null, ALEXANDRIA, VA, 22301

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ALEXANDRIA, VA 22301
13,096 SqFt
Other / Rent To Own

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18 min from 1784 Upper Ranch Rd

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*** MT VERNON AVENUE ,ALEXANDRIA - See Price Asking Price

13,096 SqFt

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Property Details
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Property Details for null St, ALEXANDRIA, VA 22301

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Sale Type

Rent-to-own homes can be purchased using a Lease Option. This means the buyer rents the home for a set period of time, sets aside a portion of monthly rent payments during this time, and then has an option to purchase the home later, using the accumulated savings toward the down payment. Rent-To-Own properties offer home ownership opportunities to those who have poor credit or can't afford the down payment. It gives buyers time to rebuild their credit and accumulate purchase credits while living in the house.

Description

* 5-Year Lease Extensions by tenants USPS and iDatan* Office floors upgraded to Class-A style n* Upside with 3rd floor vacancyn* An incredibleand rare22 parking spaces n* Residential conversion opportunitynThis 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. nFor 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.nFor 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.nAmong 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.nLooking 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. nIncluded 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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Property Brokerage: Capital Realty Advisors 2032 VIRGINIA AVENUE MC LEAN VA 22101
Copyright � 2024 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

All information provided is deemed reliable, but is not guaranteed and should be independently verified.

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ALEXANDRIA, VA 22301

*** MT VERNON AVENUE ,ALEXANDRIA - See Price Asking Price

Property Details for null St, ALEXANDRIA, VA 22301

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