Office Condo Suite with
For Sale
$300,000
8407e-8407 Richmond Hwy, Alexandria, VA 22309
Office suite with reception, five offices, and a bathroom in a condominium office park on the Richmond Highway corridor.
Property Size1,152 SF
Price / SF$260.42
Days on Market59
Property Features for 8407e-8407 Richmond Hwy
General Information
Standard status
Active
Size
1,152 SF
Zoning
C-5
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$3,387
Building Details
Year Built
1985
Listing Agency:
CENTURY 21 New Millennium
(703) 556-4222
Listed By:
Stephanie A Young · License #0225212438
(571) 223-9775
Source:
Exprealty
Added: Jul 9
Changed: Aug 28
Last Checked: Sep 5 at 12:55PM
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.
Commercial office condominium suite for sale in Potomac Square, a condominium office park along the Richmond Highway (Route 1) corridor in the Mount Vernon area of Alexandria. Suite E is approximately 1,152 square feet and is currently used as office space for a non-profit organization. The suite includes a welcome/reception area, three private offices (one with a front-facing window), a break area with ceramic tile flooring, a bathroom, a copy machine area, and two additional private offices with rear-facing windows, for five offices total.
The property was built in 1985 and is zoned C-5 (Neighborhood Retail Commercial District). The site supports a broad set of by-right neighborhood-serving commercial uses, including professional and business offices, personal service establishments, retail sales, financial institutions, restaurants, medical and repair service establishments, private clubs, and other neighborhood-serving commercial uses. Convenient access is provided to 95, 495, and the Fairfax County Pkwy.
Suite E has an interior opening connecting it to the adjacent Suite D, which can allow the units to be purchased and combined into a larger contiguous suite. The connecting wall can also be reinstalled to operate Suite E as a fully independent, self-contained unit. The building includes a surface parking lot with ample unassigned parking spaces.
The property was built in 1985 and is zoned C-5 (Neighborhood Retail Commercial District). The site supports a broad set of by-right neighborhood-serving commercial uses, including professional and business offices, personal service establishments, retail sales, financial institutions, restaurants, medical and repair service establishments, private clubs, and other neighborhood-serving commercial uses. Convenient access is provided to 95, 495, and the Fairfax County Pkwy.
Suite E has an interior opening connecting it to the adjacent Suite D, which can allow the units to be purchased and combined into a larger contiguous suite. The connecting wall can also be reinstalled to operate Suite E as a fully independent, self-contained unit. The building includes a surface parking lot with ample unassigned parking spaces.
Key Highlights
- Suite E offers 1,152 sq ft of office space in a commercial condominium office park on Richmond Highway (Route 1) corridor in Mount Vernon, Alexandria.
- Includes a welcome/reception area, five offices total, break area with ceramic tile flooring, and a bathroom.
- Interior opening currently connects Suite E to adjacent Suite D, offering the option to combine for a larger contiguous suite.
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 reception, five offices, and a bathroom in a condominium office park on the Richmond Highway corridor.
Where is this office units located?
The property is located at 8407e-8407 Richmond Hwy 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 E offers 1,152 sq ft of office space in a commercial condominium office park on Richmond Highway (Route 1) corridor in Mount Vernon, Alexandria.; Includes a welcome/reception area, five offices total, break area with ceramic tile flooring, and a bathroom.; Interior opening currently connects Suite E to adjacent Suite D, offering the option to combine for a larger contiguous suite.
