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Ideal Realty Group (IRG), is proud to exclusively list the fee simple interest in Mount Vernon Apartments (the “Property”), an 184-unit garden-style apartment community located in Alexandria, Virginia less than three-miles from Fort Belvoir.
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Offering Price:
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To be determined by market
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Offer Due Date:
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Thursday, September 30th |
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Address: |
8263 Russel Road, Alexandria, VA 22309 |
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Occupancy: |
97% (8/25/2010) |
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Year Built: |
1965 |
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Units: |
184 |
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Average Unit Size: |
816 SF |
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Rent Per SF: |
$1.40 |
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Net Rentable Area: |
150,143 SF |
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Parking: |
241 spaces (1.32 per unit) |
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Site Size: |
7.7306 acres |
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Zoning: |
C-8 Highway Commercial |
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Census Tract: |
4216 |
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Projected NOI: |
$1,321,000 |
Unit Mix
| Unit Type |
# of Units |
% of Mix |
Base Rent |
SF |
$ per SF |
| 1BD/1BA |
72 |
39.1% |
$1,000 |
686 |
$1.46 |
| 2BD/1BA |
91 |
49.5% |
$1,200 |
860 |
$1.40 |
| 3BD/2BA |
21 |
11.4% |
$1,380 |
1,071 |
$1.29 |
| Total/Average |
184 |
100% |
$1,142 |
816 |
$1.40 |
Investment Highlights
> Strong apartment market with an average occupancy of 97% for the subject property and neighboring comps.
> Very low turnover rate of less than 20%.
> Ability to charge any premium for certain units.
> New gas contract at approximately a 30% discount goes into effect Nov. 1st
> Property has been under same ownership for 10+ years
Market Highlights
> Located along the heavily travelled Route 1 Corridor, 5 miles from the Beltway and 3 miles from Fort Belvoir.
> Route 1 Corridor will be realignment with a goal of much higher density development.
> Fort Belvoir will benefit from BRAC that will eventually add up to 13,000 new employees.
> Fairfax County boasts the 2nd highest median household income ($106,785) of any county in the Nation.
> Fairfax County has the largest commercial office market in the Washington, DC Metro Area with more that 110 million square feet.
> 5.1% unemployment rate in Fairfax County compared to the National average of 9.5%
For more information, please review the Offering Summary Brochure below.
Confidentiality Agreement
In order to access the additional material available in our "Secure War Room" please complete the confidentiality agreement below or click on the "Secure War Rooom / CA" button on the left to complete an electronic confidentiality agreement.
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