Judicial Center Office
For Sale
Contact for pricing
10505 Judicial Dr, Fairfax, VA 22030
34,356 SF office building for sale in Fairfax, Virginia.
Property Size34,356 SF
Lot Size0.98 Acres
Price / SF$241.59
Days on Market997
Property Features for 10505 Judicial Dr
General Information
Standard status
Active
Size
34,356 SF
Class
B
Lot size
0.98 Acres
Property subtype
Office
Zoning
CO
Occupancy
85%
Lease Type
Gross
Investment Type
Stabilized
Building Details
Year Built
1980
Year Renovated
2014
Buildings
1
Stories
4
Tenancy
Multi
Listing Agency:
Legat Commercial Real Estate LLC
Listed By:
James Legat · License #VA 0226032111
Source:
Crexi
Added: Nov 28, 2023
Changed: Aug 11
Last Checked: Aug 19 at 6:26AM
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
Investment Insights
Based on property information with market context.
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.
Key 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.
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
$650,349
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
7.84%
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%
$13,006,980
$13.0M
Cap Rate 7%
$9,290,700
$9.3M
Cap Rate 9%
$7,226,100
$7.2M
Market Conditions
NOI Build-Up for 34,356 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
$1.01M $29.52/SF
− Vacancy
−$147.1K −$4.28/SF
EGI
$867.1K $25.24/SF
− OpEx
−$216.8K −$6.31/SF
NOI
$650.3K $18.93/SF
Area
Fairfax County, VA
Vacancy
14.50%
Lease Rate
$29.52 /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%
$13,006,980
Cap Rate 7%
$9,290,700
Cap Rate 9%
$7,226,100
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 authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
3,295
Businesses Nearby
Explore this area
Business Placement
Demographics for 22030, VA
60,431
Population
21,758
Households
2.8
Avg Household Size
34
Median Age
67%
College-Educated
94%
High-School Grad
19.4 sq mi
ZIP Area
3,115
Density / Sq Mi
$139,885
Median Household Income
$61,628
Median Earnings
$2,242
Median Rent
$700,700
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 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.
