ave
For Sale $3,995,000
$3,995,000
- Units
- Unknown Sq Ft
- 5,152 Sq Ft
- Unknown Cap Rate
Description
* Prime Location in Heart of Del Ray
* USPS Recently Renewed Lease thru 12/31/28
* 2nd & 3rd Floors Upgraded to Class-A Office Style
* 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 $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, 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, if 2nd floor tenant doesn’t renew, 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.
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Amenities
Garage
Pool
Garden
Security System
Internet
Telephone
Heating
Fireplace
Balcony & Patio
TV / Cable
Laundry
Hardwood Floors
Spa
Air Conditioning
Solar Power
Floor Plan
Great Views
Natural Light
Quiet
Water View
Elevator
Guest Unit(s)
Furnished
220 Volt
Property Details
| List Price | $3,995,000 |
| Property Type | Flex Space |
| Usable Sqft | Unknown |
| Number of Stories | 3 stories |
| Parking Spots | 0 spots |
| Year Built | 1946 |
| Last Sold | Unknown |
| Sold Price | Unknown |
| APN # | 14960010 |
| MLS # | VAAX2029718 |
| Property ID | 320500950 |
| Lot Sqft | 5,152 |
| Zoning | CL |
| Days on Market | 406 |
| Original List Price | Unknown |
| Date Updated | December 30, 2024 |
| Date Created | December 11, 2023 |
Financials not available online. Please inquire with your agent for more details.
Listing Provided By
Geoffrey G Lindsay an agent of .
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Data last updated: January 20, 2025.
Robert Crawford
REAL ESTATE AGENT