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1908 Mt. Vernon Ave
13,096 SF 37% Leased Retail Building Alexandria, VA 22301 $3,950,000 ($302/SF)
Investment Highlights
- 5-Year Lease Extensions by tenants USPS and iData
- An incredible—and rare—22 parking spaces
- Upper floors upgraded to Class-A
- Residential conversion opportunity
- Upside with 3rd floor vacancy
Executive Summary
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.
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.
All square footage numbers, including gross building SF of 13,096 SF and net leasable area of 12,600 SF are based on city tax records.
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
$225,000
|
$17.18
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
$225,000
|
$17.18
|
| Net Operating Income |
-
|
-
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | $225,000 |
| Annual Per SF | $17.18 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | $225,000 |
| Annual Per SF | $17.18 |
| Net Operating Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
Property Facts
MAJOR TENANTS
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Transportation and Warehousing
- -
- -
- Modified Gross
- Dec 2018
The United States Postal Service has a storied history as the institution of their Government guaranteeing safe and secure communication among and between the Government and the American people. Many are familiar with their history, which began with the Second Continental Congress and Benjamin Franklin in 1775 and continued in 1787 when the Postal Clause of the U.S. Constitution empowered Congress to establish post offices and post roads. Congress exercised those powers with the passage of The Post Office Act of 1792, which made the Postal Service a permanent fixture of the Federal Government. The Act included provisions to facilitate freedom of the press, the privacy of personal correspondence, and expand the nation’s physical infrastructure, all vital to their nation’s growth and prosperity.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Transportation and Warehousing | - | - | Modified Gross | Dec 2018 |
Space Availability
- Space
- Size
- Space Use
- Position
- Available
The 3rd floor was the long-time home of Bremmer & Goris, owners of building, but now vacant. Renovated in 1980 and 1987, it was essentially gut-renovated again in 2008 at a cost of $230,000. Perfect location for any number of tenants allowed under CL zoning, such as medical, legal, tech, small trade assn. or professional society, exercise studio, etc. Interior staircase from the third floor provides access to a small penthouse and rooftop deck.
| Space | Size | Space Use | Position | Available |
| 300 | 4,300 SF | Office/Medical | - | Now |
300
| Size |
| 4,300 SF |
| Space Use |
| Office/Medical |
| Position |
| - |
| Available |
| Now |
300
| Size | 4,300 SF |
| Space Use | Office/Medical |
| Position | - |
| Available | Now |
The 3rd floor was the long-time home of Bremmer & Goris, owners of building, but now vacant. Renovated in 1980 and 1987, it was essentially gut-renovated again in 2008 at a cost of $230,000. Perfect location for any number of tenants allowed under CL zoning, such as medical, legal, tech, small trade assn. or professional society, exercise studio, etc. Interior staircase from the third floor provides access to a small penthouse and rooftop deck.
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 034.04-09-09 | Improvements Assessment | $1,755,392 |
| Land Assessment | $664,608 | Total Assessment | $2,420,000 |
PROPERTY TAXES
-
Geoffrey Lindsay -
Capital Realty Advisors
Presented by
1908 Mt. Vernon Ave
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