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Cherokee II 5510 Cherokee Ave

53,000 SF 89% Leased Office Building Alexandria, VA 22312 £9,020,715 (£170/SF) 7.54% Net Initial Yield

Investment Highlights

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

Executive Summary

*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.

Property Facts

Sale Type
Investment
Sale Condition
1031 Exchange
Property Type
Office
Property Subtype
Medical
Building Size
53,000 SF
Building Class
B
Year Built
1985
Price
£9,020,715
Price Per SF
£170
Net Initial Yield
7.54%
NOI
£680,162
Percent Leased
89%
Tenancy
Multiple
Number of Floors
3
Typical Floor Size
17,666 SF
Slab to Slab
10 ft
Building FAR
0.50
Land Acres
2.42 AC
Zoning
I-6, Fairfax
Parking
206 Spaces (3.75 Spaces per 1,000 SF Leased)

Amenities

  • Bus Route
  • Controlled Access
  • Day Care
  • Food Service
  • Public Transport
  • Property Manager on Site
  • Security System
  • Storage Space
  • Lift Access
  • Food Service
  • Air Conditioning

MAJOR TENANTS

  • Tenant
  • Industry
  • SF OCCUPIED
  • RENT/SF
  • Lease Type
  • Lease End
  • Health Care and Social Assistance
  • 2,412 SF
  • -
  • Full Service Gross
  • Dec 2015

Perfect Sculpt stands out as a sophisticated body contouring technique that combines safety with precision. By infusing a specialized solution into targeted areas, the procedure not only minimizes discomfort but also reduces bleeding and promotes smoother fat removal. Its meticulous approach allows for accurate sculpting, ensuring natural-looking results and a quicker recovery compared to traditional liposuction methods. With its track record of success, Perfect Sculp Liposuction remains a trusted choice for those seeking a refined and contoured silhouette. Dr. Segev has focused his practice on liposuction, showcasing his proficiency in sculpting and contouring various areas of the body. His commitment to staying current with the latest techniques and technologies in liposuction ensures that his patients receive state-of-the-art care.

  • Cherokee Cafe
  • Accommodation and Food Services
  • 1,767 SF
  • -
  • -
  • -

Cafeteria / quick-food restaurant located in Cherokee building for office tenants.

  • Public Administration
  • 13,780 SF
  • -
  • Full Service Gross
  • Jan 2033

GSA provides workplaces by constructing, managing, and preserving government buildings and by leasing and managing commercial real estate. Their acquisition solutions offer private sector professional services, equipment, supplies, and IT to government organizations and the military. They also promote management best practices and efficient government operations through the development of governmentwide policies.

  • Service type
  • 6,046 SF
  • £18.04
  • Full Service Gross
  • Oct 2037

They strive to provide a clean, safe and educational environment for young children and their families. Within their care, children develop skills that promote physical, emotional, social and intellectual growth. They believe in being supportive of the parents and they welcome their positive involvement and presence at all times. They further believe that within our environment, children can thrive and have the opportunity to blossom into responsible and contributing members of our society. They require on-going training for our staff through state classes, orientation videos, in-house training, and other certified professionals in the early childhood education field. All of the staff is trained in First Aid and CPR. They are dedicated and committed to their children by providing exceptional education and quality child care. It is their philosophy to focus on the needs of the individual child by providing a stimulating atmosphere for learning along with a secure loving environment.

  • Magnum Medical Ventures, Inc.
  • -
  • 2,412 SF
  • -
  • -
  • -
  • Service type
  • 3,731 SF
  • -
  • Full Service Gross
  • -

PatchAdvisor, Inc. (PA) is a privately owned small business providing information assurance (IA) and computer security services with experience in nearly every vertical industry, supporting customers in countries around the globe. PatchAdvisor is also actively engaged with multiple US government agencies, the US Department of Defense and various intelligence community customers. Founded in 2003, PA is based in Alexandria, Virginia. Their capabilities include network vulnerability assessments, web application security assessments, wireless security assessments, secure network architecture design and review, security program management and development, security awareness training, certification and accreditation support, and security policy, process and procedure integration. PatchAdvisor is a security focused, boutique consulting company, and does not resell any products.

  • Professional, Scientific, and Technical Services
  • 3,033 SF
  • -
  • -
  • Jan 2028

Founded in 1985, Plexus is an employee-owned small business that provides Environmental Remediation Services, Business and IT Solutions, Energy and Sustainable Solutions, Safety Services, and Nuclear Solutions. Plexus is among a distinguished group of small business consultants with certifications in both CMMI Level 3 and ISO 9001:2015. Their clients depend on their products that range from their Program Performance Manager software to the Expray Explosive Detection kit. Plexus has supported all branches of the U.S. military and DoD agencies, the Department of Homeland Security, Civilian agencies across the federal government, as well as state and local governments and industry clients. Contact Plexus Scientific for remediation system design, performance management solutions, compliance solutions, strategic sustainability planning, nuclear safety, and safety management services.

  • Construction
  • 2,200 SF
  • -
  • -
  • -

Established on January 1, 2016, Tier 1 Utility Design, Inc. (Tier 1) is a Certified Woman-Owned Business Enterprise (WBE), experienced in providing design and drafting services associated with Utility substations. Their team of experienced professionals has an extensive background in the design and drafting of drawings related to substations, switchyards, and overhead and underground transmission projects.

  • Professional, Scientific, and Technical Services
  • 1,066 SF
  • -
  • Full Service Gross
  • Feb 2014

Universolutions is a northern Virginia based small business dedicated to bringing innovative solutions to federal government agencies. Universolutions has a highly credential team of experts with extensive experience who are providing a broad spectrum of services to meet its client’s needs. They specialize in the full life cycle development of customized, mission-critical and scalable applications to address strategic and operational objectives. Through their client experiences and studied process management models, they employ the latest technology and development methodologies to help federal government agencies maximize performance.

  • Professional, Scientific, and Technical Services
  • 500 SF
  • -
  • -
  • -

Vivint is a leading smart home company in North America. Vivint delivers an integrated smart home system with in-home consultation, professional installation and support delivered by its Smart Home Pros, as well as 24/7 customer care and monitoring. Dedicated to redefining the home experience with intelligent products and services, Vivint serves more than 1.5 million customers throughout the U.S. and Canada. Fast Company ranked Vivint Smart Home #22 on its list of The World’s 50 Most Innovative Companies.

Tenant Industry SF OCCUPIED RENT/SF Lease Type Lease End
Health Care and Social Assistance 2,412 SF - Full Service Gross Dec 2015
Cherokee Cafe Accommodation and Food Services 1,767 SF - - -
Public Administration 13,780 SF - Full Service Gross Jan 2033
Service type 6,046 SF £18.04 Full Service Gross Oct 2037
Magnum Medical Ventures, Inc. - 2,412 SF - - -
Service type 3,731 SF - Full Service Gross -
Professional, Scientific, and Technical Services 3,033 SF - - Jan 2028
Construction 2,200 SF - - -
Professional, Scientific, and Technical Services 1,066 SF - Full Service Gross Feb 2014
Professional, Scientific, and Technical Services 500 SF - - -

Space Availability

  • Space
  • Size
  • Space Use
  • Condition
  • Available
  • 1st Fl-Ste 120
  • 1,500-3,731 SF
  • Office
  • Full Build-Out
  • Now

24 hour security camera monitoring system with key-card after hour access

  • 2nd Fl-Ste 250
  • 1,844 SF
  • Office
  • Full Build-Out
  • Now
Space Size Space Use Condition Available
1st Fl-Ste 120 1,500-3,731 SF Office Full Build-Out Now
2nd Fl-Ste 250 1,844 SF Office Full Build-Out Now

1st Fl-Ste 120

Size
1,500-3,731 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

2nd Fl-Ste 250

Size
1,844 SF
Space Use
Office
Condition
Full Build-Out
Available
Now

1st Fl-Ste 120

Size 1,500-3,731 SF
Space Use Office
Condition Full Build-Out
Available Now

24 hour security camera monitoring system with key-card after hour access

PROPERTY TAXES

PROPERTY TAXES

Parcel Number
0811-01-0024B
Land Assessment
£886,854
Improvements Assessment
£3,616,640
Total Assessment
£4,503,494
  • Listing ID: 22258007

  • Date on Market: 17/02/2021

  • Last Updated:

  • Address: 5510 Cherokee Ave, Alexandria, VA 22312

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