Highly Visible Retail and Office
For Sale
$650,000
623 Washington Street, Alexandria, VA 22314
Street-level commercial space on S Washington Street with strong pedestrian and vehicle traffic in Old Town Alexandria.
Property Size875 SF
Price / SF$742.86
Days on Market194
Property Features for 623 Washington Street
General Information
Standard status
Active
Size
875 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$3,948
Amenities
Central Air
3
CD
Parking.
Lot.
Building Details
Year Built
1979
Listing Agency:
(703) 209-2424
Listed By:
Samson Properties
(703) 209-2424
Source:
Xome
Added: Feb 7
Changed: Aug 12
Last Checked: Aug 20 at 4:48AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This for-sale commercial space at 623 S Washington Street offers a mix of office and retail use in a highly visible setting. The property is positioned for businesses seeking a street-front presence, with the buyer to verify permitted uses.
Public remarks highlight strong pedestrian and vehicle traffic and a convenient Old Town Alexandria location near the waterfront, parks, and the King Street corridor. The area is described as surrounded by local businesses, restaurants, and residential density, supporting day-to-day commercial activity.
The listing includes a total property size of 875 square feet and is offered at $650,000.
Public remarks highlight strong pedestrian and vehicle traffic and a convenient Old Town Alexandria location near the waterfront, parks, and the King Street corridor. The area is described as surrounded by local businesses, restaurants, and residential density, supporting day-to-day commercial activity.
The listing includes a total property size of 875 square feet and is offered at $650,000.
Key Highlights
- Street‑level commercial space on S Washington Street in Old Town Alexandria
- Highly visible setting with strong pedestrian and vehicle traffic
- Year built: 1979
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
$29,270
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
4.50%
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%
$585,400
$585.4K
Cap Rate 7%
$418,143
$418.1K
Cap Rate 9%
$325,222
$325.2K
Market Conditions
NOI Build-Up for 875 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
$43.8K $50.04/SF
− Vacancy
−$2.0K −$2.25/SF
EGI
$41.8K $47.79/SF
− OpEx
−$12.5K −$14.34/SF
NOI
$29.3K $33.45/SF
Area
Alexandria, VA
Vacancy
4.50%
Lease Rate
$50.04 /SF/Yr
Expense Ratio
30.00%
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%
$585,400
Cap Rate 7%
$418,143
Cap Rate 9%
$325,222
Alternative Uses
Best Use
Retail
$418.1K
$365.9K – $487.8K
NOI $29,270 @ 7.0% cap · market cap 4.50%
Second Best
Office B
$167.4K
$146.5K – $195.3K
NOI $11,716 @ 7.0% cap · market cap 1.80%
Theoretical Best
Specialty Retail
$486.0K
$425.3K – $567.0K
NOI $34,020 @ 7.0% cap · market cap 5.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,557
Businesses Nearby
Explore this area
Business Placement
Demographics for 22314, VA
35,784
Population
21,154
Households
1.7
Avg Household Size
39
Median Age
79%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,671
Density / Sq Mi
$144,359
Median Household Income
$98,121
Median Earnings
$2,312
Median Rent
$856,400
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 - Street-level commercial space on S Washington Street with strong pedestrian and vehicle traffic in Old Town Alexandria.
Where is this office units located?
The property is located at 623 Washington Street Alexandria, VA.
What is the asking price?
The asking price for this property is $650,000.
What are key features of this property?
This property features: Street‑level commercial space on S Washington Street in Old Town Alexandria; Highly visible setting with strong pedestrian and vehicle traffic; Year built: 1979
