Ground-Level Office
New
For Sale
$319,000
4200 Evergreen Ln Unit 311, Annandale, VA 22003
Four private offices, reception space, a restroom, and a kitchen support a flexible professional workspace.
Property Size1,136 SF
Price / SF$280.81
Days on Market4
Property Features for 4200 Evergreen Ln Unit 311
General Information
Standard status
Active
Size
1,136 SF
Additional Details
Floor
Ground Floor
Highway Access
Yes
Building Details
Year Built
1988
Listing Agency:
Better Homes and Gardens Real Estate Reserve
Listed By:
Junghwan Lee · License #0225067357
(240) 888-6609
Source:
Riverfoxrealty
Added: Sep 21
Changed: Sep 22
Last Checked: Sep 22 at 8:55PM
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 Better Homes and Gardens Real Estate Reserve
Investment Insights
Based on property information with market context.
This 1,136-square-foot office condominium is an end unit at Merion Centre with a courtyard-facing orientation. The ground-level layout includes a reception and waiting area, four private multipurpose offices, one restroom, and a kitchen. A recently replaced HVAC system adds a current building-system improvement, while the interior can be configured for the next owner's needs.
The property is located in Annandale with ample unassigned parking and access to I-495, I-395, Rt. 236, and Columbia Pike. Shopping and restaurants are nearby, adding convenient amenities for occupants and visitors. Built in 1988, the office condo offers a defined layout with room for adaptation within an established commercial center.
The property is located in Annandale with ample unassigned parking and access to I-495, I-395, Rt. 236, and Columbia Pike. Shopping and restaurants are nearby, adding convenient amenities for occupants and visitors. Built in 1988, the office condo offers a defined layout with room for adaptation within an established commercial center.
Key Highlights
- 1,136‑square‑foot end‑unit office condominium
- Ground‑level location facing the Merion Centre courtyard
- Reception area, waiting area, four private offices, restroom, and kitchen
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
$21,504
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
6.74%
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%
$430,080
$430.1K
Cap Rate 7%
$307,200
$307.2K
Cap Rate 9%
$238,933
$238.9K
Market Conditions
NOI Build-Up for 1,136 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
$33.5K $29.52/SF
− Vacancy
−$4.9K −$4.28/SF
EGI
$28.7K $25.24/SF
− OpEx
−$7.2K −$6.31/SF
NOI
$21.5K $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%
$430,080
Cap Rate 7%
$307,200
Cap Rate 9%
$238,933
Alternative Uses
Best Use
Office B
$307.2K
$268.8K – $358.4K
NOI $21,504 @ 7.0% cap · market cap 6.74%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.76M
$4.17M – $5.56M
NOI $333,328 @ 7.0% cap · market cap 104.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,636
Businesses Nearby
Explore this area
Business Placement
Demographics for 22003, VA
59,372
Population
19,497
Households
3
Avg Household Size
39
Median Age
51%
College-Educated
87%
High-School Grad
12.6 sq mi
ZIP Area
4,712
Density / Sq Mi
$134,109
Median Household Income
$54,906
Median Earnings
$1,988
Median Rent
$694,300
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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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 - Four private offices, reception space, a restroom, and a kitchen support a flexible professional workspace.
Where is this office units located?
The property is located at 4200 Evergreen Ln Unit 311 Annandale, VA.
What is the asking price?
The asking price for this property is $319,000.
What are key features of this property?
This property features: 1,136‑square‑foot end‑unit office condominium; Ground‑level location facing the Merion Centre courtyard; Reception area, waiting area, four private offices, restroom, and kitchen
