Ground-Floor Office
For Sale
$265,000
4600 DUKE Street, Alexandria, VA 22304
Commercial Sale, ALEXANDRIA, VA
Property Size1,140 SF
Price / SF$232.46
Days on Market32
Property Features for 4600 DUKE Street
General Information
Property type
Other
Property subtype
Office
Parking
300
Parking features
Parking Lot
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
2745
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1967
Number of units
1
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: Aug 19
Changed: Sep 4
Last Checked: Sep 19 at 3:06PM
MLS# VAAX2065368
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.
This ground-floor commercial condominium at 4600 Duke Street #328 provides approximately 1140+ square feet in a mixed-use building constructed in 1967. The suite includes three private rooms and a reception area, with a dated interior that is ready for renovation. Central heating and central air conditioning are installed, and the property has brick veneer construction.
Access is provided through a private exterior entrance from the parking lot, with elevator service also available. On-site parking serves the building, which contains more than 400 residential units. The space may accommodate professional office, retail, salon, personal service, daycare, or other approved commercial uses, subject to applicable zoning and condominium restrictions.
Access is provided through a private exterior entrance from the parking lot, with elevator service also available. On-site parking serves the building, which contains more than 400 residential units. The space may accommodate professional office, retail, salon, personal service, daycare, or other approved commercial uses, subject to applicable zoning and condominium restrictions.
Key Highlights
- Approximately 1140+ square‑foot commercial condominium suite
- Ground‑floor layout with three private rooms and a reception area
- Private exterior entrance from the parking lot
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
$15,264
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
5.76%
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%
$305,280
$305.3K
Cap Rate 7%
$218,057
$218.1K
Cap Rate 9%
$169,600
$169.6K
Market Conditions
NOI Build-Up for 1,140 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
$23.8K $20.88/SF
− Vacancy
−$3.5K −$3.03/SF
EGI
$20.4K $17.85/SF
− OpEx
−$5.1K −$4.46/SF
NOI
$15.3K $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%
$305,280
Cap Rate 7%
$218,057
Cap Rate 9%
$169,600
Alternative Uses
Best Use
Office B
$218.1K
$190.8K – $254.4K
NOI $15,264 @ 7.0% cap · market cap 5.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 16.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Yes
Paved road access
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
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Frequently Asked Questions
What type of property is this?
Office units - Flexible suite with three private rooms, reception space, and a separate exterior entrance from the parking lot.
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 $265,000.
What are key features of this property?
This property features: Approximately 1140+ square‑foot commercial condominium suite; Ground‑floor layout with three private rooms and a reception area; Private exterior entrance from the parking lot
