Herndon Flex Warehouse For
For Sale
$535,000
Pending
631 Carlisle Dr #631, Herndon, VA 20170
Flex warehouse with 14' roll-up door and 18' ceilings.
Property Size1,700 SF
Days on Market241
Property Features for 631 Carlisle Dr #631
General Information
Standard status
Pending
Size
1,700 SF
Property subtype
Commercial
Taxes and HOA fees
Annual Taxes
$4,951
Amenities
Industrial Park
Building Details
Year Built
1980
Listing Agency:
EAST COAST COMMERCIAL INVESTMENT REALTY, LLC
(571) 243-6387
Listed By:
GEORGE DUNGAN · License #0225201842
Source:
Corcoran
Added: Dec 11, 2025
Changed: Aug 8
Last Checked: Aug 8 at 5:28AM
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 EAST COAST COMMERCIAL INVESTMENT REALTY, LLC
Investment Insights
Based on property information with market context.
This flex-type warehouse, offered for sale, features a primarily open space layout with a single restroom. The property includes a 14-foot high roll-up grade-level door and an 18-foot clear ceiling height. The total size is approximately 1,700 square feet. It is located within the Carlisle Drive Business Center, which hosts a mix of contractors, light manufacturing, and distribution businesses. The location is just off Elden Street, near the Fairfax County Parkway and Reston.
Key Highlights
- Functional warehouse space offering 1,700 sq ft.
- Convenient location near Fairfax County Parkway and Reston.
- 14' high roll‑up grade‑level door provides easy access.
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
$25,221
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
4.71%
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%
$504,420
$504.4K
Cap Rate 7%
$360,300
$360.3K
Cap Rate 9%
$280,233
$280.2K
Market Conditions
NOI Build-Up for 1,700 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
$40.8K $24.00/SF
− Vacancy
−$2.0K −$1.18/SF
EGI
$38.8K $22.82/SF
− OpEx
−$13.6K −$7.99/SF
NOI
$25.2K $14.84/SF
Area
Loudoun County, VA
Vacancy
4.90%
Lease Rate
$24.00 /SF/Yr
Expense Ratio
35.00%
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%
$504,420
Cap Rate 7%
$360,300
Cap Rate 9%
$280,233
Alternative Uses
Best Use
Flex RnD
$360.3K
$315.3K – $420.4K
NOI $25,221 @ 7.0% cap · market cap 4.71%
Second Best
Warehouse
$190.8K
$167.0K – $222.6K
NOI $13,357 @ 7.0% cap · market cap 2.50%
Theoretical Best
Specialty Retail
$532.8K
$466.2K – $621.6K
NOI $37,294 @ 7.0% cap · market cap 6.97%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,375
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20170, VA
42,756
Population
14,084
Households
3
Avg Household Size
36
Median Age
57%
College-Educated
87%
High-School Grad
8.8 sq mi
ZIP Area
4,859
Density / Sq Mi
$157,875
Median Household Income
$59,119
Median Earnings
$2,224
Median Rent
$625,600
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Similar Off Market Nearby
- Eric Fleischer Catering — 273 Sunset Park Dr, Herndon, VA 20170
- Wined and Dined Catering — 273 Sunset Park Dr, Herndon, VA 20170
- Silver Spoon Caterers — 348 Victory Dr, Herndon, VA 20170
- Chef's Table Catering Inc — 141-2 Spring St, Herndon, VA 20170
Frequently Asked Questions
What type of property is this?
Flex space - Flex warehouse with 14' roll-up door and 18' ceilings.
Where is this flex space located?
The property is located at 631 Carlisle Dr #631 Herndon, VA.
What is the asking price?
The asking price for this property is $535,000.
What are key features of this property?
This property features: Functional warehouse space offering 1,700 sq ft.; Convenient location near Fairfax County Parkway and Reston.; 14' high roll‑up grade‑level door provides easy access.
