Well-Maintained Office in Visible
For Sale
$275,000
823 KING STREET, Leesburg, VA 20175
Office unit in great condition with high visibility.
Property Size850 SF
Price / SF$323.53
Days on Market128
Property Features for 823 KING STREET
General Information
Standard status
Active
Size
850 SF
Property subtype
Office
Taxes and HOA fees
Annual Taxes
$1,985
Amenities
Heat Pump
3
Instant Hot Water
Parking.
Lot.
Building Details
Year Built
1984
Listing Agency:
Keller Williams Realty
(703) 577-5974
Listed By:
William Thomas · License #0225025212
(703) 577-5974
Source:
Xome
Added: Apr 19
Changed: Aug 23
Last Checked: Aug 24 at 4:07AM
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 Keller Williams Realty
Investment Insights
Based on property information with market context.
This office unit is in great condition and benefits from a highly visible location. The condo fee is paid quarterly. A new HVAC system was installed 3 years ago. Access is provided via combo lockbox. Blue Ridge Title and Escrow will handle the closing.
Key Highlights
- Highly Visible Location
- Great Condition
- New HVAC (3 years old)
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
$16,090
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
5.85%
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%
$321,800
$321.8K
Cap Rate 7%
$229,857
$229.9K
Cap Rate 9%
$178,778
$178.8K
Market Conditions
NOI Build-Up for 850 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
$25.1K $29.52/SF
− Vacancy
−$3.6K −$4.28/SF
EGI
$21.5K $25.24/SF
− OpEx
−$5.4K −$6.31/SF
NOI
$16.1K $18.93/SF
Area
Loudoun 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%
$321,800
Cap Rate 7%
$229,857
Cap Rate 9%
$178,778
Alternative Uses
Best Use
Office B
$229.9K
$201.1K – $268.2K
NOI $16,090 @ 7.0% cap · market cap 5.85%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$266.4K
$233.1K – $310.8K
NOI $18,647 @ 7.0% cap · market cap 6.78%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
978
Businesses Nearby
Explore this area
Business Placement
Demographics for 20175, VA
33,245
Population
12,695
Households
2.6
Avg Household Size
38
Median Age
64%
College-Educated
94%
High-School Grad
59.0 sq mi
ZIP Area
563
Density / Sq Mi
$168,035
Median Household Income
$80,588
Median Earnings
$2,039
Median Rent
$717,700
Median Home Value
Market
Vacancy Rate% for Office in South region
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 units - Office unit in great condition with high visibility.
Where is this office units located?
The property is located at 823 KING STREET Leesburg, 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: Highly Visible Location; Great Condition; New HVAC (3 years old)
