Renovated Freestanding Office
For Sale
$2,750,000
Pending
1020 Princess Street Alexandria, Alexandria, VA 22314
Renovated in 2012 with team workspaces, private offices, and 10 parking spaces near a Metro station.
Property Size6,800 SF
Days on Market48
Property Features for 1020 Princess Street Alexandria
General Information
Standard status
Pending
Size
6,800 SF
Total Parking Spaces
10
Zoning
CL
Taxes and HOA fees
Annual Taxes
$231,275
Building Details
Building Size
6,800 SF
Year Built
1982
Year Renovated
2012
Listing Agency:
(609) 881-2414
Listed By:
Carl SanFilippo
(609) 881-2414
Source:
Mercercountyhomesforsale
Added: Jun 30
Changed: Aug 14
Last Checked: Aug 14 at 7:08AM
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 Carl SanFilippo
Investment Insights
Based on property information with market context.
This free-standing office building was fully renovated in 2012 and is currently configured with large team workspaces as well as private offices. The property is offered as a multi-parcel package that includes the office building known as 1010 Princess Street, 1020 Princess Street, and 331 N. Henry Street, along with the parking lot at 1011 Princess Street. The building also includes 10 private parking spaces.
The property is located in the emerging Braddock Road Metro neighborhood. The Metro station is approximately six blocks away, and Capital Bikeshare is listed as two blocks away.
For buyers and tenants seeking an established office footprint, the existing layout supports both collaborative team use and separate private office space. The description also notes possible by-right alternatives including a residential conversion or a preschool, providing flexibility for qualified users. As a freestanding asset with on-site parking, it may appeal to organizations looking for a self-contained setting within walking and biking distance of transit.
The property is located in the emerging Braddock Road Metro neighborhood. The Metro station is approximately six blocks away, and Capital Bikeshare is listed as two blocks away.
For buyers and tenants seeking an established office footprint, the existing layout supports both collaborative team use and separate private office space. The description also notes possible by-right alternatives including a residential conversion or a preschool, providing flexibility for qualified users. As a freestanding asset with on-site parking, it may appeal to organizations looking for a self-contained setting within walking and biking distance of transit.
Key Highlights
- Free‑standing office building renovated in 2012; built in 1982
- Currently configured with large team workspaces and private offices
- Includes 10 private parking spaces
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
$91,047
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
3.31%
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%
$1,820,940
$1.8M
Cap Rate 7%
$1,300,671
$1.3M
Cap Rate 9%
$1,011,633
$1.0M
Market Conditions
NOI Build-Up for 6,800 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
$142.0K $20.88/SF
− Vacancy
−$20.6K −$3.03/SF
EGI
$121.4K $17.85/SF
− OpEx
−$30.3K −$4.46/SF
NOI
$91.0K $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%
$1,820,940
Cap Rate 7%
$1,300,671
Cap Rate 9%
$1,011,633
Alternative Uses
Best Use
Office B
$1.30M
$1.14M – $1.52M
NOI $91,047 @ 7.0% cap · market cap 3.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.78M
$3.30M – $4.41M
NOI $264,384 @ 7.0% cap · market cap 9.61%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
5,885
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
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Frequently Asked Questions
What type of property is this?
Office building - Renovated in 2012 with team workspaces, private offices, and 10 parking spaces near a Metro station.
Where is this office building located?
The property is located at 1020 Princess Street Alexandria Alexandria, VA.
What is the asking price?
The asking price for this property is $2,750,000.
What are key features of this property?
This property features: Free‑standing office building renovated in 2012; built in 1982; Currently configured with large team workspaces and private offices; Includes 10 private parking spaces
