Office Condominium Units at Business
For Sale
$1,299,000
731 WALKER Road, Great Falls, VA 22066
Commercial Sale, GREAT FALLS, VA
Property Size2,600 SF
Price / SF$499.62
Days on Market57
Property Features for 731 WALKER Road
General Information
Property type
Other
Property subtype
Office
Parking
12
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
10397
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: Jun 28
Changed: Aug 19
Last Checked: Aug 23 at 2:06AM
MLS# VAFX2324202
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 for-sale office condominium property is located within the Great Falls Business Center and totals three individual office condominium units, providing flexibility for both investors and owner-occupants. Unit A-1 is currently leased and includes a private entrance with double doors, a reception/open area, two private offices, a restroom, and interior access to adjoining upper-level units. Units A-2 and B-2 are contiguous upper-level spaces connected internally; Unit A-2 is an end unit with a spacious open area and a restroom, suited to a range of office and meeting configurations. Adjacent Unit B-2 is currently leased and includes an administrative/work area and two private offices.
The property is prominently positioned near the intersection of Georgetown Pike and Walker Road, with illuminated building signage above the entrances. The Great Falls Business Center includes 16 individually owned commercial condominium units occupied by a mix of professional and retail businesses, with professionally managed common areas maintained by the condominium association.
Zoned for both office and retail uses, the asset supports a broad range of business activities and can be structured for multi-tenant operation or consolidated as a larger owner-user footprint. With existing leased tenancy in two of the units, this is a practical option for buyers seeking a managed condominium setting in Great Falls, VA.
The property is prominently positioned near the intersection of Georgetown Pike and Walker Road, with illuminated building signage above the entrances. The Great Falls Business Center includes 16 individually owned commercial condominium units occupied by a mix of professional and retail businesses, with professionally managed common areas maintained by the condominium association.
Zoned for both office and retail uses, the asset supports a broad range of business activities and can be structured for multi-tenant operation or consolidated as a larger owner-user footprint. With existing leased tenancy in two of the units, this is a practical option for buyers seeking a managed condominium setting in Great Falls, VA.
Key Highlights
- 2600 SF commercial property in Great Falls Business Center with three individual office condominium units
- Brick construction with central heating and central air
- Units A‑2 and B‑2 are contiguous upper‑level units connected internally; end unit A‑2 includes an open area and a restroom
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
$49,217
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
3.79%
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%
$984,340
$984.3K
Cap Rate 7%
$703,100
$703.1K
Cap Rate 9%
$546,856
$546.9K
Market Conditions
NOI Build-Up for 2,600 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
$76.8K $29.52/SF
− Vacancy
−$11.1K −$4.28/SF
EGI
$65.6K $25.24/SF
− OpEx
−$16.4K −$6.31/SF
NOI
$49.2K $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%
$984,340
Cap Rate 7%
$703,100
Cap Rate 9%
$546,856
Alternative Uses
Best Use
Office B
$703.1K
$615.2K – $820.3K
NOI $49,217 @ 7.0% cap · market cap 3.79%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$10.90M
$9.54M – $12.71M
NOI $762,899 @ 7.0% cap · market cap 58.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Office units
Multi-tenant
Tenancy
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
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 - Three office condo units in a professionally managed business center, offering flexible configurations for tenants or owner-users.
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 $1,299,000.
What are key features of this property?
This property features: 2600 SF commercial property in Great Falls Business Center with three individual office condominium units; Brick construction with central heating and central air; Units A‑2 and B‑2 are contiguous upper‑level units connected internally; end unit A‑2 includes an open area and a restroom
