Renovated Downtown Office
For Sale
$575,000
822 Lafayette Boulevard, Fredericksburg, VA 22401
Completely renovated three-level building with dual HVAC, two full bathrooms, and rear off-street parking.
Property Size2,000 SF
Price / SF$287.50
Days on Market92
Property Features for 822 Lafayette Boulevard
General Information
Standard status
Active
Size
2,000 SF
Total Parking Spaces
5
Property subtype
Office
Zoning
CT
Taxes and HOA fees
Annual Taxes
$2,443
Amenities
Central Air
3
Vinyl
CT
Parking.
Driveway, Lot.
Paved Road.
Building Details
Year Built
1929
Stories
3
Listing Agency:
Town & Country Elite Realty, LLC.
(540) 845-7247
Listed By:
Betty Westerlund
(540) 845-7247
Source:
Xome
Added: May 25
Changed: Aug 24
Last Checked: Aug 23 at 5:54AM
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 Town & Country Elite Realty, LLC.
Investment Insights
Based on property information with market context.
Welcome to 822 Lafayette Blvd in downtown Fredericksburg, Virginia. This fully renovated property includes three levels, with an unfinished basement, and features two full bathrooms. Updates include a new roof, new doors, new windows, new flooring, a new dual HVAC system, a new hot water tank, a new kitchen, and additional improvements.
The property is zoned CT and can be used for office space, light retail, or other low-intensity business uses. A paved driveway leads to a large rear parking lot that can accommodate up to five cars.
Previously utilized as a law firm, the building offers flexible space for businesses seeking a renovated downtown location with dedicated on-site parking.
The property is zoned CT and can be used for office space, light retail, or other low-intensity business uses. A paved driveway leads to a large rear parking lot that can accommodate up to five cars.
Previously utilized as a law firm, the building offers flexible space for businesses seeking a renovated downtown location with dedicated on-site parking.
Key Highlights
- Completely renovated 3‑level building (basement unfinished) built in 1929
- Zoned CT for office space, light retail, or other low‑intensity business use
- Dual HVAC system plus new hot water tank
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
$37,060
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
6.45%
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%
$741,200
$741.2K
Cap Rate 7%
$529,429
$529.4K
Cap Rate 9%
$411,778
$411.8K
Market Conditions
NOI Build-Up for 2,000 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
$54.5K $27.24/SF
− Vacancy
−$5.1K −$2.53/SF
EGI
$49.4K $24.71/SF
− OpEx
−$12.4K −$6.18/SF
NOI
$37.1K $18.53/SF
Area
Spotsylvania County, VA
Vacancy
9.30%
Lease Rate
$27.24 /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%
$741,200
Cap Rate 7%
$529,429
Cap Rate 9%
$411,778
Alternative Uses
Best Use
Office B
$529.4K
$463.3K – $617.7K
NOI $37,060 @ 7.0% cap · market cap 6.45%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$626.9K
$548.6K – $731.4K
NOI $43,884 @ 7.0% cap · market cap 7.63%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,621
Businesses Nearby
Explore this area
Business Placement
Demographics for 22401, VA
27,799
Population
12,270
Households
2.3
Avg Household Size
32
Median Age
47%
College-Educated
93%
High-School Grad
10.4 sq mi
ZIP Area
2,673
Density / Sq Mi
$85,432
Median Household Income
$46,891
Median Earnings
$1,518
Median Rent
$461,600
Median Home Value
Market
Vacancy Rate% for Office in Fredericksburg, VA
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Office building - Completely renovated three-level building with dual HVAC, two full bathrooms, and rear off-street parking.
Where is this office building located?
The property is located at 822 Lafayette Boulevard Fredericksburg, VA.
What is the asking price?
The asking price for this property is $575,000.
What are key features of this property?
This property features: Completely renovated 3‑level building (basement unfinished) built in 1929; Zoned CT for office space, light retail, or other low‑intensity business use; Dual HVAC system plus new hot water tank
