Property Attributes
- MLS#VAAX2029718
- TypeCommercial
- CountyALEXANDRIA CITY
- CityAlexandria
- NeighborhoodDel Ray
- Zip22301
- StyleApartment Building,Hair Salon and Spa,Health Club
- Year Built1946
- Taxes$ 27834
- Price$ 4,475,000
- Bedrooms0
- Full Bathrooms0
- Half Bathrooms0
- Sqr Footage12600
- Lot Size5,227 SqFt
Data Source:
Bright MLS
Property Description
* 5-Year Lease Extensions by tenants USPS and iData * Office floors upgraded to Class-A style * Upside with 3rd floor vacancy * An incredibleand rare22 parking spaces * Residential conversion opportunity This unique property in the heart of Alexandrias 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.
Price History | |
---|---|
12/12/2023 | Listed $4,475,000 |
General Features
Sewer | Public Sewer |
---|---|
Heating | Steam |
Cooling | Central A/C |
Possession | Settlement |
Zoning | CL |
Security Features | Main Entrance Lock,Security System,Sprinkler System - Indoor,Fire Detection System |
Construction Materials | Block,Brick |
Year Built | 1946 |
View | City,Panoramic |
Property SubType | Mixed Use |
Tax Year | 2023 |
Percent Ownership | Fee Simple |
Cool Fuel | Electric |
Gross Income | 225000.00 |
Business Type | Apartment Building,Hair Salon and Spa,Health Club,Medical,Other/General Retail,Professional,Restaurant/Bar |
Accessibility | Elevator |
County | ALEXANDRIA CITY |
New Construction | No |
Property Type | Commercial Sale |
Subdivision Name | DEL RAY |
Water Access Y/N | No |
Property Use | Investment |
Status | ACTIVE |
Directions | From 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 tur |
ModificationTimestamp | 2024-04-29T18:33:37 |
City | ALEXANDRIA |
Buyer Agent Compensation | 2.5 |
Disclosures | None |
Zoning Description | The CL (Commercial Low) zone is for small-scale retail and service uses. Residential allowed as auxiliary use w/limits. |
Lot Size Square Feet | 5152.00 |
Tax Assessed Value | 2399000.0 |
Waterfront Y/N | No |
Street Name | MT VERNON |
Tax Annual Amount | 27834.0 |
Property Condition | Very Good |
Price Per Sq Ft | 341.71 |
Acceptable Financing | Cash,Conventional |
Historic Y/N | No |
Lease Considered Y/N | No |
Vacation Rental Y/N | No |
Virtual Tour | https://my.matterport.com/show/?m=pkVtDWb6iUA&play=1&qs=0&help=2&brand=0&mls=1& |
Days on Market | 141 |
Location Type | Free Standing |
Standard Status | Active |
Year Built Source | Assessor |
Tax Lot | 501 |
Buyer Agent Compensation Type | % Of Gross |
Interior Features
Heating Fuel | Natural Gas |
---|---|
Hot Water | Natural Gas |
Total Stories | 3 |
Heating Y/N | Yes |
Street Suffix | AVENUE |
Central Air Y/N | Yes |
Total Restrooms | 6 |
Entry Level | 1 |
Clear Span Ceiling Height | 12' to 15',8' to 10' |
Number of Elevators | 1 |
Exterior Features
Water Source | Public |
---|---|
Total Parking Spaces | 22 |
Type of Parking | Parking Lot |
Land Use Code | 45 |
Water View Y/N | No |
Building Area Total | 13096.00 |
Lot Size Acres | 0.12 |
Road Frontage Length | 50 |
Lot Size Units | Square Feet |
Lot Size Source | Assessor |
Total Loading Docks | 1 |
Land Assessed Value | 654120.00 |
Navigable Water Y/N | No |
Water Oriented Y/N | No |
Car Parking Spaces | 22 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool