Renovated Office Unit with
For Sale
$810,000
202 HERNDON Street, Fredericksburg, VA 22401
Commercial Sale, FREDERICKSBURG, VA
Property Size2,127 SF
Lot Size0.05 Acres
Price / SF$380.82
Days on Market51
Property Features for 202 HERNDON Street
General Information
Property type
Other
Property subtype
Office
Parking features
On Street
Subdivision
NONE AVAILABLE
Elementary school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
Middle school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
High school district
FREDERICKSBURG CITY PUBLIC SCHOOLS
Standard status
Active
Lot size
0.05 Acres
Taxes and HOA fees
Tax Annual Amount
2364
Utilities
Heating system
Heat Pump (Heating)
Cooling system
Heat Pump
Amenities
open floor plan
reception area
flex space
kitchenette
cork flooring
custom aluminum railings
full bathroom with walk-in shower
washer and dryer hookups
commercial-grade artificial turf
Ipe wood decking and ramps
accessibility ramp
fully fenced level backyard
upstairs open loft
Building Details
Year built
1900
Building materials
Stucco
Listing Agency:
Coldwell Banker Elite · Coldwell Banker Real Estate
(540) 735-2600
Listed By:
Charlotte F Rouse · License #0225193277
(540) 419-9206
Added: Jul 11
Changed: Aug 19
Last Checked: Aug 30 at 4:06AM
MLS# VAFB2010716
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This commercially zoned office property contains 2,127 square feet across an open main level and an upper loft. The 2016 renovation replaced major building systems, including the roof, drywall, electrical, plumbing, heating and cooling equipment, and lighting. Interior features include a reception area, adaptable work area, kitchenette with range hookups, cork flooring, custom aluminum railings, and a full upper-level bathroom with walk-in shower and washer and dryer hookups. The loft can support offices, meetings, studio functions, or storage.
Outside, the property includes commercial-grade artificial turf, Ipe decking and ramps, an accessibility ramp, and a fenced, level backyard. The 0.05-acre site is on Herndon Street in Fredericksburg, one block from the Rappahannock River and near Historic Downtown Fredericksburg. Route 1, Route 3, Blue and Gray Parkway, Lafayette Boulevard, and Interstate 95 provide access to surrounding destinations. On-street parking is available.
Outside, the property includes commercial-grade artificial turf, Ipe decking and ramps, an accessibility ramp, and a fenced, level backyard. The 0.05-acre site is on Herndon Street in Fredericksburg, one block from the Rappahannock River and near Historic Downtown Fredericksburg. Route 1, Route 3, Blue and Gray Parkway, Lafayette Boulevard, and Interstate 95 provide access to surrounding destinations. On-street parking is available.
Key Highlights
- 2,127‑square‑foot commercially zoned office property
- 2016 renovation included roof, electrical, plumbing, HVAC, drywall, and lighting
- Open main floor plus upper loft and full bathroom
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
$39,413
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
4.87%
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%
$788,260
$788.3K
Cap Rate 7%
$563,043
$563.0K
Cap Rate 9%
$437,922
$437.9K
Market Conditions
NOI Build-Up for 2,127 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
$57.9K $27.24/SF
− Vacancy
−$5.4K −$2.53/SF
EGI
$52.6K $24.71/SF
− OpEx
−$13.1K −$6.18/SF
NOI
$39.4K $18.53/SF
Area
Spotsylvania County, VA
Vacancy
9.30%
Lease Rate
$27.24 /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%
$788,260
Cap Rate 7%
$563,043
Cap Rate 9%
$437,922
Alternative Uses
Best Use
Office B
$563.0K
$492.7K – $656.9K
NOI $39,413 @ 7.0% cap · market cap 4.87%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$666.7K
$583.4K – $777.9K
NOI $46,671 @ 7.0% cap · market cap 5.76%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
1,913
Businesses Nearby
Explore this area
Business Placement
Demographics for 22401, VA
27,799
Population
12,270
Households
2.3
Avg Household Size
32
Median Age
47%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
2,673
Density / Sq Mi
$85,432
Median Household Income
$46,891
Median Earnings
$1,518
Median Rent
$461,600
Median Home Value
Market
Vacancy Rate% for Office in Fredericksburg, VA
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - Flexible commercial layout with upgraded building systems, a kitchenette, full bathroom, and enclosed outdoor space.
Where is this office units located?
The property is located at 202 HERNDON Street Fredericksburg, VA.
What is the asking price?
The asking price for this property is $810,000.
What are key features of this property?
This property features: 2,127‑square‑foot commercially zoned office property; 2016 renovation included roof, electrical, plumbing, HVAC, drywall, and lighting; Open main floor plus upper loft and full bathroom
