Two-Unit Office
For Sale
Contact for pricing
801 N Pitt Street Units 115 - 116, Alexandria, VA 22314
Reception, private offices, conference space, storage, open area, and on-site parking support a flexible professional layout.
Property Size1,724 SF
Price / SF$226.22
Days on Market572
Property Features for 801 N Pitt Street Units 115 - 116
General Information
Standard status
Active
Size
1,724 SF
Total Parking Spaces
1
Property subtype
Office
Zoning
RC
Occupancy
100%
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
1965
Listing Agency:
Coldwell Banker Commercial
(703) 919-2149
Listed By:
Ed Cave · License #VA 0225 079352
Source:
Crexi
Added: Feb 6, 2025
Changed: Aug 29
Last Checked: Aug 31 at 9:12AM
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
Investment Insights
Based on property information with market context.
This professional office condominium combines Units 115 and 116 within a two-unit offering. Unit 115 contains 617 square feet, while Unit 116 provides 1,107 square feet. The interior program includes a reception area, eight offices, a conference room, storage, and a sizable open workspace. Parking includes one garage space along with free surface parking.
Built in 1965 and zoned RC, the property is reported at 100% occupancy. Its Alexandria setting provides access to Old Town Alexandria, Reagan National Airport, Washington, DC, the George Washington Memorial Parkway, I-495, and I-395. The two units are presented as a professional office condominium with a varied layout and established parking component.
Built in 1965 and zoned RC, the property is reported at 100% occupancy. Its Alexandria setting provides access to Old Town Alexandria, Reagan National Airport, Washington, DC, the George Washington Memorial Parkway, I-495, and I-395. The two units are presented as a professional office condominium with a varied layout and established parking component.
Key Highlights
- Two‑unit office condominium with Unit 115 at 617 SF and Unit 116 at 1,107 SF
- Interior includes reception area, eight offices, conference room, storage room, and large open area
- One garage parking space plus free surface parking
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
$23,083
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
5.92%
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%
$461,660
$461.7K
Cap Rate 7%
$329,757
$329.8K
Cap Rate 9%
$256,478
$256.5K
Market Conditions
NOI Build-Up for 1,724 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
$36.0K $20.88/SF
− Vacancy
−$5.2K −$3.03/SF
EGI
$30.8K $17.85/SF
− OpEx
−$7.7K −$4.46/SF
NOI
$23.1K $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%
$461,660
Cap Rate 7%
$329,757
Cap Rate 9%
$256,478
Alternative Uses
Best Use
Office B
$329.8K
$288.5K – $384.7K
NOI $23,083 @ 7.0% cap · market cap 5.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$957.6K
$837.9K – $1.12M
NOI $67,029 @ 7.0% cap · market cap 17.19%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
100%
Occupancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
4,236
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 units - Reception, private offices, conference space, storage, open area, and on-site parking support a flexible professional layout.
Where is this office units located?
The property is located at 801 N Pitt Street Units 115 - 116 Alexandria, VA.
What is the asking price?
The asking price for this property is $390,000.
What are key features of this property?
This property features: Two‑unit office condominium with Unit 115 at 617 SF and Unit 116 at 1,107 SF; Interior includes reception area, eight offices, conference room, storage room, and large open area; One garage parking space plus free surface parking
