Two-Story Retail/Flex
For Sale
$785,000
133 Spring Street Unit 4, Herndon, VA 20170
Two-level retail/flex condominium with warehouse storage on the main level and two private offices upstairs.
Property Size2,500 SF
Price / SF$314
Days on Market193
Property Features for 133 Spring Street Unit 4
General Information
Standard status
Active
Size
2,500 SF
Property subtype
Street Retail
Site & Location
Highway Access
Yes
Road Access
Yes
Additional Details
Clear Height
20 ft
Building Details
Building Size
2,500 SF
Year Built
1984
Stories
2
Listing Agency:
KW Commercial | Tysons Vienna
(703) 564-4000
Listed By:
Bridget Schmitz · License #0225205778
(703) 564-4000
Source:
Thebrokerlist
Added: Feb 18
Changed: Aug 23
Last Checked: Aug 14 at 8:02AM
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 KW Commercial | Tysons Vienna
Investment Insights
Based on property information with market context.
This two-story retail/flex condominium includes approximately 1,520 SF on the main level with warehouse storage space and rear access for distribution and storage use. An upper level provides two private offices plus additional storage, creating a flexible layout that can support both back-of-house and office needs.
The unit is located in Sunset Business Park in Herndon, VA, with direct access and visibility off Route 267/Dulles Access. The property is also noted as being directly off Dulles Toll Road and Fairfax County Parkway, with tours available by appointment.
Condominium fees are listed at $303 per month, and taxes for 2025 are listed as $5,989. The property totals approximately 2,500 SF across two levels.
The unit is located in Sunset Business Park in Herndon, VA, with direct access and visibility off Route 267/Dulles Access. The property is also noted as being directly off Dulles Toll Road and Fairfax County Parkway, with tours available by appointment.
Condominium fees are listed at $303 per month, and taxes for 2025 are listed as $5,989. The property totals approximately 2,500 SF across two levels.
Key Highlights
- Two‑level retail/flex condominium totaling approximately 2,500 SF
- Main level includes 1,520 SF with warehouse storage, 20' ceiling height, and rear access for distribution
- Upper level features 2 private offices plus additional storage
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
$37,089
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
4.72%
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%
$741,780
$741.8K
Cap Rate 7%
$529,843
$529.8K
Cap Rate 9%
$412,100
$412.1K
Market Conditions
NOI Build-Up for 2,500 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
$60.0K $24.00/SF
− Vacancy
−$2.9K −$1.18/SF
EGI
$57.1K $22.82/SF
− OpEx
−$20.0K −$7.99/SF
NOI
$37.1K $14.84/SF
Area
Loudoun County, VA
Vacancy
4.90%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$741,780
Cap Rate 7%
$529,843
Cap Rate 9%
$412,100
Alternative Uses
Best Use
Flex RnD
$529.8K
$463.6K – $618.2K
NOI $37,089 @ 7.0% cap · market cap 4.72%
Second Best
Warehouse
$280.6K
$245.5K – $327.4K
NOI $19,643 @ 7.0% cap · market cap 2.50%
Theoretical Best
Specialty Retail
$783.5K
$685.6K – $914.1K
NOI $54,844 @ 7.0% cap · market cap 6.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
20 ft
Clear height
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
2,678
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 20170, VA
42,756
Population
14,084
Households
3
Avg Household Size
36
Median Age
57%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
4,859
Density / Sq Mi
$157,875
Median Household Income
$59,119
Median Earnings
$2,224
Median Rent
$625,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
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- Wined and Dined Catering — 273 Sunset Park Dr, Herndon, VA 20170
- Chef's Table Catering Inc — 141-2 Spring St, Herndon, VA 20170
- Silver Spoon Caterers — 348 Victory Dr, Herndon, VA 20170
Frequently Asked Questions
What type of property is this?
Flex space - Two-level retail/flex condominium with warehouse storage on the main level and two private offices upstairs.
Where is this flex space located?
The property is located at 133 Spring Street Unit 4 Herndon, VA.
What is the asking price?
The asking price for this property is $785,000.
What are key features of this property?
This property features: Two‑level retail/flex condominium totaling approximately 2,500 SF; Main level includes 1,520 SF with warehouse storage, 20' ceiling height, and rear access for distribution; Upper level features 2 private offices plus additional storage
