Second-Generation Restaurant
For Sale
$1,725,000
754 ELDEN STREET, Herndon, VA 20170
Restaurant condo on Elden Street with existing improvements for a streamlined path to occupancy.
Property Size2,866 SF
Price / SF$601.88
Days on Market87
Property Features for 754 ELDEN STREET
General Information
Standard status
Active
Size
2,866 SF
Property subtype
Retail
Taxes and HOA fees
Annual Taxes
$10,464
Building Details
Building Size
2,866 SF
Year Built
2006
Listing Agency:
Divaris Real Estate, Inc
(703) 946-6003
Listed By:
Shadi Ayyoubi · License #0225242598
(703) 946-6003
Source:
Kerishull
Added: Jun 1
Changed: Aug 25
Last Checked: Aug 25 at 11:49AM
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 Divaris Real Estate, Inc
Investment Insights
Based on property information with market context.
This property is a second-generation restaurant condo with existing restaurant improvements in place, supporting a more streamlined transition to occupancy. It is configured as a dedicated restaurant space within a condominium format, offering turn-key elements specifically suited for restaurant use.
Located on prominent Elden Street in Downtown Herndon, the space is positioned to capture walk-in demand associated with the area’s retail and dining core. The property is described as benefiting from strong foot traffic and excellent visibility on the street.
For owner-users, the existing restaurant improvements can help reduce start-up time compared to a raw shell, while the condo configuration may appeal to investors seeking a restaurant-ready setup in a tightly held downtown submarket. As presented, the space is best suited for a restaurant operator looking for a ready-to-operate environment with downtown exposure.
Located on prominent Elden Street in Downtown Herndon, the space is positioned to capture walk-in demand associated with the area’s retail and dining core. The property is described as benefiting from strong foot traffic and excellent visibility on the street.
For owner-users, the existing restaurant improvements can help reduce start-up time compared to a raw shell, while the condo configuration may appeal to investors seeking a restaurant-ready setup in a tightly held downtown submarket. As presented, the space is best suited for a restaurant operator looking for a ready-to-operate environment with downtown exposure.
Key Highlights
- Second‑generation restaurant condo available for sale or lease in downtown Herndon
- Located on prominent Elden Street with proximity to Herndon’s core retail and dining district
- Existing restaurant improvements included to support a streamlined path to occupancy
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
$62,873
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
3.64%
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%
$1,257,460
$1.3M
Cap Rate 7%
$898,186
$898.2K
Cap Rate 9%
$698,589
$698.6K
Market Conditions
NOI Build-Up for 2,866 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
$86.0K $30.00/SF
− Vacancy
−$2.1K −$0.75/SF
EGI
$83.8K $29.25/SF
− OpEx
−$21.0K −$7.31/SF
NOI
$62.9K $21.94/SF
Area
Loudoun County, VA
Vacancy
2.50%
Lease Rate
$30.00 /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%
$1,257,460
Cap Rate 7%
$898,186
Cap Rate 9%
$698,589
Alternative Uses
Best Use
Specialty Retail
$898.2K
$785.9K – $1.05M
NOI $62,873 @ 7.0% cap · market cap 3.64%
Second Best
—
—
no second resolved use
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,437
Businesses Nearby
98k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 56%
Dining 27%
Groceries 11%
Home Improvements & Furnishings 4%
Dollar Tree
Shops & Services
21,463 visits/mo
0.2 miles
7-Eleven
Shops & Services
10,960 visits/mo
0.2 miles
Sprouts Farmers Market
Groceries
10,408 visits/mo
0.5 miles
IHOP
Dining
9,943 visits/mo
0.5 miles
Pollo Campero
Dining
7,771 visits/mo
0.4 miles
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 Retail in South region
Questions? Ask Rey
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Similar Off Market Nearby
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Restaurant condo on Elden Street with existing improvements for a streamlined path to occupancy.
Where is this conventional restaurant located?
The property is located at 754 ELDEN STREET Herndon, VA.
What is the asking price?
The asking price for this property is $1,725,000.
What are key features of this property?
This property features: Second‑generation restaurant condo available for sale or lease in downtown Herndon; Located on prominent Elden Street with proximity to Herndon’s core retail and dining district; Existing restaurant improvements included to support a streamlined path to occupancy
