Redevelopment Opportunity
20,302 SF | 100% Leased | Retail Building | Falls Church, VA 22046 | $6,500,000 ($320/SF)
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $6,500,000
- Property Type
-
Retail
- Square Feet
- 20,302 SF
- Price / Square Foot
- $320
Listing Contacts
Virginia Smith
Verified Profile
- Property Info
Property Overview
Arlington Realty, Inc. / Virginia Smith as exclusive agent, is pleased to offer the opportunity to purchase a Prime commercial - retail / industrial development site. Excellent location near downtown Falls Church City. Rarely available, M-1 zoning allows for many potential industrial, retail, and commercial uses. Well suited for potential development of a hotel or storage facility, or mixed-use building, among many other possible uses. The surrounding area has experienced a surge in activity, recently, in redevelopment projects. The Falls Church City comprehensive plan suggests a potential use of “mixed use redevelopment” or “MUR”, in addition to the by-right permitted uses in M-1 and B-3 zoning. MUR requires a minimum project area of 2.5 acres. Part of the property sits in a Resource Protection Area “RPA”, so should the property be redeveloped, an administrative waiver may be required from Falls Church City (see attached).
Existing improvements include the main building, which is comprised of a first floor auto repair shop (tenant occupied) and office, with a second floor office space and an event space (owner occupied). There are 6 tenants, which occupy parts of the main building and two additional buildings: 1) auto body shop that leases the adjoining building to the side/rear; 2) auto detailing shop that leases the detached 2-level office building at the front and the auto bay to the left side of the main building. Lease terms are mixed - see broker for details.
Existing improvements include the main building, which is comprised of a first floor auto repair shop (tenant occupied) and office, with a second floor office space and an event space (owner occupied). There are 6 tenants, which occupy parts of the main building and two additional buildings: 1) auto body shop that leases the adjoining building to the side/rear; 2) auto detailing shop that leases the detached 2-level office building at the front and the auto bay to the left side of the main building. Lease terms are mixed - see broker for details.
Property Details
- Class
- B
- Year Built
- 1984
- Stories
- 3
- Lot Size (sq. ft)
- 40,511 SF
Highlights
- In the heart of the vibrant retail corridor of W. Broad St.
- Rarely available, M-1 zoning allows for many potential industrial, retail, and commercial uses.
- 7 blocks to West Falls Church Metro station
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