Corner Office Unit with
For Sale
$1,090,000
228 S WASHINGTON ST #100 100, Alexandria, VA 22314
Flexible office layout with a kitchenette, dual entrances, and assigned parking near King Street’s shopping and dining corridor.
Property Size2,500 SF
Price / SF$436
Days on Market46
Property Features for 228 S WASHINGTON ST #100 100
General Information
Standard status
Active
Size
2,500 SF
Total Parking Spaces
5
Additional Details
Public Transit
Yes
Office Units
1
Amenities
fireplaces
kitchenette
Listing Agency:
BPG Real Estate
(540) 960-1507
Listed By:
Cassidy R Burns · License #BR40000524
(540) 960-1507
Source:
Davidyungmann.myrealestateplatform
Added: Jul 14
Changed: Aug 28
Last Checked: Aug 28 at 7:05AM
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 BPG Real Estate
Investment Insights
Based on property information with market context.
This 2,500-square-foot office unit offers a flexible interior arranged across multiple rooms of varying sizes. The space includes five fireplaces, a kitchenette, and two entrances, supporting separate access points and prominent signage opportunities on Duke and S. Washington Street. Five assigned parking spaces are located behind the building.
The property sits two blocks from King Street in Old Town, with the King Street Metro 0.8 miles away. The Waterfront is approximately a half mile farther along the trolley route. Mae’s Market & Cafe, which becomes Virginia’s Darling after 5:00 p.m., is located 98 feet across the street, adding an established coffee, wine, and boutique retail presence directly near the office.
The property sits two blocks from King Street in Old Town, with the King Street Metro 0.8 miles away. The Waterfront is approximately a half mile farther along the trolley route. Mae’s Market & Cafe, which becomes Virginia’s Darling after 5:00 p.m., is located 98 feet across the street, adding an established coffee, wine, and boutique retail presence directly near the office.
Key Highlights
- 2,500‑square‑foot office unit with multiple rooms of varying sizes
- Five fireplaces and a kitchenette included
- Two entrances provide access from Duke and S. Washington Street
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
$33,473
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
3.07%
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%
$669,460
$669.5K
Cap Rate 7%
$478,186
$478.2K
Cap Rate 9%
$371,922
$371.9K
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
$52.2K $20.88/SF
− Vacancy
−$7.6K −$3.03/SF
EGI
$44.6K $17.85/SF
− OpEx
−$11.2K −$4.46/SF
NOI
$33.5K $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%
$669,460
Cap Rate 7%
$478,186
Cap Rate 9%
$371,922
Alternative Uses
Best Use
Office B
$478.2K
$418.4K – $557.9K
NOI $33,473 @ 7.0% cap · market cap 3.07%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.39M
$1.22M – $1.62M
NOI $97,200 @ 7.0% cap · market cap 8.92%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Office units
Location Intelligence
Trade Area within ½ mile
4,783
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 - Flexible office layout with a kitchenette, dual entrances, and assigned parking near King Street’s shopping and dining corridor.
Where is this office units located?
The property is located at 228 S WASHINGTON ST #100 100 Alexandria, VA.
What is the asking price?
The asking price for this property is $1,090,000.
What are key features of this property?
This property features: 2,500‑square‑foot office unit with multiple rooms of varying sizes; Five fireplaces and a kitchenette included; Two entrances provide access from Duke and S. Washington Street
