Two-Story Office
For Sale
$1,250,000
824 John Marshall Hwy, Front Royal, VA 22630
Two-story office building with 7 small second-floor suites and a first-floor space available for lease.
Property Size8,244 SF
Lot Size0.66 Acres
Price / SF$151.63
Days on Market47
Property Features for 824 John Marshall Hwy
General Information
Standard status
Active
Size
8,244 SF
Lot size
0.66 Acres
Additional Details
Highway Access
Yes
Amenities
generous parking
Building Details
Year Built
1990
Stories
2
Tenancy
Multi
Listing Agency:
Oakcrest Commercial Real Estate
Listed By:
Suzanne H Conrad · License #0225185925
(540) 667-2424
Source:
Kandorre
Added: Jul 21
Changed: Sep 5
Last Checked: Sep 5 at 11:00AM
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 Oakcrest Commercial Real Estate
Investment Insights
Based on property information with market context.
This two-story office building totals 8,244 SF on 0.66 acres and is described as being in excellent condition. The first floor includes approximately 4,000 SF available for lease. The second floor contains 7 small suites, with 6 currently leased.
The property is located at the intersection of Commerce and John Marshall Highway in Front Royal, VA. Parking is available in both the front and rear of the building.
The configuration supports both owner-user use and investment, with established occupancy on the upper level and a leasing opportunity on the main level.
The property is located at the intersection of Commerce and John Marshall Highway in Front Royal, VA. Parking is available in both the front and rear of the building.
The configuration supports both owner-user use and investment, with established occupancy on the upper level and a leasing opportunity on the main level.
Key Highlights
- Two‑story office building built in 1990 with 8,244 SF on 0.66 acres
- Intersection location at Commerce and John Marshall Highway
- First floor offers approximately 4,000 SF available for lease
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
$110,381
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
8.83%
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%
$2,207,620
$2.2M
Cap Rate 7%
$1,576,871
$1.6M
Cap Rate 9%
$1,226,456
$1.2M
Market Conditions
NOI Build-Up for 8,244 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
$172.1K $20.88/SF
− Vacancy
−$25.0K −$3.03/SF
EGI
$147.2K $17.85/SF
− OpEx
−$36.8K −$4.46/SF
NOI
$110.4K $13.39/SF
Area
Warren 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%
$2,207,620
Cap Rate 7%
$1,576,871
Cap Rate 9%
$1,226,456
Alternative Uses
Best Use
Office B
$1.58M
$1.38M – $1.84M
NOI $110,381 @ 7.0% cap · market cap 8.83%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$4.58M
$4.01M – $5.34M
NOI $320,527 @ 7.0% cap · market cap 25.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
781
Businesses Nearby
Explore this area
Business Placement
Demographics for 22630, VA
33,829
Population
14,465
Households
2.3
Avg Household Size
42
Median Age
26%
College-Educated
89%
High-School Grad
121.9 sq mi
ZIP Area
278
Density / Sq Mi
$84,513
Median Household Income
$44,771
Median Earnings
$1,183
Median Rent
$329,500
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 building - Two-story office building with 7 small second-floor suites and a first-floor space available for lease.
Where is this office building located?
The property is located at 824 John Marshall Hwy Front Royal, VA.
What is the asking price?
The asking price for this property is $1,250,000.
What are key features of this property?
This property features: Two‑story office building built in 1990 with 8,244 SF on 0.66 acres; Intersection location at Commerce and John Marshall Highway; First floor offers approximately 4,000 SF available for lease
