Lobby-Level Office
For Sale
$445,000
4600 DUKE Street, Alexandria, VA 22304
Commercial Sale, ALEXANDRIA, VA
Property Size2,898 SF
Price / SF$153.55
Days on Market176
Property Features for 4600 DUKE Street
General Information
Property type
Other
Property subtype
Office
Parking
300
Parking features
Parking Lot, Special Needs
Subdivision
FORTY SIX HUNDRED
Elementary school
PATRICK HENRY
Middle school
FRANCIS C HAMMOND
High school
ALEXANDRIA CITY
Elementary school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Middle school district
ALEXANDRIA CITY PUBLIC SCHOOLS
High school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
2620
Utilities
Heating system
Other (Heating), Central
Cooling system
Central Air
Amenities
24-hour concierge desk
secure access systems
on-site fitness center
expansive outdoor pool
dedicated meeting rooms
professional on-site property management
Building Details
Year built
1967
Number of units
2
Building materials
Brick Veneer
Listing Agency:
Century 21 Redwood Realty · Century 21 Real Estate
(202) 506-3674
Listed By:
WAI LUN L LEUNG · License #0225204506
(703) 858-5676
Added: Mar 28
Changed: Sep 13
Last Checked: Sep 19 at 1:06PM
MLS# VAAX2055590
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Located within the Forty Six Hundred condominium development, this 2,898-square-foot lobby-level shell combines Units 419 and 420. The space is conveyed in as-is structural shell condition and offers a flexible starting point for professional office, residential, or live-work conversion under RC Residential-Commercial zoning. The layout is positioned on the main entry level with direct access that does not require elevator use.
The 1967 building includes a 24-hour concierge, controlled entry, fitness center, outdoor pool, meeting rooms, and on-site management. The condominium fee covers electricity, gas, central air conditioning, heating, water, and sewer. More than 450 residential units are located in the building, providing an established internal population.
An Aldi is adjacent, while Foxchase Shopping Center across the street includes Harris Teeter, CVS, and other retail services. A DASH stop is at the entrance, with connections to Van Dorn Street and Eisenhower Avenue Metro stations. Interstate 395 access is available through Exit 3A, and Holmes Run Trail and Ewald Park are nearby.
The 1967 building includes a 24-hour concierge, controlled entry, fitness center, outdoor pool, meeting rooms, and on-site management. The condominium fee covers electricity, gas, central air conditioning, heating, water, and sewer. More than 450 residential units are located in the building, providing an established internal population.
An Aldi is adjacent, while Foxchase Shopping Center across the street includes Harris Teeter, CVS, and other retail services. A DASH stop is at the entrance, with connections to Van Dorn Street and Eisenhower Avenue Metro stations. Interstate 395 access is available through Exit 3A, and Holmes Run Trail and Ewald Park are nearby.
Key Highlights
- 2,898‑square‑foot lobby‑level shell combining Units 419 and 420
- RC Residential‑Commercial zoning supports office, residential, and live‑work use
- As‑is structural shell condition for buyer‑directed planning and construction
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$38,802
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.72%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,040
$776.0K
Cap Rate 7%
$554,314
$554.3K
Cap Rate 9%
$431,133
$431.1K
Market Conditions
NOI Build-Up for 2,898 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$60.5K $20.88/SF
− Vacancy
−$8.8K −$3.03/SF
EGI
$51.7K $17.85/SF
− OpEx
−$12.9K −$4.46/SF
NOI
$38.8K $13.39/SF
Area
Alexandria, VA
Vacancy
14.50%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$776,040
Cap Rate 7%
$554,314
Cap Rate 9%
$431,133
Alternative Uses
Best Use
Mixed Use
$721.9K
$631.7K – $842.2K
NOI $50,534 @ 7.0% cap · market cap 11.36%
Second Best
Office B
$554.3K
$485.0K – $646.7K
NOI $38,802 @ 7.0% cap · market cap 8.72%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,674 @ 7.0% cap · market cap 25.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 22304, VA
49,237
Population
24,654
Households
2
Avg Household Size
37
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
10,258
Density / Sq Mi
$97,629
Median Household Income
$64,929
Median Earnings
$1,934
Median Rent
$496,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - RC zoning supports professional office, residential, or live-work configuration.
Where is this office units located?
The property is located at 4600 DUKE Street Alexandria, VA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,898‑square‑foot lobby‑level shell combining Units 419 and 420; RC Residential‑Commercial zoning supports office, residential, and live‑work use; As‑is structural shell condition for buyer‑directed planning and construction
