5510 Cherokee Ave - Medical FOR SALE


Alexandria, VA 22312
$11,500,000 USD
703-677-0101
5510 Cherokee Ave, Alexandria, VA for Sale
$11,500,000 USD
Medical - FOR SALE
1/16
null | 7.54% Cap Rate

5510 Cherokee Ave
Alexandria, VA 22312


HIGHLIGHTS

  • Several financing options available.
  • Broker co-op available.
  • ARGUS Run available by request - 9+ year WALT.
  • Covid resistant - 3 large leases done during pandemic.

OVERVIEW

*Pricing and other financial information ONLY available after executed Confidentiality Agreement* 1.5% broker co-op fee offered. Currently, the property has a 7.16% cap rate and is approximately 96.7% Leased to 9 tenants with average lease term of 9+ years with an average in-place rent of approximately $23 PSF. The ownership recently completed two brand new 15 year leases, one with a daycare, Little River Day School, on the first floor and the other with the GSA to serve the Social Security Administration on the second floor of the building. The lease with Little River Day School will provide the area with much-needed child-care services and will serve as a great amenity for the building as office workers may desire to bring their children to work with them. This lease with the US Government provides the building with a core tenant that provides long term stability and unbeatable tenant creditworthiness. Another relevant byproduct of the GSA lease is the commitment of the current ownership to upgrade the building to meet certain energy efficiency standards such as switching to LED lighting fixtures. The ownership also recently leased 14,633 SF on the third floor to an executive suite concept, Perfect Office Solutions. This executive suite concept will provide a stable long term tenancy as well as a “feeder system” of small tenants that may “graduate” to needing larger traditional office suites in the building. Furthermore, future capital needs are limited due to a long history of proactive maintenance and the near turn key condition of the majority of the interior suite buildouts The Property’s location near the intersection of I 395, I 495 and I 95 (the “mixing bowl”) provides exceptional vehicular access and is ideally positioned between the Pentagon and Ft. Belvoir. This location is ideal for defense contractors and services providers that will benefit from the proposed increases in the defense budget. The zoning for the building is I 6 (Heavy Industrial District), which is one of the most flexible business zoning within the Fairfax County Zoning Ordinance for planned developments. This unique zoning has allowed the building to have excellent flexibility of proposed uses to the end user and to prospective tenants. With an average household income of $126,000 within a one mile radius, the stellar demographics, strategic location, first class office construction and interior finishes, this property will continue to be a very solid long term investment, which should steadily increase in value as any tenants with below market rental rates escalate and the local real estate market strengthens.

FOR SALE DETAILS

PRICE

$11,500,000 USD

PRICE/SF

$217 USD /SF

CAP RATE

7.54%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Cherokee II

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

3

BUILDING CLASS

B

YEAR BUILT

1985

SPRINKLERS

-

PARKING SPACES

206

LAND DETAILS

LAND ACRES

2.42 AC

LAND SF

105,415 SF

ZONING

I-6, Fairfax

APN/PARCEL ID

0811-01-0024B

ASK ABOUT THIS PROPERTY

James LegatLegat Commercial Real Estate LLCMore Info
703-677-0101

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James LegatLegat Commercial Real Estate LLCMore Info
703-677-0101

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.