Add Listing
    For Lease
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings

    115 Union St Alexandria, VA 22314

    View on Map
    Loading data...
    Loading data...
    Loading data...
    For Lease
    Contact for pricing

    Prime Alexandria location, two restaurant spaces available.

    Lot size:
    5,263 SF

    Property Features for 115 Union St

    General Information

    Property type
    Retail properties & Spaces
    Lease Type
    Gross Lease
    RSF (Rentable sq. ft)
    5,263 SF

    Spaces For Lease

    at 115 Union St, Alexandria, VA 22314 Contact us

    We can help!

    Listing Contact
    Dimitri Georgelakos
    Dimitri Georgelakos

    Listing Agency: KLNB - Tysons Listing Agent: Dimitri Georgelakos

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    This exceptional opportunity presents two distinct restaurant spaces for lease at 115 South Union Street in the vibrant Alexandria submarket. The property offers a flexible layout with two available units, providing options for businesses of varying sizes and needs. One space encompasses 1,542 square feet on the ground floor, featuring an operable storefront for optimal street visibility and customer access. This unit is ideal for a restaurant seeking high foot traffic and immediate customer engagement. The second space, significantly larger at 3,721 square feet, is located on the second floor and boasts a substantial outdoor patio—a rare and highly desirable amenity for restaurants in this area. This expansive space provides ample room for a larger operation, potentially including a dining area, kitchen, and bar, all complemented by the inviting outdoor patio. Both spaces benefit from convenient on-site parking, a significant advantage for both staff and patrons. The property's new demising plan allows for customization and flexibility to suit the specific requirements of prospective tenants. This prime location in Alexandria offers excellent visibility and accessibility, making it an ideal setting for a thriving restaurant business. The combination of size options, outdoor space, and convenient parking makes this a truly unique and attractive opportunity.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Allstate Insurance: Muhsen ... Insurance Agency Oxford Finance LLC Bank Newco Management Business Management Consultant Pitango Gelato & Coffee, ... Bakery Museum Framing (Bike/Boat/Book/etc) Store

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Fairfax
    State
    Virginia
    Longitude
    -77.040563144059
    Latitude
    38.80388455156

    Nearby Similar for Lease

    • $3,285 /Mo
      48,787 SF

      ALEXANDRIA, VA Retail Space

      Ground floor space suitable for retail or service-oriented tenants.
      1900 Elkin St, Alexandria, VA 22308
      View Details
    • $1,300 /Mo

      Move-in Ready Alexandria Office Condo

      Updated office condo with easy access and included utilities.
      4810 Beauregard St, Alexandria, VA 22312
      View Details
    • $700 /Mo

      Turnkey Office Space in Alexandria

      Private office in Alexandria with shared professional suite amenities.
      2121 Eisenhower Ave, Alexandria, VA 22314
      View Details
    • $2,400 /Mo

      ALEXANDRIA Retail Space For Rent

      Prime commercial condo, currently a nail salon and massage therapy business.
      1701 Belle View Blvd, Alexandria, VA 22307
      View Details
    • $1,500 /Mo
      1,307 SF

      Furnished Office Suite in Alexandria

      Move-in ready office suite in Old Town Alexandria.
      225 N Washington St Unit, Alexandria, VA 22314
      View Details
    • $3,500 /Mo
      1,307 SF

      Furnished Office Suite in Alexandria

      Move-in ready office suite with elevator access in Old Town.
      225 N Washington St Unit, Alexandria, VA 22314
      View Details
    • $600 /Mo

      Shared Office Space Available

      Shared office space with utilities included in Alexandria, Virginia.
      801 N Pitt St, Alexandria, VA 22314
      View Details
    • $5 SF/Yr

      2121 Eisenhower Ave

      LRB Business Centers
      2121 Eisenhower Ave, Alexandria, VA 22314
      View Details
    • $550 /Mo
      43,996 SF

      Office and Retail Space Available

      Office and retail spaces for lease in Alexandria, Virginia.
      5100 Leesburg Pike, Alexandria, VA 22302
      View Details
    • $3,500 /Mo

      Furnished Office Suite in Alexandria

      Move-in ready office suite in Old Town Alexandria.
      225 N Washington St, Alexandria, VA 22314
      View Details
    • $1,923 /Mo

      Office Space For Lease

      Office space available for lease in Alexandria, Virginia.
      5122 Leesburg Pike, Alexandria, VA 22302
      View Details
    • Contact for pricing

      Spaces Duke Street

      Workspaces, services and support to help you grow your business in Spaces Duke Street
      2000 Duke St, Alexandria, VA 22314
      View Details

    FAQs

    What type of property is this?
    Retail property - Prime Alexandria location, two restaurant spaces available.
    Where is this retail property located?
    The property is located at 115 Union St Alexandria, VA.
    What are key features of this property?
    This property features: Restaurant space for lease in Alexandria.; Two available spaces totaling 1,542 sq. ft. and 3,721 sq. ft.; Ground floor space features 1,542 sq. ft. with operable storefront.
    (703) 268-2710 Call to check price and availability
    Request Owner's contact information
    115 Union St Alexandria, VA 22314
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    115 Union St
    Alexandria, VA 22314
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    115 Union St Alexandria, VA 22314
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing Dimitri Georgelakos
    Dimitri Georgelakos
    (703) 268-2710 (703) 268-2727
    Learn more
    Google sign-in failed. Please try again or use another login method.
    Sign Up Successful!
    You now have access to more from Realmo!