Historic Office
For Sale
$2,100,000
109-111 South Fairfax Street, Alexandria, VA 22314
Multi-tenant office property with flexible month-to-month occupancy and CD Commercial Downtown zoning.
Property Size4,560 SF
Days on Market195
Property Features for 109-111 South Fairfax Street
General Information
Standard status
Active
Size
4,560 SF
Class
C
Property subtype
Multi Tenant Office
Building Details
Building Size
4,560 SF
Year Built
1770
Listing Agency:
Tartan Properties Commercial
(703) 836-6558
Listed By:
Michael Porterfield · License #0225044112
(703) 836-6558
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 30
Last Checked: Aug 30 at 3:15AM
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 Tartan Properties Commercial
Investment Insights
Based on property information with market context.
This 4,560 SF office building dates to 1770 and carries CD Commercial Downtown zoning. The property is configured for multiple tenants, with all current occupants on month-to-month arrangements. That lease structure provides flexibility for future ownership and leasing decisions, while the building’s historic character distinguishes it within the office market.
The property is located at 109-111 South Fairfax Street in Old Town Alexandria, within walking distance of the Torpedo Factory Art Center and the Potomac River. The surrounding area includes restaurants, boutiques, and cultural destinations that contribute to an established commercial setting.
Additional leasing considerations identified for the property include potential rent growth, management efficiencies, and operating-expense sharing through new leasing.
The property is located at 109-111 South Fairfax Street in Old Town Alexandria, within walking distance of the Torpedo Factory Art Center and the Potomac River. The surrounding area includes restaurants, boutiques, and cultural destinations that contribute to an established commercial setting.
Additional leasing considerations identified for the property include potential rent growth, management efficiencies, and operating-expense sharing through new leasing.
Key Highlights
- 4,560 SF office building constructed in 1770
- CD Commercial Downtown zoning
- Multiple tenants currently occupy the property
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
$61,055
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
2.91%
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%
$1,221,100
$1.2M
Cap Rate 7%
$872,214
$872.2K
Cap Rate 9%
$678,389
$678.4K
Market Conditions
NOI Build-Up for 4,560 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
$95.2K $20.88/SF
− Vacancy
−$13.8K −$3.03/SF
EGI
$81.4K $17.85/SF
− OpEx
−$20.4K −$4.46/SF
NOI
$61.1K $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%
$1,221,100
Cap Rate 7%
$872,214
Cap Rate 9%
$678,389
Alternative Uses
Best Use
Office B
$872.2K
$763.2K – $1.02M
NOI $61,055 @ 7.0% cap · market cap 2.91%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$2.53M
$2.22M – $2.95M
NOI $177,293 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,046
Businesses Nearby
Explore this area
Business Placement
Demographics for 22314, VA
35,784
Population
21,154
Households
1.7
Avg Household Size
39
Median Age
79%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,671
Density / Sq Mi
$144,359
Median Household Income
$98,121
Median Earnings
$2,312
Median Rent
$856,400
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Multi-tenant office property with flexible month-to-month occupancy and CD Commercial Downtown zoning.
Where is this office building located?
The property is located at 109-111 South Fairfax Street Alexandria, VA.
What is the asking price?
The asking price for this property is $2,100,000.
What are key features of this property?
This property features: 4,560 SF office building constructed in 1770; CD Commercial Downtown zoning; Multiple tenants currently occupy the property
