Two-Story Flex Office
For Sale
Contact for pricing
Pending
111 Carpenter Dr, Sterling, VA 20164
Built-out mezzanine and flex-office layout make this condo well-suited for contractor or service-operator workspaces.
Property Size3,850 SF
Days on Market99
Property Features for 111 Carpenter Dr
General Information
Standard status
Pending
Size
3,850 SF
Class
C
Total Parking Spaces
3
Property subtype
Office
Zoning
PD-IP
Building Details
Stories
2
Listing Agency:
Divaris Real Estate Inc DC Regional Office
Listed By:
Erik Ulsaker · License #0225097564
(571) 455-7021
Source:
Crexi
Added: May 30
Changed: Aug 25
Last Checked: Aug 14 at 6:19AM
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 Divaris Real Estate Inc DC Regional Office
Investment Insights
Based on property information with market context.
Unit K at 111 Carpenter Road is a two-story flex-office condominium configured for both office use and flexible operations. The unit includes a fully built-out mezzanine level, providing additional usable space alongside the main floor area.
The property is positioned in the Rt. 28 / Dulles North corridor, in Sterling, Virginia. It sits near the intersection of Carpenter Road and Route 606, with convenience to major transportation routes and local resources. The surrounding area includes destinations such as Sterling Plaza and Dulles Town Center. It is also near outdoor recreational options, including Claude Moore Park and the W&OD Trail, and it offers proximity to Dulles International Airport.
This setup is practical for businesses that need a professional office environment combined with operational flexibility. The built-out mezzanine supports teams that want to create dedicated functional space within the same footprint, making the unit a straightforward option for service-based operators and construction contractors looking for an on-site workspace that accommodates both work functions and administrative needs.
The property is positioned in the Rt. 28 / Dulles North corridor, in Sterling, Virginia. It sits near the intersection of Carpenter Road and Route 606, with convenience to major transportation routes and local resources. The surrounding area includes destinations such as Sterling Plaza and Dulles Town Center. It is also near outdoor recreational options, including Claude Moore Park and the W&OD Trail, and it offers proximity to Dulles International Airport.
This setup is practical for businesses that need a professional office environment combined with operational flexibility. The built-out mezzanine supports teams that want to create dedicated functional space within the same footprint, making the unit a straightforward option for service-based operators and construction contractors looking for an on-site workspace that accommodates both work functions and administrative needs.
Key Highlights
- 2‑story flex‑office condominium unit (Unit K) at 111 Carpenter Road, Sterling, VA
- Total size 3,850 SF, including a fully built‑out mezzanine level
- Flex‑office condo setup with built‑out mezzanine for contractor or service‑operator workspace needs
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
$25,462
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
4.55%
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%
$509,240
$509.2K
Cap Rate 7%
$363,743
$363.7K
Cap Rate 9%
$282,911
$282.9K
Market Conditions
NOI Build-Up for 3,850 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
$37.4K $9.72/SF
− Vacancy
−$1.0K −$0.27/SF
EGI
$36.4K $9.45/SF
− OpEx
−$10.9K −$2.83/SF
NOI
$25.5K $6.61/SF
Area
Loudoun County, VA
Vacancy
2.80%
Lease Rate
$9.72 /SF/Yr
Expense Ratio
30.00%
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%
$509,240
Cap Rate 7%
$363,743
Cap Rate 9%
$282,911
Alternative Uses
Best Use
Office B
$1.04M
$911.0K – $1.21M
NOI $72,879 @ 7.0% cap · market cap 13.01%
Second Best
Flex RnD
$816.0K
$714.0K – $952.0K
NOI $57,117 @ 7.0% cap · market cap 10.20%
Theoretical Best
Specialty Retail
$1.21M
$1.06M – $1.41M
NOI $84,459 @ 7.0% cap · market cap 15.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,039
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20164, VA
40,888
Population
13,077
Households
3.1
Avg Household Size
36
Median Age
39%
College-Educated
81%
High-School Grad
7.6 sq mi
ZIP Area
5,380
Density / Sq Mi
$132,067
Median Household Income
$47,315
Median Earnings
$2,031
Median Rent
$526,700
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?
Flex space - Built-out mezzanine and flex-office layout make this condo well-suited for contractor or service-operator workspaces.
Where is this flex space located?
The property is located at 111 Carpenter Dr Sterling, VA.
What is the asking price?
The asking price for this property is $560,000.
What are key features of this property?
This property features: 2‑story flex‑office condominium unit (Unit K) at 111 Carpenter Road, Sterling, VA; Total size 3,850 SF, including a fully built‑out mezzanine level; Flex‑office condo setup with built‑out mezzanine for contractor or service‑operator workspace needs
