319 Mill St Vienna, VA 22180
- Warehouses
- 23,000 SF
- 0.71 lot acres
Current Use by Public Records
- Karla Colletto Swimwear Inc / Swimwear Store / Professional Services
- Legend Wrestling Club / Youth Club
- FSO Academy / Training Centre
- Velocity Dance / Dance School
- Cooper Materials Handling / General Contractor
Property Details for 319 Mill St
- Year built
- 1970
- Construction
- TYPE NOT SPECIFIED
- Lot size
- 0.71 lot acres
- Property size
- 23,000 SF
- Zone code
- CM(LIMITED INDUSTRIAL)
- Property type
- Warehouses
- Property subtype
- Self storage facilities
- APN
- 038-2-02-0059
- APU
- 382020059
Description
This exceptional investment opportunity presents a 22,640-square-foot Class B industrial flex/warehouse property located at 319 Mill Street NE, Vienna, VA 22180. Boasting a 6.06% cap rate and a stabilized NOI of $514,895, this multi-tenant property offers significant returns. The building, constructed in 1995, sits on a 19,824-square-foot lot and features 4 loading docks, 4 dock-high doors, and an impressive 18-foot ceiling height. Ample parking is provided with 39 spaces. Currently 100% occupied since October 24, 2023, the property benefits from a strong tenant base with leases structured as NNN (Net, Net, Net), ensuring minimal landlord responsibilities. Leases include 3 or 4% annual rent bumps, providing consistent income growth. The property is zoned CM (Town of Vienna) and enjoys a prime location in Northern Virginia, conveniently situated near major roadways including I-495, I-66, and Route 123, providing easy access to the Tysons Corner business and retail market. The asking price is $8,500,000, translating to a price per square foot of $375.44. The ownership structure is a Limited Liability Corporation. Lease options include five-year terms. A minimum tenant improvement (TI) package is offered upon lease execution. This property represents a rare opportunity to acquire a high-performing industrial asset in a highly desirable location.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $4,825,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $4,600,000
- 6.5%
- $4,540,000
- 7%
- $5,175,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $5,050,000
- Geo Method
- $4,380,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $4,560,000
- Retail
- $5,695,000
- Mixed-Use
- $4,685,000
- Hospitality
- $5,165,000
- Educational
- $4,715,000
- Residential Income
- $6,095,000
- Energy
- $4,700,000
- Income-Based Land
- $5,785,000
- Food Service
- $5,045,000
Location Insight
- Map
- Local Demand
- City
- Vienna
- County
- Fairfax
- State
- Virginia
- Longitude
- -77.2673
- Latitude
- 38.906
- CBSA code
- 47900
- CBSA name
- WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA
