Flex Office with Garage
For Sale
$995,000
Pending
15 FIRST STREET, Berryville, VA 22611
Office building with private offices, reception area, kitchenette, and attached plus separate three-bay garages, supported by fenced storage yard.
Property Size3,580 SF
Days on Market50
Property Features for 15 FIRST STREET
General Information
Standard status
Pending
Size
3,580 SF
Property subtype
Commercial
Site & Location
Fenced Yard
Yes
Outdoor Storage
Yes
Additional Details
Office Units
5
Amenities
private offices
reception and waiting area
restrooms
kitchenette
garage bay
three-bay garage
on-site parking
privacy fence with secure gated entrance
protected yard area
Building Details
Year Built
1972
Listing Agency:
Corcoran McEnearney
(540) 687-6321
Listed By:
Scott J Buzzelli · License #0225076897
(540) 454-1399
Source:
Cummingsrealtors
Added: Jul 18
Changed: Sep 4
Last Checked: Sep 5 at 7:47AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
This versatile flex property includes an office building configured with approximately five private offices, a spacious reception and waiting area, two restrooms, and a kitchenette. A large attached garage bay provides additional workspace for vehicles, equipment, or shop operations. The property also features a separate three-bay garage used for inventory and storage, supporting flexible use for materials and equipment.
Ample on-site parking is available for employees, customers, and fleet vehicles. A privacy fence and secure gated entrance create a protected yard area for storing work trucks, trailers, and other business assets.
The building was formerly used for a professional services business and is presented as well-maintained and ready for a new owner-occupant or investor seeking flexible commercial space.
Ample on-site parking is available for employees, customers, and fleet vehicles. A privacy fence and secure gated entrance create a protected yard area for storing work trucks, trailers, and other business assets.
The building was formerly used for a professional services business and is presented as well-maintained and ready for a new owner-occupant or investor seeking flexible commercial space.
Key Highlights
- Office building built in 1972 with about five private offices plus a spacious reception and waiting area
- Includes two restrooms and a kitchenette for day‑to‑day office operations
- Large attached garage bay for vehicles, equipment, or shop‑style workspace
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
$47,934
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
4.82%
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%
$958,680
$958.7K
Cap Rate 7%
$684,771
$684.8K
Cap Rate 9%
$532,600
$532.6K
Market Conditions
NOI Build-Up for 3,580 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
$74.8K $20.88/SF
− Vacancy
−$10.8K −$3.03/SF
EGI
$63.9K $17.85/SF
− OpEx
−$16.0K −$4.46/SF
NOI
$47.9K $13.39/SF
Area
Clarke County, 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%
$958,680
Cap Rate 7%
$684,771
Cap Rate 9%
$532,600
Alternative Uses
Best Use
Office B
$684.8K
$599.2K – $798.9K
NOI $47,934 @ 7.0% cap · market cap 4.82%
Second Best
Flex RnD
$656.2K
$574.2K – $765.6K
NOI $45,935 @ 7.0% cap · market cap 4.62%
Theoretical Best
Specialty Retail
$1.99M
$1.74M – $2.32M
NOI $139,190 @ 7.0% cap · market cap 13.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
5
Office units
Yes
Fenced yard
Location Intelligence
Trade Area within ½ mile
432
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 22611, VA
9,176
Population
3,855
Households
2.4
Avg Household Size
47
Median Age
35%
College-Educated
93%
High-School Grad
82.8 sq mi
ZIP Area
111
Density / Sq Mi
$117,525
Median Household Income
$51,961
Median Earnings
$1,351
Median Rent
$577,900
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 - Office building with private offices, reception area, kitchenette, and attached plus separate three-bay garages, supported by fenced storage yard.
Where is this flex space located?
The property is located at 15 FIRST STREET Berryville, VA.
What is the asking price?
The asking price for this property is $995,000.
What are key features of this property?
This property features: Office building built in 1972 with about five private offices plus a spacious reception and waiting area; Includes two restrooms and a kitchenette for day‑to‑day office operations; Large attached garage bay for vehicles, equipment, or shop‑style workspace
