Ground-Level Office
For Sale
$349,000
801 N Pitt St Unit 123, Alexandria, VA 22314
Mixed-use building offers conference, office, kitchen, and restroom areas for professional operations.
Property Size1,188 SF
Price / SF$293.77
Days on Market45
Property Features for 801 N Pitt St Unit 123
General Information
Standard status
Active
Size
1,188 SF
Additional Details
Floor
Ground
Building Details
Year Built
1965
Listing Agency:
East Coast Commercial Investment Realty, LLC
(757) 647-2760
Listed By:
George Dungan · License #0225201842
Source:
Selltheshore
Added: Jul 17
Changed: Aug 29
Last Checked: Aug 30 at 8:05PM
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 1,188 SF office unit occupies the ground level of a mixed-use building constructed in 1965. The layout includes two entrance areas, two windowed offices oriented toward the parking lot, a glass-enclosed conference room, a fully equipped kitchen, and a restroom with a shower. One entrance area may also function as an office.
The property is located at 801 N Pitt St Unit 123 in Old Town Alexandria, Virginia. Its existing configuration supports professional office use, with a combination of private rooms, meeting space, kitchen facilities, and dedicated restroom amenities.
The property is located at 801 N Pitt St Unit 123 in Old Town Alexandria, Virginia. Its existing configuration supports professional office use, with a combination of private rooms, meeting space, kitchen facilities, and dedicated restroom amenities.
Key Highlights
- 1,188 SF ground‑level office unit in a mixed‑use building
- Two offices with large windows facing the parking lot
- Glass‑enclosed 14' X 15" conference room
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
$15,906
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
4.56%
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%
$318,120
$318.1K
Cap Rate 7%
$227,229
$227.2K
Cap Rate 9%
$176,733
$176.7K
Market Conditions
NOI Build-Up for 1,188 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
$24.8K $20.88/SF
− Vacancy
−$3.6K −$3.03/SF
EGI
$21.2K $17.85/SF
− OpEx
−$5.3K −$4.46/SF
NOI
$15.9K $13.39/SF
Area
Alexandria, 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%
$318,120
Cap Rate 7%
$227,229
Cap Rate 9%
$176,733
Alternative Uses
Best Use
Office B
$227.2K
$198.8K – $265.1K
NOI $15,906 @ 7.0% cap · market cap 4.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$659.8K
$577.4K – $769.8K
NOI $46,189 @ 7.0% cap · market cap 13.23%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,236
Businesses Nearby
Explore this area
Business Placement
Demographics for 22314, VA
35,784
Population
21,154
Households
1.7
Avg Household Size
39
Median Age
79%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,671
Density / Sq Mi
$144,359
Median Household Income
$98,121
Median Earnings
$2,312
Median Rent
$856,400
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 - Mixed-use building offers conference, office, kitchen, and restroom areas for professional operations.
Where is this office units located?
The property is located at 801 N Pitt St Unit 123 Alexandria, VA.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: 1,188 SF ground‑level office unit in a mixed‑use building; Two offices with large windows facing the parking lot; Glass‑enclosed 14' X 15" conference room
