Renovated Medical Office
New
For Sale
$349,990
5528 Hempstead Way 24g, Springfield, VA 22151
Flexible clinic layout with private treatment rooms, separate entrances, and updated interior finishes.
Property Size1,592 SF
Price / SF$219.84
Days on Market2
Property Features for 5528 Hempstead Way 24g
General Information
Standard status
Active
Size
1,592 SF
Additional Details
HOA Fee
$310
Highway Access
Yes
Office Units
1
Building Details
Year Built
1980
Tenancy
Single
Listing Agency:
RE/MAX Galaxy
(703) 508-0835
Listed By:
Farzad Maghsoudi
Source:
Kandorre
Added: Aug 10
Changed: Aug 11
Last Checked: Aug 11 at 7:49AM
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 Galaxy
Investment Insights
Based on property information with market context.
This medical office suite is configured for clinical and wellness use, with a reception area, six private offices or treatment rooms, a break room, and a kitchenette finished with quartz surfaces. The interior includes commercial-grade LVP flooring, recessed lighting with smart-dimmer controls, and two bathrooms featuring marble tile. Two separate entrances support distinct staff and client access. The space is currently operating as an acupuncture and wellness clinic, providing an established configuration for continued medical or wellness use.
Major building systems have been updated, including the HVAC in 2017 and the water heater in 2022. The property is located near The St. James and the I-95, I-395, and I-495 interchange, providing access to the surrounding regional road network.
Major building systems have been updated, including the HVAC in 2017 and the water heater in 2022. The property is located near The St. James and the I-95, I-395, and I-495 interchange, providing access to the surrounding regional road network.
Key Highlights
- Six private offices or treatment rooms plus reception, break room, and kitchenette
- Two separate entrances for staff and client access
- Commercial‑grade LVP flooring and recessed smart‑dimmer lighting
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
$30,136
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
8.61%
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%
$602,720
$602.7K
Cap Rate 7%
$430,514
$430.5K
Cap Rate 9%
$334,844
$334.8K
Market Conditions
NOI Build-Up for 1,592 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
$47.0K $29.52/SF
− Vacancy
−$6.8K −$4.28/SF
EGI
$40.2K $25.24/SF
− OpEx
−$10.0K −$6.31/SF
NOI
$30.1K $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%
$602,720
Cap Rate 7%
$430,514
Cap Rate 9%
$334,844
Alternative Uses
Best Use
Office B
$430.5K
$376.7K – $502.3K
NOI $30,136 @ 7.0% cap · market cap 8.61%
Second Best
Healthcare Medical
$414.4K
$362.6K – $483.5K
NOI $29,009 @ 7.0% cap · market cap 8.29%
Theoretical Best
Specialty Retail
$6.67M
$5.84M – $7.79M
NOI $467,129 @ 7.0% cap · market cap 133.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Office units
Single-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
743
Businesses Nearby
Under-served
Demand for This Use
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?
Medical Office Space - Flexible clinic layout with private treatment rooms, separate entrances, and updated interior finishes.
Where is this medical office space located?
The property is located at 5528 Hempstead Way 24g 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: Six private offices or treatment rooms plus reception, break room, and kitchenette; Two separate entrances for staff and client access; Commercial‑grade LVP flooring and recessed smart‑dimmer lighting
