310–312 Shirley Street
7
© 2021 Greysteel 310–312 Shirley Street Falls Church, VA OFFERING SUMMARY Investment Summary Year Built 1941 Units 8 (4 & 4) Construction Stick-Built Zoning R-M Total Rentable SF 5,200 Average Unit Size 650 SF Occupancy (5/2021) 100% Average Rent Roll Rent $1,263 UNIT MIX SUMMARY Unit Type No. of Units Avg SF Effective Rent/Unit Achievable Rent/Unit 310 Shirley - 1 BDR 4 650 $1,263 $1,525 312 Shirley - 1 BDR 4 650 $1,263 $1,525 Totals/Wtd. Averages 8 650 $1,263 $1,525 Minimal Deferred Maintenance Current ownership has invested in the upkeep and continual maintenance of the property since acquisition. This includes new appliances (kitchen and laundry), new carpeting, well-maintained landscaping, and improved curb appeal. These upgrades will minimize new ownership’s repair/ maintenance costs and up-front capital expenditures. Barrier to Entry Submarket Multifamily investments are hard to come by in the Falls Church/Vienna submarket. 310–312 Shirley Street represent an exceptional opportunity for real estate investors looking to invest in a stable and reliable market. Non-institutional multifamily transaction velocity in Northern Virginia is much lower than the surrounding D.C. MSA submarkets. Largest Area Employment Hub The largest suburban submarket in the D.C. area is now Tysons, Virginia, by far. With 28.3 million square feet of office space, it is the seventh-largest office submarket in the U.S. The D.C. suburbs rank fourth in the nation in terms of total office space delivered in the last decade in suburban areas, adding 15.8 million square feet. Most of that new space was added in Tysons. Close to Retail & Leisure Outlets 310–312 Shirley Street are in close proximity to both local and national retailers, making errands for residents convenient. Steps away from the property is a new constructed Target and Harris Teeter, and mile in the other direction is W. Broad Street in the Downtown area of Falls Church, which is home to even more retail options. About one mile down the street is The Shops at West Falls Church, which offers a multitude of stores and restaurants. Top School System Falls Church City Public Schools is one of the top public-school systems in Virginia. The high demand for better education helps drive renters into the Falls Church area creating a strong and sustained rental market with low vacancy. Market Rent Achievable Unlike the nearby D.C. rental market, rental properties in Virginia are not subject to rent control. Currently, D.C. rental properties of this vintage have annual rent increases capped at the rate of inflation (CPI) plus 2%. Because Virginia does not have these regulations landlords are able to raise rents to match the market. This allows for minimal loss-to-lease and the ability to implement renovation programs to
Transcript of 310–312 Shirley Street
© 2021 Greysteel
310–312 Shirley StreetFalls Church, VA
OFFERING SUMMARY
Investment SummaryYear Built 1941
Units 8 (4 & 4)
Construction Stick-Built
Zoning R-M
Total Rentable SF 5,200
Average Unit Size 650 SF
Occupancy (5/2021) 100%
Average Rent Roll Rent $1,263
UNIT MIX SUMMARY
Unit Type No. of Units
Avg SF
Effective Rent/Unit
Achievable Rent/Unit
310 Shirley - 1 BDR 4 650 $1,263 $1,525
312 Shirley - 1 BDR 4 650 $1,263 $1,525
Totals/Wtd. Averages 8 650 $1,263 $1,525
Minimal Deferred MaintenanceCurrent ownership has invested in the upkeep and continual maintenance of the property since acquisition. This includes new appliances (kitchen and laundry), new carpeting, well-maintained landscaping, and improved curb appeal. These upgrades will minimize new ownership’s repair/maintenance costs and up-front capital expenditures.
Barrier to Entry SubmarketMultifamily investments are hard to come by in the Falls Church/Vienna submarket. 310–312 Shirley Street represent an exceptional opportunity for real estate investors looking to invest in a stable and reliable market. Non-institutional multifamily transaction velocity in Northern Virginia is much lower than the surrounding D.C. MSA submarkets.
Largest Area Employment HubThe largest suburban submarket in the D.C. area is now Tysons, Virginia, by far. With 28.3 million square feet of office space, it is the seventh-largest office submarket in the U.S. The D.C. suburbs rank fourth in the nation in terms of total office space delivered in the last decade in suburban areas, adding 15.8 million square feet. Most of that new space was added in Tysons.
Close to Retail & Leisure Outlets310–312 Shirley Street are in close proximity to both local and national retailers, making errands for residents convenient. Steps away from the property is a new constructed Target and Harris Teeter, and 1/4 mile in the other direction is W. Broad Street in the Downtown area of Falls Church, which is home to even more retail options. About one mile down the street is The Shops at West Falls Church, which offers a multitude of stores and restaurants.
Top School SystemFalls Church City Public Schools is one of the top public-school systems in Virginia. The high demand for better education helps drive renters into the Falls Church area creating a strong and sustained rental market with low vacancy.
Market Rent AchievableUnlike the nearby D.C. rental market, rental properties in Virginia are not subject to rent control. Currently, D.C. rental properties of this vintage have annual rent increases capped at the rate of inflation (CPI) plus 2%. Because Virginia does not have these regulations landlords are able to raise rents to match the market. This allows for minimal loss-to-lease and the ability to implement renovation programs to
© 2021 Greysteel
AMAZON HQ2
Northern Virginia Amazon HQ2 by the numbers:• More than 25,000 full-time jobs with an average wage of
$150,000+
• Approximately $2.5 billion in Amazon investment
• Amazon will occupy up to 8.0M SF of space at full build-out
• Estimated incremental tax revenue of $3.2 billion over the next 20 years
• Virginia Tech plans to build a $1.0 billion Innovation Campus and George Mason University will develop a digital innovation institute
• 500k square feet of office space initially leased
• 75,000+ direct and indirect jobs
310–312 SHIRLEY STREET
8.7 MILES21-MINUTE CAR RIDE
1-HOUR 9-MINUTE BUS RIDE
AMAZON AMAZON HQ2HQ2
395
66
7
244
120
50
29
© 2021 Greysteel
TYSONS CORNER
By the numbers:• Total Workforce Population: 107,000 (Tysons Economic
Report 2021)
• Tysons recorded a 39% increase in residential growth from 2010 – 2018, which is four times (4x) higher than the County average population growth and three times (3x) the region
• Tysons total households is projected to reach 36,000-57,000 by 2050 (Tysons Economic Report 2021)
Retail Market:Tysons has maintained its role as a regional retail destination generating over $3.5 billion in annual retail spending, representing 17% of total retail spending in Fairfax County (Tysons Economic Report 2021).
• 5.6 MSF of inventory at 2.7% vacancy
• Average market price sitting at $382/SF
• Retail vacancies in Tysons Corner were slightly elevated relative to the five-year average during Q1 2021, and they increased modestly in the past 12 months
Office Market:Tysons experienced the highest growth rate of office product among comparable submarkets with inventory increasing 7.6% between 2010 and 2019 (Tysons Economic Report 2021).
• 30.3 MSF of inventory at 16.6% vacancy (Third-largest office market in Metro Washington)
• Average market price sitting at $295/SF
• Over 360,000 SF of office space under construction as of Q2 2021
Business in Tysons CornerTysons is home to many companies listed on the Fortune 500 list, including: AT&T, Boeing, Booz Allen Hamilton, Capital One, Deloitte, Ernst & Young, Freddie Mac, Gannett (USA Today), Hilton Worldwide, IBM, MicroStrategy, The MITRE Corp., the National Automobile Dealers Association, Northrop Grumman, PriceWaterhouseCoopers, SAIC, and Sun Microsystems (Tysons Chamber 2021).
Ease of Access• The 495 Express Lanes provide a faster, more predictable
travel option on the Beltway on your commute to Tysons Corner
• Drivers have direct access to and from the Tysons area with three dedicated Express exit points: Route 7 (Leesburg Pike), Westpark Drive, and Jones Branch Drive
310–312 SHIRLEY STREET
4.3 MILES15-MINUTE CAR RIDE48-MINUTE BUS RIDE43-MINUTE BIKE RIDE
TYSON’S TYSON’S CORNERCORNER
495
66
7
267
123
694
29
50
66
7
7
613
29
50
50
310–312 SHIRLEY STREET
TOWER SQUARE SHOPPING CENTER
SEVEN CORNERS CENTER
FALLS PLAZA
MARY ELLEN MARY ELLEN HENDERSON HENDERSON
MIDDLE SCHOOLMIDDLE SCHOOL
GEORGE MASON GEORGE MASON HIGH SCHOOLHIGH SCHOOL
TIMBER LANE TIMBER LANE ELEMENTARY ELEMENTARY
SCHOOLSCHOOL
PINE SPRING PINE SPRING ELEMENTARY ELEMENTARY
SCHOOLSCHOOL
FALLS CHURCH FALLS CHURCH HIGH SCHOOLHIGH SCHOOL
GRAHAM PARK PLAZA
CHERRY HILL CHERRY HILL PARKPARK
CITY OF FALLS CITY OF FALLS CHURCH OFFICE CHURCH OFFICE
CORIDORCORIDOR
OCEAN DUNES OCEAN DUNES WATERPARKWATERPARK
BISHOP BISHOP O’CONNELL O’CONNELL
HIGH SCHOOLHIGH SCHOOL
TUCKAHOE TUCKAHOE ELEMENTARY ELEMENTARY
SCHOOLSCHOOL
BUS LINE 2A
BUS LINE 1A
WEST FALLS CHRUCH-VT/UVA
DUNN LORING-MERRIFIELD
267
EAST FALLS CHURCH
495
613
29
50
66
694
EAST FALLS CHURCH METRO STATION (1.1 MILES)
1-MILE
2-MILE
Northwest on Silver Line from EFC:
• Tyson’s Corner - 2 Stops• Reston - 5 Stops
East on Orange/Silver Line from EFC:
• Ballston - 1 Stop• Clarendon - 3 Stops• Courthouse - 4 Stops• Rosslyn - 5 Stops• Downtown D.C. - Beyond7
BUS LINE 28A
TYSON’S CORNER (4 MILES/15 MINUTES)
310–312 SHIRLEY STREET
TRANSIT MAP
© 2021 Greysteel
495
66
1 6825 Washington Boulevard (1.0 Mile) Arlington, VA 22213
2 Washington Boulevard (1.0 Mile) 6845 Washington Boulevard, Arlington, VA 22213
3 Hopkins Glen (1.6 Miles) 7522–7610 Broadway Drive, Falls Church, VA 22043
4 The Fields of Falls Church (0.6 Miles) 900–913 Ellison Street, Falls Church, VA 22046
5 The Glen (1.2 Miles) 2809 W. Glen Drive, Falls Church, VA 22046
6 Columbia West (0.6 Miles) 401–403 N. Maple Avenue, Falls Church, VA 22046
7 Linden at Goodwin (0.6 Miles) 2754 Goodwin Park, Falls Church, VA 22046
613
7
267694
7
29
50
6825 WASHINGTON BOULEVARD
Occupancy: 92% # of Units: 12 Avg. $/Unit: $1,664
1
LINDEN AT GOODWIN
Occupancy: 84% # of Units: 25 Avg. $/Unit: $1,461
6
HOPKINS GLEN
Occupancy: 100% # of Units: 91 Avg. $/Unit: $1,647
3
COLUMBIA WEST
Occupancy: 94% # of Units: 31 Avg. $/Unit: $1,314
6
WASHINGTON BOULEVARD
Occupancy: 88% # of Units: 26 Avg. $/Unit: $1,592
2THE GLEN
Occupancy: 98% # of Units: 152 Avg. $/Unit: $1,287
5
THE FIELDS OF FALLS CHURCH
Occupancy: 96% # of Units: 96 Avg. $/Unit: $1,580
4
310–312 SHIRLEY STREET
Occupancy: 100% # of Units: 8 Avg. $/Unit: $1,263
RENT COMPARABLES MAP
One-Bedroom Rent Comparables Matrix
© 2021 Greysteel
310–312 SHIRLEY STREET
GEORGETOWNDOWNTOWN
WASHINGTON, D.C.
PENTAGON
PENTAGON CITY
ALEXANDRIA
NATIONAL HARBOR
ROSSLYN BUSINESS IMPROVEMENT DISTRICT
RONALD REAGAN WASHINGON
NATIONAL AIRPORT
ROSSLYN-BALLSTON CORRIDOR
TYSON’S CORNER
CITY OF FAIRFAX
MERRIFIELD
RESTON
395295
495
495
66
495
29
50
NATIONAL MALL
310–312 Shirley Street is centrally located amongst some of the largest employment and population centers in the region.
New ownership will benefit from renter demand for properties that are located with easy access to multiple urban and suburban destinations.
INVESTMENT SALES CONTACTS CAPITAL MARKETS CONTACT
MAX GOLDSTEIN DUTCH SEITZ BENJAMIN WILSON JACK WHITMANAssociate | Investment [email protected] 0225250373
Sr. Associate | Investment [email protected] 0225238855
Managing [email protected] 0225208497
Associate | Capital [email protected]. SP200205686
7735 Old Georgetown Road | Suite 301 | Bethesda, MD 20814202.280.2722 | www.greysteel.com
VA License No: 0226023703Principal Broker | Ari Firooabadi | 0225 081719
For more information or to inquire about Greysteel, please contact Ari Firoozabadi, President & CEO | [email protected] | 202.417.3873Offices Nationwide | License Information and Online Disclosures
Greysteel, seller, and their respective representatives make no representations or warranties, express or implied,regarding the accuracy or completeness of the information in this Offering. All references to acreage, square footage, distance, and other measurements are approximations and must be independently verified. Prospective purchasers shall be responsible for performing their own independent due diligence with respect to a possible transaction. This Offering is subject to prior placement, withdrawal, cancellation or modification without notice.
© 2021 Greysteel
