907 King Street Alexandria, Virginia

Basic Facts  Property Address: 907 King Street, Alexandria, Virginia  Property Type: 3-story walk-up office with ground floor retail  Square Footage: 7,400 SF  Year Built: 1900  Market: Old Town Alexandria  List Price: $3,200,000  Sale Price: $900,000 (1999)  Tax Assessment: $2,179,616  Zoning: General Commercial  Parking: 2 spaces in rear  Walk Score: 98, Walker’s Paradise Market Characteristics  Average Office Rent: $30.83/SF FS  Office Vacancy: 17% Occupied  Average Retail Rent: $37.50/SF NNN  Retail Vacancy: 3.4%

Value Add Opportunities  Roof Repair:  The property is in need of a new roof, there is deferred maintenance on the current roof and it is nearing the end of it’s useful life.  Office Space Renovation:  The kitchenettes in the office space are in poor condition. New cabinets, countertops, finishings, and refrigerators will be installed on each floor.  The carpet on the second and third floor are in below average condition, and will be replaced.  The interior walls will be repainted to cover up ware from previous tenants.  Lease Up:  The retail space has a lease in-place with 3 years remaining. The current rent is in- line with market rents. The kitchen and bar equipment will remain in the space if the current tenant does not re-new at the end of their term.  The renovations to the office space are to expected shorten the lease-up period and should demand average to above-average market rents as the property is in a highly desired location along King Street