Ground-Floor Office
New
For Sale
$275,000
102-77 W Lee St, Warrenton, VA 20186
Existing pharmacy improvements include private offices, storage, a kitchen, and a full bathroom.
Property Size960 SF
Price / SF$286.46
Days on Market5
Property Features for 102-77 W Lee St
General Information
Standard status
Active
Size
960 SF
Additional Details
Floor
Ground Floor
Office Units
1
Taxes and HOA fees
Annual Taxes
$1,646
Amenities
private office
open floor plan
storage closets
kitchen
full bathroom
Listing Agency:
Cres, Inc.
Listed By:
Albert William Chipman III
(540) 347-2610
Source:
Exprealty
Added: Sep 1
Changed: Sep 4
Last Checked: Sep 4 at 2:43PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Cres, Inc.
Investment Insights
Based on property information with market context.
This 960-square-foot office condominium occupies a ground-floor position and is configured for immediate commercial use. The existing pharmacy buildout includes two private offices, an open workspace, two storage closets, a kitchen, and a full bathroom. The layout combines defined rooms with flexible open area for professional operations or other supported commercial uses.
The property is located in Old Town Warrenton at 102-77 W Lee St, within Fauquier County’s walkable commercial district. Its current configuration may accommodate office, medical, or retail-oriented operations, subject to applicable approvals and requirements.
The property is located in Old Town Warrenton at 102-77 W Lee St, within Fauquier County’s walkable commercial district. Its current configuration may accommodate office, medical, or retail-oriented operations, subject to applicable approvals and requirements.
Key Highlights
- 960 SF ground‑floor office condominium
- Existing pharmacy buildout with two private offices
- Open floor plan with two storage closets
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
$12,854
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
4.67%
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%
$257,080
$257.1K
Cap Rate 7%
$183,629
$183.6K
Cap Rate 9%
$142,822
$142.8K
Market Conditions
NOI Build-Up for 960 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
$20.0K $20.88/SF
− Vacancy
−$2.9K −$3.03/SF
EGI
$17.1K $17.85/SF
− OpEx
−$4.3K −$4.46/SF
NOI
$12.9K $13.39/SF
Area
Fauquier County, 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%
$257,080
Cap Rate 7%
$183,629
Cap Rate 9%
$142,822
Alternative Uses
Best Use
Specialty Retail
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 13.57%
Second Best
Retail
$458.8K
$401.4K – $535.2K
NOI $32,114 @ 7.0% cap · market cap 11.68%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
1,163
Businesses Nearby
Explore this area
Business Placement
Demographics for 20186, VA
15,171
Population
6,114
Households
2.5
Avg Household Size
43
Median Age
44%
College-Educated
93%
High-School Grad
58.7 sq mi
ZIP Area
258
Density / Sq Mi
$100,813
Median Household Income
$50,533
Median Earnings
$1,541
Median Rent
$485,000
Median Home Value
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 - Existing pharmacy improvements include private offices, storage, a kitchen, and a full bathroom.
Where is this office units located?
The property is located at 102-77 W Lee St Warrenton, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: 960 SF ground‑floor office condominium; Existing pharmacy buildout with two private offices; Open floor plan with two storage closets
