Move-in Ready Office
For Sale
Contact for pricing
77 W Lee St. #102, Warrenton, VA 20186
Ground floor office condo in Old Town Warrenton.
Property Size960 SF
Price / SF$286.46
Days on Market95
Property Features for 77 W Lee St. #102
General Information
Standard status
Active
Size
960 SF
Property subtype
Retail, Office
Zoning
C-2
Investment Type
Owner/User
Building Details
Year Built
1985
Year Renovated
2015
Units
60
Listing Agency:
CRES Inc.
(540) 347-2610
Listed By:
Bill Chipman · License #0225036548
Source:
Crexi
Added: May 7
Changed: Aug 8
Last Checked: May 8 at 7:59AM
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 CRES Inc.
Investment Insights
Based on property information with market context.
This move-in ready ground floor office condo is located in the heart of Old Town Warrenton. The 960 square foot unit is currently built out as a pharmacy. The layout includes 2 private offices, an open floor plan, two storage closets, a kitchen, and a full bathroom. The flexible layout suits a wide range of professional or medical/retail uses. This property presents an opportunity for owner-occupants or investors seeking an established presence in Fauquier County's walkable commercial district.
Key Highlights
- Move‑in ready ground floor office condo in Old Town Warrenton.
- Flexible layout suitable for professional, medical, or retail uses.
- Low monthly condo fees resulting in below‑market occupancy costs.
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
$12,854
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
4.67%
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%
$257,080
$257.1K
Cap Rate 7%
$183,629
$183.6K
Cap Rate 9%
$142,822
$142.8K
Market Conditions
NOI Build-Up for 960 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
$20.0K $20.88/SF
− Vacancy
−$2.9K −$3.03/SF
EGI
$17.1K $17.85/SF
− OpEx
−$4.3K −$4.46/SF
NOI
$12.9K $13.39/SF
Area
Fauquier County, VA
Vacancy
14.50%
Lease Rate
$20.88 /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%
$257,080
Cap Rate 7%
$183,629
Cap Rate 9%
$142,822
Alternative Uses
Best Use
Specialty Retail
$533.2K
$466.6K – $622.1K
NOI $37,325 @ 7.0% cap · market cap 13.57%
Second Best
Retail
$458.8K
$401.4K – $535.2K
NOI $32,114 @ 7.0% cap · market cap 11.68%
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
1,447
Businesses Nearby
Explore this area
Business Placement
Demographics for 20186, VA
15,171
Population
6,114
Households
2.5
Avg Household Size
43
Median Age
44%
College-Educated
93%
High-School Grad
58.7 sq mi
ZIP Area
258
Density / Sq Mi
$100,813
Median Household Income
$50,533
Median Earnings
$1,541
Median Rent
$485,000
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 - Ground floor office condo in Old Town Warrenton.
Where is this office units located?
The property is located at 77 W Lee St. #102 Warrenton, VA.
What is the asking price?
The asking price for this property is $275,000.
What are key features of this property?
This property features: Move‑in ready ground floor office condo in Old Town Warrenton.; Flexible layout suitable for professional, medical, or retail uses.; Low monthly condo fees resulting in below‑market occupancy costs.
