Judicial Center Office
10505 Judicial Dr, Fairfax, VA 22030
34,356 SF office building for sale in Fairfax, Virginia.
Type:Office
Property size:
34,356 SFLot size:
0.98 AcresPrice / SF:
$241/SF- Added:
- Nov 28, 2023
- Days on Market:
- 952
- Last Refresh:
- Jul 2 at 8:54 am
Property Features for 10505 Judicial Dr
General Information
- Standard status
- Active
- Size
- 34,356 SF
- Lot size
- 0.98 Acres
- Property subtype
- Office
Building Details
- Year Built
- 1980
Listing office Legat Commercial Real Estate LLC
Listing date Nov 28, 2023
Source Crexi
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 Legat Commercial Real Estate LLC
HighLights
- Value‑add opportunity: 34,356 SF office building substantially below replacement cost.
- Strong in‑place yield with upside potential.
- Currently 85% leased with an average lease term of 4.5 years and an average in‑place rent of $26 PSF, providing secure cash flow.
- Strategic location in the geographic center of Fairfax County, near I‑66 and Route 50, and adjacent to the Fairfax County Courthouse.
- Limited future capital needs due to proactive maintenance and near turn‑key condition of vacant suites.
- Opportunity for an owner‑user to offset occupancy costs with existing tenancy.
Overview
The Judicial Center Office Building, situated on 0.98 acres of land at 10505 Judicial Drive in Fairfax, Virginia, is available for sale. This 34,356 square foot office building is currently 85% leased to 10 tenants, with an average lease term of 4.5 years and an average in-place rent of $26 per square foot. The property offers a value-add opportunity, trading substantially below replacement cost, and provides a strong in-place yield with potential upside. An owner-user can leverage the existing tenancy to offset occupancy costs, with additional upside possible through leasing vacant suites and future rent growth. The building benefits from a history of proactive maintenance, with most vacant suites in near turn-key condition, limiting future capital needs. Located in the geographic center of Fairfax County, Virginia, near the intersection of I-66 and Route 50, the property is adjacent to the Fairfax County Courthouse and close to the Fairfax County Governmental Center, George Mason University, and Fairfax City Hall. It is also near the 1,565,000 square foot Fair Oaks Regional Mall and Inova Fair Oaks Hospital, within a mature 14 million square foot office submarket comprising Fairfax Center, Oakton, and Fairfax City. This property presents an opportunity to invest in a stable, cash-flowing, readily financeable asset below replacement value, positioned to benefit from rising rents in the tightening Northern Virginia office market during economic recovery.
Local Financial Insights For Office B
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $1.01M | $29.52 |
| − Vacancy | −$147.1k | −$4.28 |
| EGI | $867.1k | $25.24 |
| − OpEx | −$216.8k | −$6.31 |
| NOI | $650.3k | $18.93 |
34,356 SF · lease $29.52/SF/yr · vacancy 14.50% · expense 25.00%
Alternative Uses
Best Use
Office B
$9.29M
$8.13M – $10.84M
NOI $650,349 @ 7.0% cap · market cap 7.84%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$144.01M
$126.01M – $168.01M
NOI $10,080,823 @ 7.0% cap · market cap 121.46%
Zoning and permitted uses should be independently verified with local authorities.
Property Profile
Location Intelligence
Current Use by Public Records
Karin Riley Porter ...
Law Firm
Trusts and Estates Attorney ...
Law Firm
Pervaiz & Harley PLLC
Law Firm
Hart & Horan PC
Law Firm
Price Benowitz LLP
Law Firm
Location Insight
- Map
- Local Demand
- City
- Fairfax
- County
- Fairfax
- State
- Virginia
- Longitude
- -77.3098411
- Latitude
- 38.8427265
Nearby Similar for Sale
FAQs
What type of property is this?
Office building - 34,356 SF office building for sale in Fairfax, Virginia.
Where is this office building located?
The property is located at 10505 Judicial Dr Fairfax, VA.
What is the asking price?
The asking price for this property is $8,300,000.
What are key features of this property?
This property features: Value‑add opportunity: 34,356 SF office building substantially below replacement cost.; Strong in‑place yield with upside potential.; Currently 85% leased with an average lease term of 4.5 years and an average in‑place rent of $26 PSF, providing secure cash flow.
