Renovated Office
New
For Sale
$349,990
5528 Hempstead Way 24g, Springfield, VA 22151
Flexible professional suite with private treatment rooms, updated finishes, and separate staff and client entrances.
Property Size1,592 SF
Price / SF$219.84
Days on Market3
Property Features for 5528 Hempstead Way 24g
General Information
Standard status
Active
Size
1,592 SF
Additional Details
HOA Fee
$310
Highway Access
Yes
Building Details
Year Built
1980
Listing Agency:
RE/MAX Galaxy
Listed By:
Farzad Maghsoudi
(703) 508-0835
Source:
Kableteam
Added: Sep 9
Changed: Sep 10
Last Checked: Sep 11 at 12:25PM
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 office unit is configured as a wellness-oriented professional suite with a welcoming reception area, six private offices or treatment rooms, a break room, and a quartz-finished kitchenette. Interior improvements include commercial-grade LVP flooring, recessed lighting with smart-dimmer technology, and two bathrooms finished with marble tile. Two separate entrances support distinct staff and client access. The HVAC system was updated in 2017, and the water heater was replaced in 2022.
The property is located at 5528 Hempstead Way in Springfield, Virginia, near The St. James and the I-95, I-395, and I-495 interchange. The existing configuration and upgraded finishes provide a ready-to-use setting for office, treatment, or wellness operations.
The property is located at 5528 Hempstead Way in Springfield, Virginia, near The St. James and the I-95, I-395, and I-495 interchange. The existing configuration and upgraded finishes provide a ready-to-use setting for office, treatment, or wellness operations.
Key Highlights
- Six private offices or treatment rooms
- Two separate entrances for staff and client access
- Quartz‑finished kitchenette and dedicated break room
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
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Current Use
Lease Details
Yes
Highway access
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Office units - Flexible professional suite with private treatment rooms, updated finishes, and separate staff and client entrances.
Where is this office units 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; Two separate entrances for staff and client access; Quartz‑finished kitchenette and dedicated break room
