Professional Office Suite with Separate
For Sale
$349,990
5524 NW Hempstead Way 23g, Springfield, VA 22151
Office suite with a flexible layout featuring multiple separate office spaces, suited for professional and medical use.
Property Size1,600 SF
Price / SF$218.74
Days on Market94
Property Features for 5524 NW Hempstead Way 23g
General Information
Standard status
Active
Size
1,600 SF
Building Details
Year Built
1983
Listing Agency:
Slate Realty
Listed By:
Israel Mohammed
(540) 372-2004
Source:
Localrealestateleaders
Added: Jul 20
Changed: Oct 3
Last Checked: Oct 7 at 5:16PM
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
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Investment Insights
Based on property information with market context.
This commercial office unit space is suitable for office, medical, and a range of professional services. The interior offers a flexible layout with multiple separate office spaces, providing workable separation for consultative or administrative functions.
Conveniently located just off Backlick Road, the property offers easy access to major commuter routes. Public transportation is available, with bus access to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and surrounding areas.
Ideal for an owner-user looking for a versatile professional setup or for investors seeking a commercial unit with adaptable interior configuration.
Conveniently located just off Backlick Road, the property offers easy access to major commuter routes. Public transportation is available, with bus access to Springfield Metro, Van Dorn Metro Station, Tysons Corner, and surrounding areas.
Ideal for an owner-user looking for a versatile professional setup or for investors seeking a commercial unit with adaptable interior configuration.
Key Highlights
- Built in 1983 commercial unit space with a flexible layout designed for professional use
- Multiple separate office spaces within the suite for offices, consulting, legal, administrative, or insurance services
- Suitable for medical, consulting, legal, administrative, and other professional services
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$30,288
Cap Rate
8.65%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$605,760
$605.8K
Cap Rate 7%
$432,686
$432.7K
Cap Rate 9%
$336,533
$336.5K
Market Conditions
NOI Build-Up for 1,600 SF
Gross rent
$47.2K $29.52/SF
− Vacancy
−$6.8K −$4.28/SF
EGI
$40.4K $25.24/SF
− OpEx
−$10.1K −$6.31/SF
NOI
$30.3K $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 Rate 5%
$605,760
Cap Rate 7%
$432,686
Cap Rate 9%
$336,533
Alternative Uses
Best Use
Office B
$432.7K
$378.6K – $504.8K
NOI $30,288 @ 7.0% cap · market cap 8.65%
Second Best
Healthcare Medical
$416.5K
$364.4K – $485.9K
NOI $29,155 @ 7.0% cap · market cap 8.33%
Theoretical Best
Specialty Retail
$6.71M
$5.87M – $7.82M
NOI $469,476 @ 7.0% cap · market cap 134.14%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
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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
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Market
Vacancy Rate% for Office in South region
Frequently Asked Questions
What type of property is this?
Office unit - Office suite with a flexible layout featuring multiple separate office spaces, suited for professional and medical use.
Where is this office unit located?
The property is located at 5524 NW Hempstead Way 23g 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: Built in 1983 commercial unit space with a flexible layout designed for professional use; Multiple separate office spaces within the suite for offices, consulting, legal, administrative, or insurance services; Suitable for medical, consulting, legal, administrative, and other professional services
