Warrenton Office Condo Available
For Sale
$225,000
28 JOHN MARSHALL STREET, Warrenton, VA 20186
Office condo in historic Warrenton, close to Main Street.
Property Size900 SF
Price / SF$250
Days on Market207
Property Features for 28 JOHN MARSHALL STREET
General Information
Standard status
Active
Size
900 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$1,864
Amenities
Central Air
3
Ceramic Tile, Carpet
Shingle
Parking.
Lighted, Unassigned, Lot.
0.00 x 0.00
Building Details
Year Built
1985
Listing Agency:
Virginia Realty & Management, LLC.
(540) 219-9531
Listed By:
Virginia Wright
(540) 219-9531
Source:
Xome
Added: Jan 29
Changed: Aug 23
Last Checked: Aug 24 at 5:18AM
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 Virginia Realty & Management, LLC.
Investment Insights
Based on property information with market context.
This office corner condo is now available for purchase, with the previous lease having ended. The property is located off Waterloo Street in historic Warrenton, offering close proximity to Main Street and Fauquier County Offices, as well as other retail and offices in town. Signage is permitted on the building by the door, and the business name can be placed on the building directory visible from Waterloo Street. The Home Owners Association is proactive, especially with snow removal from sidewalks and the parking lot. The floor plan allows for a receptionist area and two large offices, or the division wall can be removed to create one large L-shaped space, depending on specific needs. One area features built-in bookshelves for display. A small kitchenette and half bath are included. The unit has direct access within a few steps from the parking lot, with two designated parking spaces per condo unit provided by the HOA. The location eliminates the need to move a car every two hours on John Marshall Street or park in town parking lots. The office is well-lit with natural light from multiple windows, three of which are protected by bars for security and privacy. Many county offices are located in neighboring properties. Prior usages of the condo include a real estate office, lawyer's office, and seamstress. Other condo units house various offices or professional services, including a hairdresser, construction office, and marketing office. The square footage is assumed to be correct using the tax assessor information, and the buyer should confirm. The property has a walk score of 85, indicating it is very walkable, and a bike score of 45, indicating it is somewhat bikeable.
Key Highlights
- Prime location in historic Warrenton, near Main Street and Fauquier County Offices, offering high walkability (Walk Score: 85).
- Dedicated parking: Includes two designated parking spaces, avoiding street parking restrictions.
- Flexible floor plan: Adaptable space with potential for a reception area and two offices, or one large open space.
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
$12,050
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
5.36%
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%
$241,000
$241.0K
Cap Rate 7%
$172,143
$172.1K
Cap Rate 9%
$133,889
$133.9K
Market Conditions
NOI Build-Up for 900 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
$18.8K $20.88/SF
− Vacancy
−$2.7K −$3.03/SF
EGI
$16.1K $17.85/SF
− OpEx
−$4.0K −$4.46/SF
NOI
$12.1K $13.39/SF
Area
Fauquier 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%
$241,000
Cap Rate 7%
$172,143
Cap Rate 9%
$133,889
Alternative Uses
Best Use
Office B
$172.1K
$150.6K – $200.8K
NOI $12,050 @ 7.0% cap · market cap 5.36%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$499.9K
$437.4K – $583.2K
NOI $34,992 @ 7.0% cap · market cap 15.55%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 20186, VA
15,171
Population
6,114
Households
2.5
Avg Household Size
43
Median Age
44%
College-Educated
93%
High-School Grad
58.7 sq mi
ZIP Area
258
Density / Sq Mi
$100,813
Median Household Income
$50,533
Median Earnings
$1,541
Median Rent
$485,000
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 - Office condo in historic Warrenton, close to Main Street.
Where is this office units located?
The property is located at 28 JOHN MARSHALL STREET Warrenton, VA.
What is the asking price?
The asking price for this property is $225,000.
What are key features of this property?
This property features: Prime location in historic Warrenton, near Main Street and Fauquier County Offices, offering high walkability (Walk Score: 85).; Dedicated parking: Includes two designated parking spaces, avoiding street parking restrictions.; Flexible floor plan: Adaptable space with potential for a reception area and two offices, or one large open space.
