Contiguous Office Condominium
New
For Sale
$799,000
731 WALKER Road, Great Falls, VA 22066
Commercial Sale, GREAT FALLS, VA
Property Size1,725 SF
Price / SF$463.19
Days on Market2
Property Features for 731 WALKER Road
General Information
Property type
Other
Property subtype
Office
Parking
4
Parking features
Parking Lot
Elementary school district
FAIRFAX COUNTY PUBLIC SCHOOLS
Middle school district
FAIRFAX COUNTY PUBLIC SCHOOLS
High school district
FAIRFAX COUNTY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
6595
Utilities
Heating system
Central
Cooling system
Central Air
Building Details
Year built
1984
Building materials
Brick
Listing Agency:
Samson Properties
(703) 378-8810
Listed By:
Bonnie H Wolfe · License #0225078568
(703) 930-5692
Added: Sep 14
Last Checked: Sep 15 at 2:06PM
MLS# VAFX2341208
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This offering includes two adjoining upper-level office condominium units within Great Falls Business Center. The combined space measures 1725+ SF and connects internally. Unit A-2 provides an open work area and restroom, while Unit B-2 contains an administrative area and two enclosed offices. Central heating and central air conditioning serve the property, which was built in 1984 with brick construction.
The units are positioned near Georgetown Pike and Walker Road and feature illuminated signage above the entrances. Great Falls Business Center contains 16 individually owned commercial condominium units, with common areas maintained through the condominium association. The property is near Great Falls Village Centre and nearby grocery, dining, banking, postal, library, and coffee amenities. Its setting also provides access to Tysons, Reston, Dulles International Airport, the Silver Line Metro, and I-495.
The units are positioned near Georgetown Pike and Walker Road and feature illuminated signage above the entrances. Great Falls Business Center contains 16 individually owned commercial condominium units, with common areas maintained through the condominium association. The property is near Great Falls Village Centre and nearby grocery, dining, banking, postal, library, and coffee amenities. Its setting also provides access to Tysons, Reston, Dulles International Airport, the Silver Line Metro, and I-495.
Key Highlights
- Two contiguous upper‑level office condominium units totaling 1725+ SF
- Unit A‑2 includes an open area and restroom; Unit B‑2 has an administrative area and two private offices
- Zoned for office and retail uses
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
$32,654
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
4.09%
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%
$653,080
$653.1K
Cap Rate 7%
$466,486
$466.5K
Cap Rate 9%
$362,822
$362.8K
Market Conditions
NOI Build-Up for 1,725 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
$50.9K $29.52/SF
− Vacancy
−$7.4K −$4.28/SF
EGI
$43.5K $25.24/SF
− OpEx
−$10.9K −$6.31/SF
NOI
$32.7K $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%
$653,080
Cap Rate 7%
$466,486
Cap Rate 9%
$362,822
Alternative Uses
Best Use
Office B
$466.5K
$408.2K – $544.2K
NOI $32,654 @ 7.0% cap · market cap 4.09%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$7.23M
$6.33M – $8.44M
NOI $506,154 @ 7.0% cap · market cap 63.35%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Office units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
548
Businesses Nearby
Explore this area
Business Placement
Demographics for 22066, VA
18,165
Population
5,852
Households
3.1
Avg Household Size
45
Median Age
85%
College-Educated
99%
High-School Grad
25.6 sq mi
ZIP Area
710
Density / Sq Mi
$250,001
Median Household Income
$123,162
Median Earnings
$3,501
Median Rent
$1,240,100
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 - Upper-level commercial condominium space supports office and retail uses with flexible interior configurations.
Where is this office units located?
The property is located at 731 WALKER Road Great Falls, VA.
What is the asking price?
The asking price for this property is $799,000.
What are key features of this property?
This property features: Two contiguous upper‑level office condominium units totaling 1725+ SF; Unit A‑2 includes an open area and restroom; Unit B‑2 has an administrative area and two private offices; Zoned for office and retail uses
