Medical Office Suite with Exam
For Sale
$765,000
6134 Redwood Square Center 201/202, Centreville, VA 20121
Combined condominium units offer a flexible healthcare layout with existing plumbing, parking, and exterior signage opportunities.
Property Size3,280 SF
Price / SF$233.23
Days on Market58
Property Features for 6134 Redwood Square Center 201/202
General Information
Standard status
Active
Size
3,280 SF
Additional Details
Highway Access
Yes
Office Units
2
Building Details
Year Built
2004
Listing Agency:
Weber Rector Commerical Real Estate Services, Inc.
Listed By:
Ryan Archibald
(703) 330-1224
Source:
Summitrealtors
Added: Jul 14
Changed: Sep 8
Last Checked: Sep 5 at 7:13AM
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 Weber Rector Commerical Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
This 3,280 SF medical office property combines two condominium units into a single integrated suite. The interior includes 7 operatories or exam rooms, reception and waiting areas, private offices, restrooms, and breakroom space. Existing plumbing infrastructure supports continued medical or dental use, while the configuration may also accommodate general office, consulting, wellness, or other professional service operations.
Exterior signage opportunities and ample surface parking add practical functionality for occupants and visitors. Built in 2004, the property is located in Centreville with immediate access to I-66, Rt. 28, and Rt. 29. Redwood Square Centre sits within a residential and commercial corridor near retail amenities, medical users, and major commuter routes serving Fairfax County and Northern Virginia.
Exterior signage opportunities and ample surface parking add practical functionality for occupants and visitors. Built in 2004, the property is located in Centreville with immediate access to I-66, Rt. 28, and Rt. 29. Redwood Square Centre sits within a residential and commercial corridor near retail amenities, medical users, and major commuter routes serving Fairfax County and Northern Virginia.
Key Highlights
- 3,280 SF medical office suite formed by two combined condominium units
- 7 operatories or exam rooms with existing plumbing infrastructure
- Reception, waiting areas, private offices, restrooms, and breakroom space
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
$62,089
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
8.12%
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%
$1,241,780
$1.2M
Cap Rate 7%
$886,986
$887.0K
Cap Rate 9%
$689,878
$689.9K
Market Conditions
NOI Build-Up for 3,280 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
$96.8K $29.52/SF
− Vacancy
−$14.0K −$4.28/SF
EGI
$82.8K $25.24/SF
− OpEx
−$20.7K −$6.31/SF
NOI
$62.1K $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%
$1,241,780
Cap Rate 7%
$886,986
Cap Rate 9%
$689,878
Alternative Uses
Best Use
Office B
$887.0K
$776.1K – $1.03M
NOI $62,089 @ 7.0% cap · market cap 8.12%
Second Best
Healthcare Medical
$853.8K
$747.1K – $996.1K
NOI $59,767 @ 7.0% cap · market cap 7.81%
Theoretical Best
Specialty Retail
$13.75M
$12.03M – $16.04M
NOI $962,426 @ 7.0% cap · market cap 125.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,285
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20121, VA
28,901
Population
9,968
Households
2.9
Avg Household Size
35
Median Age
53%
College-Educated
93%
High-School Grad
8.7 sq mi
ZIP Area
3,322
Density / Sq Mi
$133,024
Median Household Income
$61,859
Median Earnings
$2,240
Median Rent
$488,200
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 - Combined condominium units offer a flexible healthcare layout with existing plumbing, parking, and exterior signage opportunities.
Where is this medical office space located?
The property is located at 6134 Redwood Square Center 201/202 Centreville, VA.
What is the asking price?
The asking price for this property is $765,000.
What are key features of this property?
This property features: 3,280 SF medical office suite formed by two combined condominium units; 7 operatories or exam rooms with existing plumbing infrastructure; Reception, waiting areas, private offices, restrooms, and breakroom space
