5510 Cherokee AveAlexandria, VA 22312

Property Details for 5510 Cherokee Ave

Year built

1985

Construction

STEEL FRAME

Lot size

2.42 AC

Property size (Sq ft)

54,453 SF

Zone code

I-6(INDUSTRIAL HEAVY)

Property type

Office properties

Property subtype

Office buildings

APN

081-1-01-0024-B

APU

0811010024B

Description

This exceptional 54,453 square foot, three-story Class B office building in Alexandria, Virginia, presents a compelling investment opportunity. Boasting a 7.53% cap rate and 96.7% occupancy, the property features a diverse tenant mix, including a significant lease with the General Services Administration (GSA) and a new daycare center, ensuring long-term stability. Built in 1985 and renovated in 2004, the building benefits from recent lease signings, including a 15-year lease with the GSA and a 15-year lease with Little River Day School, along with an 11-year lease to Perfect Office Solutions, an executive suite provider. These leases, averaging over 9 years, provide significant rent escalation potential. The property's location at 5510 Cherokee Avenue, situated near the intersection of I-395, I-495, and I-95, offers unparalleled access and proximity to major employers. The I-6 zoning allows for flexible use, and the building's proactive maintenance minimizes future capital expenditures. With a strong NOI of $866,159 and an asking price of $11,500,000, this stabilized investment offers a compelling combination of immediate yield and long-term growth potential, supported by a robust local economy and high average household income within a one-mile radius. The gross lease structure simplifies management, and the 2-3% annual rent bumps further enhance the investment's attractiveness. The 2.42-acre lot provides ample space.

• CAP approach

  CAP return

  Valuation

  6%

  $14,072,300

  6.5%

  $12,989,815

  7%

  $12,061,971

• Comparable approach

  Method

  Valuation

  Relative Method

  $9,094,196

  Geo Method

  $9,094,196

• Alternative Use

  Use

  Valuation

  Residential

  $16,107,371

  Hospitality

  $14,754,265

  Educational

  $12,275,375

  Medical

  $12,697,544

  Retail

  $19,095,028

Location Insight

City

Alexandria

County

Fairfax

State

Virginia

Latitude

38.8054

Longitude

-77.1662

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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