406 E Elm Ave

The property is a build to suit development for DMV, which was completed in 2004. The lease has just been renewed for a ten-year term with five years firm. The new rent started March 1, 2024 at $13,000.00 per month with five (5%) annual increases over the first two years and adjusts to three (3%) annual increases for the remainder of the lease term. As part of the lease extension the Tenant has expended $148,670 in improvements, including updating tech equipment, computer, HVAC, etc.