Two-Level Office
For Sale
$570,000
7297 ROUTE 29, Falls Church, VA 22042
Commercial Sale, FALLS CHURCH, VA
Property Size1,500 SF
Price / SF$380
Days on Market164
Property Features for 7297 ROUTE 29
General Information
Property type
Other
Property subtype
Office
Parking
60
Parking features
Parking Lot, Assigned
Subdivision
LEE GRAHAM SQUARE
Elementary school district
FAIRFAX COUNTY PUBLIC SCHOOLS
Middle school district
FAIRFAX COUNTY PUBLIC SCHOOLS
High school district
FAIRFAX COUNTY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
7116
Utilities
Heating system
Forced Air
Cooling system
Central Air, Zoned
Building Details
Year built
1979
Number of units
1
Building materials
Aluminum Siding, Brick
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
(703) 281-8500
Listed By:
Lisa M Ducibella · License #0225073106
(703) 725-5225
Added: Apr 1
Changed: Sep 5
Last Checked: Sep 11 at 1:06AM
MLS# VAFX2297488
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 commercial office condominium occupies two levels within a 13-unit business park and provides more than 1,500 square feet of space. Each floor contains approximately 750 square feet and includes a half bath. The interior can accommodate one occupant or be divided into two private office suites, with separate stairs serving the upstairs area. Existing features include reception rooms, enclosed offices, bright windows, commercial carpeting, forced-air heating, central air, and zoned cooling. Space is also available for a kitchen or kitchenette.
The property is located at the corner of Lee Highway and Graham Road, with access to Route 29, Interstate 495, I-66, the Metro, downtown Falls Church, and the Merrifield/Mosaic District. Rear windows overlook the James Lee Conservation Area. Assigned spaces and lot parking serve occupants and visitors. The condo association maintains the exterior, including newer windows, architectural roofs, and grounds.
The property is located at the corner of Lee Highway and Graham Road, with access to Route 29, Interstate 495, I-66, the Metro, downtown Falls Church, and the Merrifield/Mosaic District. Rear windows overlook the James Lee Conservation Area. Assigned spaces and lot parking serve occupants and visitors. The condo association maintains the exterior, including newer windows, architectural roofs, and grounds.
Key Highlights
- More than 1,500 square feet across two floors, with approximately 750 square feet per level
- Two distinct office layouts can support single or dual tenancy
- Half bath on each floor; separate stairs serve the upstairs area
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
$28,395
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
4.98%
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%
$567,900
$567.9K
Cap Rate 7%
$405,643
$405.6K
Cap Rate 9%
$315,500
$315.5K
Market Conditions
NOI Build-Up for 1,500 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
$44.3K $29.52/SF
− Vacancy
−$6.4K −$4.28/SF
EGI
$37.9K $25.24/SF
− OpEx
−$9.5K −$6.31/SF
NOI
$28.4K $18.93/SF
Area
Fairfax County, VA
Vacancy
14.50%
Lease Rate
$29.52 /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%
$567,900
Cap Rate 7%
$405,643
Cap Rate 9%
$315,500
Alternative Uses
Best Use
Mixed Use
$3.12M
$2.73M – $3.64M
NOI $218,601 @ 7.0% cap · market cap 38.35%
Second Best
Office B
$405.6K
$354.9K – $473.3K
NOI $28,395 @ 7.0% cap · market cap 4.98%
Theoretical Best
Specialty Retail
$6.29M
$5.50M – $7.34M
NOI $440,134 @ 7.0% cap · market cap 77.22%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
491
Businesses Nearby
Explore this area
Business Placement
Demographics for 22042, VA
34,638
Population
12,598
Households
2.7
Avg Household Size
37
Median Age
55%
College-Educated
86%
High-School Grad
6.4 sq mi
ZIP Area
5,412
Density / Sq Mi
$135,578
Median Household Income
$60,264
Median Earnings
$2,178
Median Rent
$666,700
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 commercial layout offers separate office areas for single or dual occupancy.
Where is this office units located?
The property is located at 7297 ROUTE 29 Falls Church, VA.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: More than 1,500 square feet across two floors, with approximately 750 square feet per level; Two distinct office layouts can support single or dual tenancy; Half bath on each floor; separate stairs serve the upstairs area
