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1021 Prince St 27,622 SF 100% Leased Office Building Alexandria, VA 22314 For Sale
INVESTMENT HIGHLIGHTS
- Newer Class-A Multifamily developments have been constructed in very close proximity to each building
- 1021 Prince Street is in a prime location just 1 block south of King Street.
- This Property is in superior condition and has had a significant amount of capital improvements in recent years with major projects completed.
- Located within close proximity to major employment centers in Alexandria and Northern Virginia in addition to being right across the Potomac River.
EXECUTIVE SUMMARY
Transwestern, as exclusive agent, is pleased to offer a rare opportunity to acquire 1021 Prince Street (the “Property”), an extremely well-located building with flexible zoning that consists of a total of approximately 27,622 SF located in Old Town Alexandria, Virginia. This asset offers significant value for investors focused on office-to-residential conversions, commercial investment groups, as well as end users that would look to acquire the building for their own business operations.
Constructed in 1983, 1021 Prince Street is a 3-story building totaling about 27,622 SF. While the property is located within the Old and Historic Alexandria District, it is not subject to the City of Alexandria Board of Architectural Review (BAR) for exterior renovations. The building includes several unique features including a below grade structured parking garage with 24 spaces, storage, and elevator service with frontage on both South Henry Street and Prince Street. The property is currently leased to Virginia Tech but will convey as vacant at the time of sale.
This Property is well positioned for a potential residential conversion to for sale condominiums or rental apartments which is permitted under the current Zoning Classification. The physical layout of the building, on-site parking, premier location, combined with the strength of the condominium sales market in Old Town Alexandria with recent condominium sales comps exceeding $900 per SF, offers a unique exit opportunity with significant return on investment. There is also an opportunity to convert the buildings to rental apartments which would command rents in the $4.00+ per SF range.
Constructed in 1983, 1021 Prince Street is a 3-story building totaling about 27,622 SF. While the property is located within the Old and Historic Alexandria District, it is not subject to the City of Alexandria Board of Architectural Review (BAR) for exterior renovations. The building includes several unique features including a below grade structured parking garage with 24 spaces, storage, and elevator service with frontage on both South Henry Street and Prince Street. The property is currently leased to Virginia Tech but will convey as vacant at the time of sale.
This Property is well positioned for a potential residential conversion to for sale condominiums or rental apartments which is permitted under the current Zoning Classification. The physical layout of the building, on-site parking, premier location, combined with the strength of the condominium sales market in Old Town Alexandria with recent condominium sales comps exceeding $900 per SF, offers a unique exit opportunity with significant return on investment. There is also an opportunity to convert the buildings to rental apartments which would command rents in the $4.00+ per SF range.
PROPERTY FACTS
Sale Type
Investment
Sale Condition
Redevelopment Project
Property Type
Office
Building Size
27,622 SF
Building Class
B
Year Built
1983
Percent Leased
100%
Tenancy
Multiple
Building Height
3 Stories
Typical Floor Size
9,207 SF
Slab To Slab
10’
Building FAR
2.89
Lot Size
0.22 AC
Zoning
CD, Alexandria
Parking
24 Spaces (0.87 Spaces per 1,000 SF Leased)
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Walk Score®
Walker's Paradise (99)
Transit Score®
Excellent Transit (74)
Bike Score®
Very Bikeable (81)
PROPERTY TAXES
| Parcel Number | 074.01-05-17 | Improvements Assessment | $4,821,315 |
| Land Assessment | $1,843,132 | Total Assessment | $6,664,447 |
PROPERTY TAXES
Parcel Number
074.01-05-17
Land Assessment
$1,843,132
Improvements Assessment
$4,821,315
Total Assessment
$6,664,447
CONTACTS
-
Michael D'Amelio -
Robin Williams -
Dean Sigmon -
Collin Brown -
Transwestern Real Estate Services
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1021 Prince St
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