Renovated Medical Office
For Sale
$349,990
24g-5528 Hempstead Way, Springfield, VA 22151
Move-in ready, renovated suite with reception, private offices, updated restrooms, and separate staff and client entrances.
Property Size1,595 SF
Price / SF$219.43
Days on Market105
Property Features for 24g-5528 Hempstead Way
General Information
Standard status
Active
Size
1,595 SF
Additional Details
Business Included
Yes
Taxes and HOA fees
Annual Taxes
$3,582
Listing Agency:
RE/MAX Galaxy
(888) 889-5764
Listed By:
Farzad Maghsoudi
(703) 508-0835
Source:
Exprealty
Added: Jun 1
Changed: Sep 4
Last Checked: Sep 12 at 1:52PM
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 RE/MAX Galaxy
Investment Insights
Based on property information with market context.
This meticulously renovated office suite offers a flexible medical and wellness layout totaling 1,595 square feet. The space includes a spacious reception area, six private offices or treatment rooms, a dedicated break room, and a quartz-finished kitchenette. Commercial-grade LVP flooring and recessed lighting with smart-dimmer technology support a polished interior finish, while two updated bathrooms feature marble tile. Two separate entrances are set up to support staff and client privacy. Major systems include an HVAC replacement in 2017 and a water heater update in 2022.
The property is described as being conveniently positioned near The St. James and the I-95/395/495 interchange, providing straightforward regional access.
As currently configured for a high-end acupuncture and wellness clinic, the suite should suit healthcare or wellness operators seeking a turnkey environment with multiple exam or treatment rooms, a reception area, and dedicated staff flow through separate entrances. The updated finishes, two bathrooms, and modernized mechanicals are practical for day-to-day use, while the condo association fee is stated at $310 per month for cleaning and area maintenance.
The property is described as being conveniently positioned near The St. James and the I-95/395/495 interchange, providing straightforward regional access.
As currently configured for a high-end acupuncture and wellness clinic, the suite should suit healthcare or wellness operators seeking a turnkey environment with multiple exam or treatment rooms, a reception area, and dedicated staff flow through separate entrances. The updated finishes, two bathrooms, and modernized mechanicals are practical for day-to-day use, while the condo association fee is stated at $310 per month for cleaning and area maintenance.
Key Highlights
- 1,595 SF renovated office suite currently used as an acupuncture and wellness clinic
- Flexible layout includes reception area, six private offices/treatment rooms, and a dedicated break room
- Quartz‑finished kitchenette and commercial‑grade LVP flooring with recessed lighting and smart‑dimmer technology
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
$30,193
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
8.63%
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%
$603,860
$603.9K
Cap Rate 7%
$431,329
$431.3K
Cap Rate 9%
$335,478
$335.5K
Market Conditions
NOI Build-Up for 1,595 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
$47.1K $29.52/SF
− Vacancy
−$6.8K −$4.28/SF
EGI
$40.3K $25.24/SF
− OpEx
−$10.1K −$6.31/SF
NOI
$30.2K $18.93/SF
Area
Fairfax County, VA
Vacancy
14.50%
Lease Rate
$29.52 /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%
$603,860
Cap Rate 7%
$431,329
Cap Rate 9%
$335,478
Alternative Uses
Best Use
Office B
$431.3K
$377.4K – $503.2K
NOI $30,193 @ 7.0% cap · market cap 8.63%
Second Best
Healthcare Medical
$415.2K
$363.3K – $484.4K
NOI $29,064 @ 7.0% cap · market cap 8.30%
Theoretical Best
Specialty Retail
$6.69M
$5.85M – $7.80M
NOI $468,009 @ 7.0% cap · market cap 133.72%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 22151, VA
18,026
Population
5,853
Households
3.1
Avg Household Size
39
Median Age
50%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
3,535
Density / Sq Mi
$160,187
Median Household Income
$57,986
Median Earnings
$2,502
Median Rent
$636,200
Median Home Value
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Medical Office Space - Move-in ready, renovated suite with reception, private offices, updated restrooms, and separate staff and client entrances.
Where is this medical office space located?
The property is located at 24g-5528 Hempstead Way Springfield, VA.
What is the asking price?
The asking price for this property is $349,990.
What are key features of this property?
This property features: 1,595 SF renovated office suite currently used as an acupuncture and wellness clinic; Flexible layout includes reception area, six private offices/treatment rooms, and a dedicated break room; Quartz‑finished kitchenette and commercial‑grade LVP flooring with recessed lighting and smart‑dimmer technology
