Mixed-Use Restaurant and
For Sale
$4,000,000
9108 CENTER STREET, Manassas, VA 20110
Corner property includes a built-out ground-floor restaurant, three upstairs apartments, and additional storage space.
Property Size11,108 SF
Price / SF$360.10
Days on Market41
Property Features for 9108 CENTER STREET
General Information
Standard status
Active
Size
11,108 SF
Property subtype
MixedUse
Additional Details
Opportunity Zone
Yes
Highway Access
Yes
Multifamily Units
3
Taxes and HOA fees
Annual Taxes
$26,697
Building Details
Building Size
11,108 SF
Year Built
1910
Listing Agency:
Weber Rector Commerical Real Estate Services, Inc.
(703) 330-1224
Listed By:
Coleman G Rector · License #0225183392
(703) 330-1224
Source:
Kerishull
Added: Jul 14
Changed: Aug 23
Last Checked: Aug 22 at 10:18AM
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 Weber Rector Commerical Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
This mixed-use property includes an approximately 11,108 SF building with a fully built-out restaurant on the ground floor, three apartments on the second floor, and additional storage space totaling approximately 2,260 SF. The restaurant level features multiple dining areas, a bar, and a commercial kitchen. The second-floor apartments provide residential income, while the unfinished storage area includes concept plans for conversion to additional apartments.
Situated in the historic Old Town district of Manassas, the property is positioned for visibility as a prominent corner within a walkable downtown environment. The surrounding area is described as anchored by retail, restaurants, local government offices, and the Prince William County Courthouse, with proximity to the VRE station and access to Rt. 28, Rt. 234, and I-66.
Offered for sale as an owner-user and repositioning opportunity, the current restaurant operation is expected to conclude with the sale. Ownership may consider securing a long-term tenant to support income-producing use. The property is also located within a Qualified Opportunity Zone (Census Tract 9102.01).
Situated in the historic Old Town district of Manassas, the property is positioned for visibility as a prominent corner within a walkable downtown environment. The surrounding area is described as anchored by retail, restaurants, local government offices, and the Prince William County Courthouse, with proximity to the VRE station and access to Rt. 28, Rt. 234, and I-66.
Offered for sale as an owner-user and repositioning opportunity, the current restaurant operation is expected to conclude with the sale. Ownership may consider securing a long-term tenant to support income-producing use. The property is also located within a Qualified Opportunity Zone (Census Tract 9102.01).
Key Highlights
- Mixed‑use corner property with an 11,108 SF building featuring a fully built‑out restaurant on the ground floor.
- Ground‑floor restaurant includes multiple dining areas, bar, and commercial kitchen.
- Upper level has three 2nd floor apartments.
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
$188,975
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
4.72%
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%
$3,779,500
$3.8M
Cap Rate 7%
$2,699,643
$2.7M
Cap Rate 9%
$2,099,722
$2.1M
Market Conditions
NOI Build-Up for 11,108 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
$286.6K $25.80/SF
− Vacancy
−$16.6K −$1.50/SF
EGI
$270.0K $24.30/SF
− OpEx
−$81.0K −$7.29/SF
NOI
$189.0K $17.01/SF
Area
Manassas Park County, VA
Vacancy
5.80%
Lease Rate
$25.80 /SF/Yr
Expense Ratio
30.00%
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%
$3,779,500
Cap Rate 7%
$2,699,643
Cap Rate 9%
$2,099,722
Alternative Uses
Best Use
Specialty Retail
$6.17M
$5.40M – $7.20M
NOI $431,879 @ 7.0% cap · market cap 10.80%
Second Best
Multifamily LT 5
$2.70M
$2.36M – $3.15M
NOI $188,975 @ 7.0% cap · market cap 4.72%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
3
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,486
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 20110, VA
49,120
Population
16,289
Households
3
Avg Household Size
35
Median Age
34%
College-Educated
82%
High-School Grad
12.8 sq mi
ZIP Area
3,838
Density / Sq Mi
$120,397
Median Household Income
$53,126
Median Earnings
$1,863
Median Rent
$445,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Conventional restaurant - Corner property includes a built-out ground-floor restaurant, three upstairs apartments, and additional storage space.
Where is this conventional restaurant located?
The property is located at 9108 CENTER STREET Manassas, VA.
What is the asking price?
The asking price for this property is $4,000,000.
What are key features of this property?
This property features: Mixed‑use corner property with an 11,108 SF building featuring a fully built‑out restaurant on the ground floor.; Ground‑floor restaurant includes multiple dining areas, bar, and commercial kitchen.; Upper level has three 2nd floor apartments.
