Leased Office Units in Historic
For Sale
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600-604 W Washington Street, Suffolk, VA 23434
Fully leased office asset in Suffolk’s CBD, positioned along West Washington Street within the downtown business district.
Property Size3,500 SF
Price / SF$215.68
Days on Market49
Property Features for 600-604 W Washington Street
General Information
Standard status
Active
Size
3,500 SF
Net Rentable
3,500 SF
Property subtype
Retail, Office
Zoning
CBD (Central Business District)
Occupancy
100%
Investment Type
Stabilized
Net Operating Income
$56,616
Building Details
Year Built
1938
Units
2
Tenancy
Multi
Listing Agency:
Supreme Real Estate Group
Listed By:
Brett Pyka · License #0225248254
Source:
Crexi
Added: Jul 13
Changed: Aug 30
Last Checked: Aug 30 at 11:16AM
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 Supreme Real Estate Group
Investment Insights
Based on property information with market context.
This fully leased office property contains approximately 3,500 SF of leasable area within a building constructed in 1938. Its historic character is paired with an established commercial setting suited to office occupancy.
The property is located at 600-604 W Washington Street in Suffolk, Virginia, within the city’s Central Business District. The surrounding downtown area includes professional services and government offices, providing a business-oriented context for the asset.
The property is located at 600-604 W Washington Street in Suffolk, Virginia, within the city’s Central Business District. The surrounding downtown area includes professional services and government offices, providing a business-oriented context for the asset.
Key Highlights
- Fully leased office property
- Approximately 3,500 SF of leasable area
- Constructed in 1938
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
$38,323
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
5.08%
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%
$766,460
$766.5K
Cap Rate 7%
$547,471
$547.5K
Cap Rate 9%
$425,811
$425.8K
Market Conditions
NOI Build-Up for 3,500 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
$64.7K $18.48/SF
− Vacancy
−$13.6K −$3.88/SF
EGI
$51.1K $14.60/SF
− OpEx
−$12.8K −$3.65/SF
NOI
$38.3K $10.95/SF
Area
Suffolk County, VA
Vacancy
21.00%
Lease Rate
$18.48 /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%
$766,460
Cap Rate 7%
$547,471
Cap Rate 9%
$425,811
Alternative Uses
Best Use
Office B
$547.5K
$479.0K – $638.7K
NOI $38,323 @ 7.0% cap · market cap 5.08%
Second Best
Retail
$396.9K
$347.3K – $463.1K
NOI $27,783 @ 7.0% cap · market cap 3.68%
Theoretical Best
Office A
$811.0K
$709.6K – $946.2K
NOI $56,771 @ 7.0% cap · market cap 7.52%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
633
Businesses Nearby
Explore this area
Business Placement
Demographics for 23434, VA
51,430
Population
21,764
Households
2.4
Avg Household Size
39
Median Age
26%
College-Educated
90%
High-School Grad
206.8 sq mi
ZIP Area
249
Density / Sq Mi
$75,798
Median Household Income
$47,291
Median Earnings
$1,242
Median Rent
$293,600
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 - Fully leased office asset in Suffolk’s CBD, positioned along West Washington Street within the downtown business district.
Where is this office units located?
The property is located at 600-604 W Washington Street Suffolk, VA.
What is the asking price?
The asking price for this property is $754,880.
What are key features of this property?
This property features: Fully leased office property; Approximately 3,500 SF of leasable area; Constructed in 1938
