Industrial Flex End
For Sale
$860,000
Pending
46-5645 General Washington Dr, Alexandria, VA 22312
End-unit flex space with built-out office areas and a two-story warehouse, plus assigned parking in Alexandria.
Property Size2,900 SF
Days on Market121
Property Features for 46-5645 General Washington Dr
General Information
Standard status
Pending
Size
2,900 SF
Total Parking Spaces
2
Zoning
I-5
Additional Details
Highway Access
Yes
Office Units
3
Taxes and HOA fees
Annual Taxes
$6,584
Building Details
Stories
2
Listing Agency:
Lando Massey Real Estate
(540) 907-0014
Listed By:
Tim Webb · License #0225205735
(540) 907-0014
Source:
Exprealty
Added: Apr 23
Changed: Aug 21
Last Checked: Aug 21 at 12:17PM
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 Lando Massey Real Estate
Investment Insights
Based on property information with market context.
This multi-use industrial/flex unit combines a professionally built-out office component with warehouse space designed for operational flexibility. The office area is finished with luxury vinyl plank, marble, and modern wood elements, and includes a reception area, three offices, a kitchenette, a conference room, and a lounge area. The warehouse portion is a two-story space with an additional mezzanine level, totaling 1,800 SF of warehouse with 400 SF of mezzanine space.
The unit is an end unit with two assigned parking spaces in front. The condo association also offers additional parking permits/tags for the parking lot. The property is positioned for quick access to I-95, I-395, and I-495 within a busy industrial and retail corridor, just off Edsall Rd in Alexandria.
Zoned I-5 (General Industrial), the space supports a wide range of permitted uses as allowed under the zoning classification. This configuration can work well for owner-users and tenants that need both functional warehouse space and an office finish for customer-facing or administrative activities.
The unit is an end unit with two assigned parking spaces in front. The condo association also offers additional parking permits/tags for the parking lot. The property is positioned for quick access to I-95, I-395, and I-495 within a busy industrial and retail corridor, just off Edsall Rd in Alexandria.
Zoned I-5 (General Industrial), the space supports a wide range of permitted uses as allowed under the zoning classification. This configuration can work well for owner-users and tenants that need both functional warehouse space and an office finish for customer-facing or administrative activities.
Key Highlights
- Approximately 2,900 SF total: 1,100 SF office space and a 1,800 SF two‑story warehouse with 400 SF mezzanine
- End‑unit build‑out includes reception area, three offices, kitchenette, conference room, and lounge area
- Zoned I‑5 (General Industrial) with a wide range of permitted uses
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
$38,829
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
4.52%
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%
$776,580
$776.6K
Cap Rate 7%
$554,700
$554.7K
Cap Rate 9%
$431,433
$431.4K
Market Conditions
NOI Build-Up for 2,900 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
$60.6K $20.88/SF
− Vacancy
−$8.8K −$3.03/SF
EGI
$51.8K $17.85/SF
− OpEx
−$12.9K −$4.46/SF
NOI
$38.8K $13.39/SF
Area
Alexandria, 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%
$776,580
Cap Rate 7%
$554,700
Cap Rate 9%
$431,433
Alternative Uses
Best Use
Office B
$554.7K
$485.4K – $647.2K
NOI $38,829 @ 7.0% cap · market cap 4.52%
Second Best
Flex RnD
$531.6K
$465.1K – $620.2K
NOI $37,210 @ 7.0% cap · market cap 4.33%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,752 @ 7.0% cap · market cap 13.11%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
910
Businesses Nearby
Balanced
Demand for This Use
Explore this area
Business Placement
Demographics for 22312, VA
30,447
Population
11,191
Households
2.7
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
5.1 sq mi
ZIP Area
5,970
Density / Sq Mi
$105,044
Median Household Income
$53,471
Median Earnings
$2,009
Median Rent
$593,600
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?
Flex space - End-unit flex space with built-out office areas and a two-story warehouse, plus assigned parking in Alexandria.
Where is this flex space located?
The property is located at 46-5645 General Washington Dr Alexandria, VA.
What is the asking price?
The asking price for this property is $860,000.
What are key features of this property?
This property features: Approximately 2,900 SF total: 1,100 SF office space and a 1,800 SF two‑story warehouse with 400 SF mezzanine; End‑unit build‑out includes reception area, three offices, kitchenette, conference room, and lounge area; Zoned I‑5 (General Industrial) with a wide range of permitted uses
