1908 Mount Vernon AveAlexandria, VA 22301

Property Details for 1908 Mount Vernon Ave

Year built

1946

Lot size

0.12 AC

Property size (Sq ft)

13,096 SF

Zone code

CL - COMMERCIAL LOW ZONE

Property type

Office buildings

APN

14960010

APU

14960010

Description

This exceptional mixed-use property at 1908 Mt. Vernon Ave., Alexandria, VA 22301, presents a compelling value-add investment opportunity. The 13,096 square foot building, constructed in 1946 with renovations in 1980, 1994, and 2008, is situated on a 0.249-acre lot and features a three-story structure. Currently operating as a multi-tenant property, it boasts a strong tenant base including the USPS, with a 5-year lease commencing January 1, 2024, and expiring December 31, 2028. The property is zoned CL and RB, offering flexibility for future development. The asking price is $3,950,000, translating to $301.62 per square foot. The building includes two tenants and offers approximately 22 parking spaces. The upper office floors have been upgraded to a Class A style, while the third floor presents a vacancy for potential upside. The property's location in the heart of Del Ray, minutes from Amazon HQ2, the DC line, National Airport, the Beltway, and nearby Metro stations, provides unparalleled access and convenience. The inclusion of 115-117 E. Howell Ave., RB-zoned lots used for tenant parking under a special-use permit, further enhances the property's appeal. This fee-simple ownership opportunity allows for exploration of various development options, including a potential residential conversion. The property's strong existing lease and prime location make it an attractive investment for both short-term and long-term returns.

• CAP approach

  CAP return

  Valuation

  6%

  $3,384,402

  6.5%

  $3,124,063

  7%

  $2,900,916

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,187,163

  Geo Method

  $2,187,163

• Alternative Use

  Use

  Valuation

  Residential

  $3,873,838

  Hospitality

  $3,548,415

  Educational

  $2,952,240

  Medical

  $3,053,772

  Retail

  $4,592,373

Location Insight

City

Alexandria

County

Alexandria City

State

Virginia

Latitude

38.8238

Longitude

-77.0585

CBSA code

47900

CBSA name

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

Property Tax & Assessments

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