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907 King Street

907 King Street. Alexandria, Virginia. Market Characteristics. Basic Facts. Average Office Rent: $30.83/SF FS Office Vacancy: 17% Occupied. Average Retail Rent: $37.50/SF NNN Retail Vacancy: 3.4%. Property Address: 907 King Street, Alexandria, Virginia 22314

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907 King Street

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  1. 907 King Street Alexandria, Virginia

  2. Market Characteristics Basic Facts • Average Office Rent: $30.83/SF FS • Office Vacancy: 17% Occupied • Average Retail Rent: $37.50/SF NNN • Retail Vacancy: 3.4% • Property Address: 907 King Street, Alexandria, Virginia 22314 • Property Type: 3-story walk-up office with ground floor retail • Square Footage: 7,400 SF • Year Built: 1900 • Market: Old Town Alexandria • List Price: $3,200,000 • Sale Price: $900,000 (1999) • Tax Assessment: $2,179,616 • Zoning: General Commercial • Parking: 2 spaces in rear • Walk Score: 98, Walker’s Paradise

  3. Value Add Opportunities • Roof Repair: • The property is in need of a new roof, there is deferred maintenance on the current roof and it is nearing the end of it’s useful life. • Office Space Renovation: • The kitchenettes in the office space are in poor condition. New cabinets, countertops, finishings, and refrigerators will be installed on each floor. • The carpet on the second and third floor are in below average condition, and will be replaced. • The interior walls will be repainted to cover up ware from previous tenants. • Lease Up: • The retail space has a lease in-place with 3 years remaining. The current rent is in-line with market rents. The kitchen and bar equipment will remain in the space if the current tenant does not re-new at the end of their term. • The renovations to the office space are to expected shorten the lease-up period and should demand average to above-average market rents as the property is in a highly desired location along King Street

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