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Key Details
Sold Price $7,000,000
Property Type Commercial
Sub Type Special Purpose
Listing Status Sold
Purchase Type For Sale
Square Footage 11,680 sqft
Price per Sqft $599
MLS Listing ID VAAX2011858
Sold Date 10/18/22
Originating Board BRIGHT
Year Built 1870
Annual Tax Amount $4,200,422
Tax Year 2021
Lot Size 9,194 Sqft
Acres 0.21
Lot Dimensions 89 ' frontage on S. Washington St. and 90' frontage on Gibbon Street
Property Description
SALE-LEASEBACK OPPORTUNITY for two fully 2021 renovated buildings located on the SW corner of S. Washington and Gibbon Streets in Old Town Alexandria (601 & 607 S. Washington Street). These beautifully restored buildings occupy the entire corner and will be sold with a NNN lease in place for the current owner - The Linder Academy.
Offer Price: $7,500,000 Sale-leaseback
Offering Cap rate: 6.5%
Asking Rent on leaseback: $41.76/SQFT (i.e. 40,650/month) with 2% annual escalation plus pass through expenses paid by tenant to include maintenance, utilities, property tax and insurance. A true NNN lease
Term: Initial 10-year lease plus 10-year and 5-year lease extension options (with preference for longer term)
Two extraordinary buildings totaling 11,680 SQ FT on the corner of S. Washington Street & Gibbon Street in Old Town Alexandria, VA
Location
State VA
County Alexandria City
Zoning CL
Interior
Hot Water Natural Gas
Heating Central
Cooling Central A/C
Heat Source Natural Gas
Exterior
Garage Spaces 13.0
Water Access N
Accessibility Chairlift, Other
Total Parking Spaces 13
Garage N
Building
Lot Description Corner
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Alexandria City Public Schools
Others
Tax ID 080.02-01-11, 080.02-01-12, 080.02-01-10, AND 13
Ownership Fee Simple
SqFt Source Estimated
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Financing Cash,Conventional
Special Listing Condition Standard
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