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 $282
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 Sub-Type Mixed Use
Property Description
* 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 $282/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.
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
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
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