5510 Cherokee Ave Alexandria, VA 22312-2320

Property Details for 5510 Cherokee Ave

Year built

1985

Construction

STEEL FRAME

Lot size

2.42 lot acres

Property size

54,453 SF

Zone code

I-6(INDUSTRIAL HEAVY)

Property type

Office buildings

APN

081-1-01-0024-B

APU

0811010024B

Description

This exceptional 54,453 square foot, three-story Class B office building in Alexandria, Virginia, presents a compelling investment opportunity. Boasting a 7.53% cap rate and 96.7% occupancy, the property features a diverse tenant mix, including a significant lease with the General Services Administration (GSA) and a new daycare center, ensuring long-term stability. Built in 1985 and renovated in 2004, the building benefits from recent lease signings, including a 15-year lease with the GSA and a 15-year lease with Little River Day School, along with an 11-year lease to Perfect Office Solutions, an executive suite provider. These leases, averaging over 9 years, provide significant rent escalation potential. The property's location at 5510 Cherokee Avenue, situated near the intersection of I-395, I-495, and I-95, offers unparalleled access and proximity to major employers. The I-6 zoning allows for flexible use, and the building's proactive maintenance minimizes future capital expenditures. With a strong NOI of $866,159 and an asking price of $11,500,000, this stabilized investment offers a compelling combination of immediate yield and long-term growth potential, supported by a robust local economy and high average household income within a one-mile radius. The gross lease structure simplifies management, and the 2-3% annual rent bumps further enhance the investment's attractiveness. The 2.42-acre lot provides ample space.

Location Insight

City

Alexandria

County

Fairfax

State

Virginia

Longitude

-77.1662

Latitude

38.8054

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments