Lobby-Level Office Shell
For Sale
$445,000
4600 DUKE Street, Alexandria, VA 22304
Commercial Sale - ALEXANDRIA, VA
Property Size2,898 SF
Price / SF$153.55
Days on Market148
Property Features for 4600 DUKE Street
General Information
Property type
Other
Property subtype
Office
Parking
300
Parking features
Parking Lot, Special Needs
Subdivision
FORTY SIX HUNDRED
Elementary school
PATRICK HENRY
Middle school
FRANCIS C HAMMOND
High school
ALEXANDRIA CITY
Elementary school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Middle school district
ALEXANDRIA CITY PUBLIC SCHOOLS
High school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
2620
Utilities
Heating system
Other (Heating), Central
Cooling system
Central Air
Building Details
Year built
1967
Number of units
2
Building materials
Brick Veneer
Listing Agency:
Century 21 Redwood Realty · Century 21 Real Estate
(202) 506-3674
Listed By:
WAI LUN L LEUNG · License #0225204506
(571) 497-4607
Added: Mar 28
Changed: Jul 17
Last Checked: Aug 22 at 12:06AM
MLS# VAAX2055590
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Available for sale is a lobby-level office shell space comprising combined units 419 and 420 within the Forty Six Hundred condominium development. The offering is conveyed strictly in as-is structural shell condition, providing a blank canvas for future buildout. The property is zoned RC (Residential-Commercial), offering flexibility for residential, professional office, or live/work configurations, with floor plans and association demising regulations available upon request.
The space is located in a quiet, highly accessible corner of the main entry level, with elevator-free accessibility and day-to-day privacy. Forty Six Hundred is a full-service building with a 24-hour concierge desk, secure access systems, an on-site fitness center, an expansive outdoor pool, dedicated meeting rooms, and professional on-site property management. For simplified planning, the monthly condominium fee covers primary utilities, including electricity, gas, central air conditioning, heating, water, and sewer.
Convenience extends beyond the building. The property is immediately adjacent to an Aldi grocery store and across the street from Foxchase Shopping Center, which includes a 24-hour Harris Teeter and a CVS pharmacy. A DASH bus stop sits directly at the building’s front entrance, providing connections to both Van Dorn Street Metro Station and Eisenhower Avenue Metro Station, and the I-395 corridor is accessible via Exit 3A.
The space is located in a quiet, highly accessible corner of the main entry level, with elevator-free accessibility and day-to-day privacy. Forty Six Hundred is a full-service building with a 24-hour concierge desk, secure access systems, an on-site fitness center, an expansive outdoor pool, dedicated meeting rooms, and professional on-site property management. For simplified planning, the monthly condominium fee covers primary utilities, including electricity, gas, central air conditioning, heating, water, and sewer.
Convenience extends beyond the building. The property is immediately adjacent to an Aldi grocery store and across the street from Foxchase Shopping Center, which includes a 24-hour Harris Teeter and a CVS pharmacy. A DASH bus stop sits directly at the building’s front entrance, providing connections to both Van Dorn Street Metro Station and Eisenhower Avenue Metro Station, and the I-395 corridor is accessible via Exit 3A.
Key Highlights
- 2,898‑SF lobby‑level shell space in Forty Six Hundred, comprising combined units 419 and 420 (as‑is structural shell condition).
- Condo fee covers major utilities: electricity, gas, central air, heating, water, and sewer services.
- Forty Six Hundred amenities include 24‑hour concierge, secure access systems, on‑site property management, fitness center, outdoor pool, and meeting rooms.
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
$38,802
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
8.72%
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%
$776,040
$776.0K
Cap Rate 7%
$554,314
$554.3K
Cap Rate 9%
$431,133
$431.1K
Market Conditions
NOI Build-Up for 2,898 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
$60.5K $20.88/SF
− Vacancy
−$8.8K −$3.03/SF
EGI
$51.7K $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%
$776,040
Cap Rate 7%
$554,314
Cap Rate 9%
$431,133
Alternative Uses
Best Use
Mixed Use
$721.9K
$631.7K – $842.2K
NOI $50,534 @ 7.0% cap · market cap 11.36%
Second Best
Office B
$554.3K
$485.0K – $646.7K
NOI $38,802 @ 7.0% cap · market cap 8.72%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,674 @ 7.0% cap · market cap 25.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 22304, VA
49,237
Population
24,654
Households
2
Avg Household Size
37
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
10,258
Density / Sq Mi
$97,629
Median Household Income
$64,929
Median Earnings
$1,934
Median Rent
$496,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office units - As-is shell space at the lobby level, combined units 419 and 420, with RC zoning in a full-service condominium.
Where is this office units located?
The property is located at 4600 DUKE Street Alexandria, VA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,898‑SF lobby‑level shell space in Forty Six Hundred, comprising combined units 419 and 420 (as‑is structural shell condition).; Condo fee covers major utilities: electricity, gas, central air, heating, water, and sewer services.; Forty Six Hundred amenities include 24‑hour concierge, secure access systems, on‑site property management, fitness center, outdoor pool, and meeting rooms.
