Renovated Professional Office
For Sale
$959,000
5524-300 NW Hempstead Way # 23G, Springfield, VA 22151
Updated commercial workspace with flexible layout options, professional finishes, and bus connections to regional destinations.
Property Size4,500 SF
Price / SF$213.11
Days on Market64
Property Features for 5524-300 NW Hempstead Way # 23G
General Information
Standard status
Active
Size
4,500 SF
Total Parking Spaces
4
Property subtype
Commercial
Zoning
I-5
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$12,123
Amenities
Electric
Yes
Natural Gas
6
Public
No
Parking Lot
Paved Parking
4
4500.00
Building Details
Year Built
1982
Year Renovated
2020
Listing Agency:
RE/MAX Access
(856) 222-0077
Listed By:
Ryan LeBon
Source:
Thetristaterealestategroup
Added: Jul 16
Changed: Sep 16
Last Checked: Sep 16 at 3:09PM
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 RE/MAX Access
Investment Insights
Based on property information with market context.
This professional office unit is located on Hempstead Way in Springfield, Virginia, within a commercial building near Backlick Road. The space was renovated in 2020 and includes a modern interior, professional finishes, and flexible layout options for office, medical, or other professional service uses.
The property is positioned for commuter access and is served by public bus connections to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and other regional destinations. A public paved parking lot supports access to the building, while zoning is identified as 550. The setting and configuration provide a practical environment for businesses seeking office space with transit connectivity and a professionally finished interior.
The property is positioned for commuter access and is served by public bus connections to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and other regional destinations. A public paved parking lot supports access to the building, while zoning is identified as 550. The setting and configuration provide a practical environment for businesses seeking office space with transit connectivity and a professionally finished interior.
Key Highlights
- Renovated in 2020 with a modern interior and professional finishes
- Flexible layout suited to office, medical, and other professional service uses
- Located off Backlick Road in Springfield, Virginia
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
$85,184
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
8.88%
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%
$1,703,680
$1.7M
Cap Rate 7%
$1,216,914
$1.2M
Cap Rate 9%
$946,489
$946.5K
Market Conditions
NOI Build-Up for 4,500 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
$132.8K $29.52/SF
− Vacancy
−$19.3K −$4.28/SF
EGI
$113.6K $25.24/SF
− OpEx
−$28.4K −$6.31/SF
NOI
$85.2K $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%
$1,703,680
Cap Rate 7%
$1,216,914
Cap Rate 9%
$946,489
Alternative Uses
Best Use
Office B
$1.22M
$1.06M – $1.42M
NOI $85,184 @ 7.0% cap · market cap 8.88%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$18.86M
$16.51M – $22.01M
NOI $1,320,401 @ 7.0% cap · market cap 137.69%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Explore this area
Business Placement
Demographics for 22151, VA
18,026
Population
5,853
Households
3.1
Avg Household Size
39
Median Age
50%
College-Educated
89%
High-School Grad
5.1 sq mi
ZIP Area
3,535
Density / Sq Mi
$160,187
Median Household Income
$57,986
Median Earnings
$2,502
Median Rent
$636,200
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 - Updated commercial workspace with flexible layout options, professional finishes, and bus connections to regional destinations.
Where is this office units located?
The property is located at 5524-300 NW Hempstead Way # 23G Springfield, VA.
What is the asking price?
The asking price for this property is $959,000.
What are key features of this property?
This property features: Renovated in 2020 with a modern interior and professional finishes; Flexible layout suited to office, medical, and other professional service uses; Located off Backlick Road in Springfield, Virginia
