Annandale Office Condo For
For Sale
$795,000
4200 Evergreen Lane Units 334-335, Annandale, VA 22003
Main-level office condo in Merion Centre, Annandale, with recent HVAC.
Property Size2,446 SF
Days on Market281
Property Features for 4200 Evergreen Lane Units 334-335
General Information
Standard status
Active
Size
2,446 SF
Property subtype
Office Condo
Building Details
Building Size
2,446 SF
Listed By:
Michael DiMeglio
(301) 918-2949
Source:
Naimichael
Added: Nov 27, 2025
Changed: Sep 3
Last Checked: Sep 4 at 3:27AM
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 Michael DiMeglio
Investment Insights
Based on property information with market context.
This is a cozy and quiet end-unit office condo located on the main or ground level of the Merion Centre in Annandale. The unit faces the courtyard. The layout includes a reception and waiting area, four private multipurpose offices, a restroom, and a kitchen. A new HVAC system has been recently installed. The property offers flexibility for the new owner to configure the ample space to their specific needs. The location provides convenient access to I-495, 395, Route 236, and Columbia Pike. Ample unassigned parking is available. The property is located in close proximity to a variety of shopping and restaurant options.
Key Highlights
- Ground‑level, end‑unit office condo in desirable Merion Centre.
- Features a reception area, 4 private offices, restroom, and kitchen.
- Brand new HVAC system.
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
$46,302
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
5.82%
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%
$926,040
$926.0K
Cap Rate 7%
$661,457
$661.5K
Cap Rate 9%
$514,467
$514.5K
Market Conditions
NOI Build-Up for 2,446 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
$72.2K $29.52/SF
− Vacancy
−$10.5K −$4.28/SF
EGI
$61.7K $25.24/SF
− OpEx
−$15.4K −$6.31/SF
NOI
$46.3K $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%
$926,040
Cap Rate 7%
$661,457
Cap Rate 9%
$514,467
Alternative Uses
Best Use
Office B
$661.5K
$578.8K – $771.7K
NOI $46,302 @ 7.0% cap · market cap 5.82%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.25M
$8.97M – $11.96M
NOI $717,711 @ 7.0% cap · market cap 90.28%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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
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 - Main-level office condo in Merion Centre, Annandale, with recent HVAC.
Where is this office units located?
The property is located at 4200 Evergreen Lane Units 334-335 Annandale, VA.
What is the asking price?
The asking price for this property is $795,000.
What are key features of this property?
This property features: Ground‑level, end‑unit office condo in desirable Merion Centre.; Features a reception area, 4 private offices, restroom, and kitchen.; Brand new HVAC system.
