Medical and Office
For Sale
$349,990
5524 HEMPSTEAD WAY, Springfield, VA 22151
Flexible suite with multiple separate offices suitable for medical and professional services.
Property Size1,405 SF
Price / SF$249.10
Days on Market85
Property Features for 5524 HEMPSTEAD WAY
General Information
Standard status
Active
Size
1,405 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$4,320
Amenities
Central Air
3
Parking.
Lot.
Building Details
Year Built
1983
Listing Agency:
Slate Realty
(540) 295-9808
Listed By:
Israel Mohammed
(540) 295-9808
Source:
Xome
Added: May 17
Changed: Aug 8
Last Checked: Aug 9 at 5:14AM
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 Slate Realty
Investment Insights
Based on property information with market context.
This commercial unit suite is well suited for office and medical use, with a flexible layout that includes multiple separate office spaces. The configuration supports a range of professional workflows, including consulting, legal, administrative, insurance, and other service-oriented operations.
Located just off Backlick Road, the suite offers convenient access to major commuter routes. Public transportation is available, with bus access to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and surrounding areas.
Unit B is an individual commercial space offered for sale and is presented as a versatile option for either an owner-user or an investor seeking an adaptable office environment.
Located just off Backlick Road, the suite offers convenient access to major commuter routes. Public transportation is available, with bus access to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and surrounding areas.
Unit B is an individual commercial space offered for sale and is presented as a versatile option for either an owner-user or an investor seeking an adaptable office environment.
Key Highlights
- Commercial unit space suitable for office, medical, and professional uses
- Flexible layout with multiple separate office spaces
- Central air conditioning and heating (heating system listed as "3")
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
$26,596
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
7.60%
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%
$531,920
$531.9K
Cap Rate 7%
$379,943
$379.9K
Cap Rate 9%
$295,511
$295.5K
Market Conditions
NOI Build-Up for 1,405 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
$41.5K $29.52/SF
− Vacancy
−$6.0K −$4.28/SF
EGI
$35.5K $25.24/SF
− OpEx
−$8.9K −$6.31/SF
NOI
$26.6K $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%
$531,920
Cap Rate 7%
$379,943
Cap Rate 9%
$295,511
Alternative Uses
Best Use
Office B
$379.9K
$332.5K – $443.3K
NOI $26,596 @ 7.0% cap · market cap 7.60%
Second Best
Healthcare Medical
$365.7K
$320.0K – $426.7K
NOI $25,602 @ 7.0% cap · market cap 7.32%
Theoretical Best
Specialty Retail
$5.89M
$5.15M – $6.87M
NOI $412,259 @ 7.0% cap · market cap 117.79%
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 - Flexible suite with multiple separate offices suitable for medical and professional services.
Where is this office units located?
The property is located at 5524 HEMPSTEAD WAY Springfield, VA.
What is the asking price?
The asking price for this property is $349,990.
What are key features of this property?
This property features: Commercial unit space suitable for office, medical, and professional uses; Flexible layout with multiple separate office spaces; Central air conditioning and heating (heating system listed as "3")
