Office Condo with Exterior
For Sale
$300,000
8407 RICHMOND HIGHWAY, Alexandria, VA 22309
Office suite with direct exterior entrance, conference room, kitchen/break area, and two private offices, plus surface parking.
Property Size1,152 SF
Price / SF$260.42
Days on Market59
Property Features for 8407 RICHMOND HIGHWAY
General Information
Standard status
Active
Size
1,152 SF
Property subtype
Office
Zoning
C-5
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,387
Amenities
Central Air
3
Ceramic Tile, Carpet
Parking.
Lighted, Unassigned, Lot.
Building Details
Year Built
1985
Listing Agency:
CENTURY 21 New Millennium
(571) 223-9775
Listed By:
Stephanie Young · License #0225212438
(571) 223-9775
Source:
Xome
Added: Jul 5
Changed: Aug 28
Last Checked: Aug 31 at 3:10PM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
Suite D is a commercial office condo within an office condominium park, built in 1985 and currently used as office space. The suite includes a direct exterior entrance into a windowed office that could serve as a welcome or reception area, along with a kitchen/break room with ceramic tile flooring, a conference room, a bathroom, a copy/filing cabinet area, and two generously sized private offices with rear-facing windows.
The property is located in Potomac Square along the Richmond Highway (Route 1) corridor in the Mount Vernon area of Alexandria, with convenient access to 95, 495, and the Fairfax County Pkwy. The building provides a surface parking lot with ample unassigned parking spaces.
Suite D has an interior opening connecting it to the adjacent Suite E, which offers the option to purchase and combine both units into a larger contiguous suite. Alternatively, the connecting wall can be reinstalled to operate Suite D as a fully independent, self-contained unit.
The property is located in Potomac Square along the Richmond Highway (Route 1) corridor in the Mount Vernon area of Alexandria, with convenient access to 95, 495, and the Fairfax County Pkwy. The building provides a surface parking lot with ample unassigned parking spaces.
Suite D has an interior opening connecting it to the adjacent Suite E, which offers the option to purchase and combine both units into a larger contiguous suite. Alternatively, the connecting wall can be reinstalled to operate Suite D as a fully independent, self-contained unit.
Key Highlights
- Suite D includes 1,152 SF of office space currently used for office use
- Direct exterior entrance into a windowed office that could be converted to a welcome/reception area
- Interior layout includes conference room, kitchen/break room, bathroom, and copy/filing cabinet area
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
$15,424
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
5.14%
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%
$308,480
$308.5K
Cap Rate 7%
$220,343
$220.3K
Cap Rate 9%
$171,378
$171.4K
Market Conditions
NOI Build-Up for 1,152 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
$24.1K $20.88/SF
− Vacancy
−$3.5K −$3.03/SF
EGI
$20.6K $17.85/SF
− OpEx
−$5.1K −$4.46/SF
NOI
$15.4K $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%
$308,480
Cap Rate 7%
$220,343
Cap Rate 9%
$171,378
Alternative Uses
Best Use
Office B
$220.3K
$192.8K – $257.1K
NOI $15,424 @ 7.0% cap · market cap 5.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$639.9K
$559.9K – $746.5K
NOI $44,790 @ 7.0% cap · market cap 14.93%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
661
Businesses Nearby
Explore this area
Business Placement
Demographics for 22309, VA
33,773
Population
13,082
Households
2.6
Avg Household Size
38
Median Age
44%
College-Educated
86%
High-School Grad
7.5 sq mi
ZIP Area
4,503
Density / Sq Mi
$101,556
Median Household Income
$47,738
Median Earnings
$1,749
Median Rent
$539,700
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 - Office suite with direct exterior entrance, conference room, kitchen/break area, and two private offices, plus surface parking.
Where is this office units located?
The property is located at 8407 RICHMOND HIGHWAY Alexandria, VA.
What is the asking price?
The asking price for this property is $300,000.
What are key features of this property?
This property features: Suite D includes 1,152 SF of office space currently used for office use; Direct exterior entrance into a windowed office that could be converted to a welcome/reception area; Interior layout includes conference room, kitchen/break room, bathroom, and copy/filing cabinet area
