Two-Unit Office Condominium
For Sale
Contact for pricing
3837 Plaza Dr, Fairfax, VA 22030
Two vacant, separately deeded office condominium units in Building B are offered together, with each unit able to be held or leased independently.
Property Size1,308 SF
Price / SF$237
Days on Market123
Property Features for 3837 Plaza Dr
General Information
Standard status
Active
Size
1,308 SF
Property subtype
RETAIL
Zoning
CR
Additional Details
Office Units
2
Listing Agency:
Serafin Real Estate
(703) 261-4809
Listed By:
Peter Pokorny · License #0225257962
(703) 850-9099
Source:
Moodyscre
Added: May 25
Changed: Sep 16
Last Checked: Sep 24 at 1:10PM
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 Serafin Real Estate
Investment Insights
Based on property information with market context.
Two separately deeded office condominium units within Building B of Old Lee Plaza are being offered together. The units include 1,308 square feet on the ground floor and 1,274 square feet directly above, delivering a combined 2,582 square feet of CR-zoned professional office space. Both units are vacant and available for immediate occupancy or lease-up, with no existing tenants to navigate.
Each unit carries its own tax parcel and its own condo documents, allowing the properties to be held, leased, or sold independently in the future. The offering is positioned in the heart of Fairfax City.
CR zoning supports a range of professional office uses, including attorneys, CPAs, financial advisors, insurance professionals, property managers, healthcare practitioners, and other professional services.
Each unit carries its own tax parcel and its own condo documents, allowing the properties to be held, leased, or sold independently in the future. The offering is positioned in the heart of Fairfax City.
CR zoning supports a range of professional office uses, including attorneys, CPAs, financial advisors, insurance professionals, property managers, healthcare practitioners, and other professional services.
Key Highlights
- Two separately deeded office condo units in Old Lee Plaza Building B offered together: 1,308 SF ground floor and 1,274 SF above (2,582 SF total).
- Vacant units with immediate occupancy or lease‑up—no existing tenants and no transition period.
- CR‑zoned professional office space in the heart of Fairfax City, suitable for multiple professional user types.
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
$24,760
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
7.99%
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%
$495,200
$495.2K
Cap Rate 7%
$353,714
$353.7K
Cap Rate 9%
$275,111
$275.1K
Market Conditions
NOI Build-Up for 1,308 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
$38.6K $29.52/SF
− Vacancy
−$5.6K −$4.28/SF
EGI
$33.0K $25.24/SF
− OpEx
−$8.3K −$6.31/SF
NOI
$24.8K $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%
$495,200
Cap Rate 7%
$353,714
Cap Rate 9%
$275,111
Alternative Uses
Best Use
Office B
$353.7K
$309.5K – $412.7K
NOI $24,760 @ 7.0% cap · market cap 7.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$5.48M
$4.80M – $6.40M
NOI $383,797 @ 7.0% cap · market cap 123.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Location Intelligence
Trade Area within ½ mile
3,135
Businesses Nearby
Explore this area
Business Placement
Demographics for 22030, VA
60,431
Population
21,758
Households
2.8
Avg Household Size
34
Median Age
67%
College-Educated
94%
High-School Grad
19.4 sq mi
ZIP Area
3,115
Density / Sq Mi
$139,885
Median Household Income
$61,628
Median Earnings
$2,242
Median Rent
$700,700
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?
Office units - Two vacant, separately deeded office condominium units in Building B are offered together, with each unit able to be held or leased independently.
Where is this office units located?
The property is located at 3837 Plaza Dr Fairfax, VA.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Two separately deeded office condo units in Old Lee Plaza Building B offered together: 1,308 SF ground floor and 1,274 SF above (2,582 SF total).; Vacant units with immediate occupancy or lease‑up—no existing tenants and no transition period.; CR‑zoned professional office space in the heart of Fairfax City, suitable for multiple professional user types.
