C-2 Office
New
For Sale
$1,350,000
109 Olde Greenwich Dr, Fredericksburg, VA 22408
Well-maintained office property with existing tenants, medical-office utility, and a full-service lease structure.
Property Size5,465 SF
Days on Market4
Property Features for 109 Olde Greenwich Dr
General Information
Standard status
Active
Size
5,465 SF
Class
A
Property subtype
Multi Tenant Office
Building Details
Building Size
5,465 SF
Year Built
2007
Listing Agency:
Coldwell Banker Commercial Elite
(540) 429-3414
Listed By:
Brian Cunningham · License #0225185942
(540) 429-3414
Source:
Thebrokerlist
Added: Aug 20
Changed: Aug 22
Last Checked: Aug 22 at 3:34AM
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 Coldwell Banker Commercial Elite
Investment Insights
Based on property information with market context.
This 5,465-square-foot office building was completed in 2007 and carries C-2 zoning. The property is well maintained and currently occupied by tenants under a full-service lease arrangement, with office and medical uses represented in the existing tenant mix. Its configuration also supports an owner-user seeking space for a business operation.
The property is located at 109 Olde Greenwich Dr in Fredericksburg, Virginia, approximately a couple of miles from downtown Fredericksburg. The surrounding area includes access to dining, shopping, and entertainment options within a short drive.
The property is located at 109 Olde Greenwich Dr in Fredericksburg, Virginia, approximately a couple of miles from downtown Fredericksburg. The surrounding area includes access to dining, shopping, and entertainment options within a short drive.
Key Highlights
- 5,465 SF office building completed in 2007
- C‑2 zoning supports the property's office designation
- Existing tenants provide current income
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
$107,780
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
7.98%
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%
$2,155,600
$2.2M
Cap Rate 7%
$1,539,714
$1.5M
Cap Rate 9%
$1,197,556
$1.2M
Market Conditions
NOI Build-Up for 5,465 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
$198.1K $36.24/SF
− Vacancy
−$18.4K −$3.37/SF
EGI
$179.6K $32.87/SF
− OpEx
−$71.9K −$13.15/SF
NOI
$107.8K $19.72/SF
Area
Spotsylvania County, VA
Vacancy
9.30%
Lease Rate
$36.24 /SF/Yr
Expense Ratio
40.00%
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%
$2,155,600
Cap Rate 7%
$1,539,714
Cap Rate 9%
$1,197,556
Alternative Uses
Best Use
Healthcare Medical
$1.54M
$1.35M – $1.80M
NOI $107,780 @ 7.0% cap · market cap 7.98%
Second Best
Office B
$1.45M
$1.27M – $1.69M
NOI $101,267 @ 7.0% cap · market cap 7.50%
Theoretical Best
Office A
$1.71M
$1.50M – $2.00M
NOI $119,914 @ 7.0% cap · market cap 8.88%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
426
Businesses Nearby
Explore this area
Business Placement
Demographics for 22408, VA
32,043
Population
12,438
Households
2.6
Avg Household Size
36
Median Age
40%
College-Educated
92%
High-School Grad
47.3 sq mi
ZIP Area
677
Density / Sq Mi
$114,598
Median Household Income
$54,934
Median Earnings
$1,771
Median Rent
$353,500
Median Home Value
Market
Vacancy Rate% for Office in Fredericksburg, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office building - Well-maintained office property with existing tenants, medical-office utility, and a full-service lease structure.
Where is this office building located?
The property is located at 109 Olde Greenwich Dr Fredericksburg, VA.
What is the asking price?
The asking price for this property is $1,350,000.
What are key features of this property?
This property features: 5,465 SF office building completed in 2007; C‑2 zoning supports the property's office designation; Existing tenants provide current income
