Contacts
Geoffrey Lindsay
Capital Realty Advisors
(703) 536-2100
Property Details
- Property Type Mixed Use
- Property Size 13,096 SF
- Lot Size 0.12 Acre
- # of Floors 3
- Average Floor Size 4,200 SF
- Parking Spaces Avail. 22
- Parking Ratio 1.68 / 1,000 SF
- Property Tenancy Multi-Tenant
- Building Class B
- Year Built 1946
- Year Renovated 2008
- Date Updated Dec 18, 2023
* 5-Year Lease Extensions by tenants USPS and iData.
* Office floors upgraded to Class-A style.
* Upside with 3rd floor vacancy.
* An incredible—and rare—22 parking spaces.
* Residential conversion opportunity.
This unique property in the heart of Alexandria’s 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.
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.
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Getting around
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Tenants
Tenant Name | Suite Number | Available Area | Expiration Date |
---|---|---|---|
iData | 2nd Floor | 3,500 Sq. Ft. |
Location
- City Alexandria, VA
- Neighborhood Del Ray
- Zip Code 22301
- Market Washington DC Suburban Maryland
Points of Interest
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Braddock Road
0.72 miles
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Braddock Road Metro Station
0.74 miles
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King Street Metro Station
1.15 miles
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King Street
1.15 miles
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King Street Metro Station
1.19 miles
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King Street–Old Town
1.20 miles
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King St-Old Town
1.21 miles
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Alexandria
1.22 miles
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Alexandria Union Station
1.22 miles
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Taxi Cabs
1.27 miles
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Shell
0.21 miles
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Exxon
0.21 miles
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Yates Automotive
0.71 miles
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Shell
0.81 miles
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Old Town Mart
0.98 miles
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Shell
1.03 miles
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Shell
1.05 miles
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Liberty
1.07 miles
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Exxon
1.08 miles
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ChargePoint
1.24 miles
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Hyundai Dealership
0.12 miles
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Euro Imports
0.87 miles
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Table Talk
1.33 miles
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LandDesign
1.33 miles
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1600 Duke St Garage
1.40 miles
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Economy Parking
1.47 miles
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USPTO East Garage
1.57 miles
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USPTO West Garage
1.57 miles
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Thompson's Alley
1.62 miles
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Employee Lot F
1.80 miles
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Holiday Inn & Suites Alexandria - Old Town
1.01 miles
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Sheraton Suites Alexandria Old Town
1.09 miles
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Club Wyndham Old Town Alexandria
1.13 miles
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Hilton Alexandria Old Town
1.16 miles
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Hyatt Centric
1.18 miles
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Hampton Inn Alexandria - Old Town/King Street Metro
1.22 miles
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Lorien Hotel & Spa
1.22 miles
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Embassy Suites by Hilton Alexandria-Old Town
1.28 miles
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Hilton Garden Inn Alexandria Old Town
1.29 miles
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Residence Inn Alexandria Old Town/Duke Street
1.41 miles
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ALDI
0.35 miles
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Giant
0.73 miles
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Target
0.84 miles
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FoodStar
0.90 miles
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TJ Maxx
1.00 miles
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Harris Teeter
1.10 miles
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Trader Joe's
1.15 miles
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Mount Vernon Village Center
1.20 miles
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MOM's Organic Market
1.22 miles
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Tiger Market
1.26 miles
In-Depth Research Available for this Property
Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.
Contact Listing Broker
Geoffrey Lindsay
Capital Realty Advisors
(703) 536-2100