First Floor Office
For Sale
Contact for pricing
45 N Hill Dr, Warrenton, VA 20186
5,523 SF office condo available for sale.
Property Size5,523 SF
Lot Size0.14 Acres
Price / SF$294.22
Days on Market1044
Property Features for 45 N Hill Dr
General Information
Standard status
Active
Size
5,523 SF
Class
A
Lot size
0.14 Acres
Property subtype
Office
Zoning
CL/RO
Building Details
Buildings
1
Stories
1
Units
1
Listing Agency:
NAI KLNB (Tysons, VA)
(540) 346-2610
Listed By:
Dallon L. Cheney · License #VA
Source:
Crexi
Added: Oct 24, 2023
Changed: Aug 24
Last Checked: Aug 31 at 8:04PM
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 NAI KLNB (Tysons, VA)
Investment Insights
Based on property information with market context.
The property is a 5,523 square foot office condo, identified as Suite 100, encompassing the entire first floor of a building located at 45 North Hill Drive, Warrenton, VA 20186. The overall office building has a total area of 10,946 square feet and is situated on a 0.14-acre lot, equivalent to 6,055 square feet. The second floor of the building, designated as Suite 202 with an area of 5,423 square feet, is not included in this offering and is occupied by Virginia Retina Center. Existing furniture can be included or removed.
Key Highlights
- Entire 1st floor office condo offering 5,523 SF
- Prime location: 45 North Hill Drive, Warrenton, VA 20186
- Option to include or remove existing furniture
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
$73,949
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
4.55%
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%
$1,478,980
$1.5M
Cap Rate 7%
$1,056,414
$1.1M
Cap Rate 9%
$821,656
$821.7K
Market Conditions
NOI Build-Up for 5,523 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
$115.3K $20.88/SF
− Vacancy
−$16.7K −$3.03/SF
EGI
$98.6K $17.85/SF
− OpEx
−$24.6K −$4.46/SF
NOI
$73.9K $13.39/SF
Area
Fauquier County, 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%
$1,478,980
Cap Rate 7%
$1,056,414
Cap Rate 9%
$821,656
Alternative Uses
Best Use
Office B
$1.06M
$924.4K – $1.23M
NOI $73,949 @ 7.0% cap · market cap 4.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$3.07M
$2.68M – $3.58M
NOI $214,734 @ 7.0% cap · market cap 13.21%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
922
Businesses Nearby
Explore this area
Business Placement
Demographics for 20186, VA
15,171
Population
6,114
Households
2.5
Avg Household Size
43
Median Age
44%
College-Educated
93%
High-School Grad
58.7 sq mi
ZIP Area
258
Density / Sq Mi
$100,813
Median Household Income
$50,533
Median Earnings
$1,541
Median Rent
$485,000
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 - 5,523 SF office condo available for sale.
Where is this office units located?
The property is located at 45 N Hill Dr Warrenton, VA.
What is the asking price?
The asking price for this property is $1,625,000.
What are key features of this property?
This property features: Entire 1st floor office condo offering 5,523 SF; Prime location: 45 North Hill Drive, Warrenton, VA 20186; Option to include or remove existing furniture
