Leased First-Floor Medical Office
For Sale
$2,700,000
9420 Forestwood Ln. First Floor, Manassas, VA 20110
NNN-leased first-floor office condos with a long-tenured dialysis operator and remaining renewal options through 2030 and beyond.
Property Size9,981 SF
Price / SF$270.51
Days on Market48
Property Features for 9420 Forestwood Ln. First Floor
General Information
Standard status
Active
Size
9,981 SF
Class
B
Property subtype
Office
Occupancy
100%
Net Operating Income
$144,924
Additional Details
Cap Rate
5.37%
Office Units
4
Building Details
Building Size
9,981 SF
Tenancy
Single
Listing Agency:
Weber Rector Commercial Real Estate Services, Inc.
(703) 863-1895
Listed By:
Brian Snook
(703) 863-1895
Source:
Weberrector
Added: Jun 25
Changed: Aug 10
Last Checked: Aug 11 at 5:32AM
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 Commercial Real Estate Services, Inc.
Investment Insights
Based on property information with market context.
The property consists of four first-floor office condo suites totaling 9,981 SF, calculated as full-floor space minus a common area lobby. The space is leased to DaVita Dialysis on an NNN basis. According to the lease history provided, the tenant has occupied the property since 2015 and recently exercised the first of three 5-year renewal options, extending the lease through 5/31/2030. If all remaining options are exercised, the lease term extends through 5/31/2040.
The building is located at 9420 Forestwood Ln., First Floor, in Manassas, VA. The current monthly rent is $12,077.01, reflecting a 10% escalation per the lease terms. Annual net operating income is reported as $144,924.
For buyers seeking a healthcare-focused, stabilized investment with a long-term tenant, the asset offers a structured lease timeline tied to multiple renewal options. For operators and brokers, the configuration as first-floor office space leased specifically to a dialysis provider may also support tenant-aligned use considerations within the medical office segment. Prospective buyers should review the lease terms and NNN structure as part of underwriting the reported income figures.
The building is located at 9420 Forestwood Ln., First Floor, in Manassas, VA. The current monthly rent is $12,077.01, reflecting a 10% escalation per the lease terms. Annual net operating income is reported as $144,924.
For buyers seeking a healthcare-focused, stabilized investment with a long-term tenant, the asset offers a structured lease timeline tied to multiple renewal options. For operators and brokers, the configuration as first-floor office space leased specifically to a dialysis provider may also support tenant-aligned use considerations within the medical office segment. Prospective buyers should review the lease terms and NNN structure as part of underwriting the reported income figures.
Key Highlights
- Four first‑floor office condos totaling 9,981 SF (full floor minus common area lobby) leased on an NNN basis
- DaVita Dialysis tenant has occupied since 2015 and renewed, exercising the first 5‑year option to extend through 5/31/2030
- Lease has two additional 5‑year renewal options; if exercised, lease runs through 5/31/2040
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
$156,558
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
5.80%
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%
$3,131,160
$3.1M
Cap Rate 7%
$2,236,543
$2.2M
Cap Rate 9%
$1,739,533
$1.7M
Market Conditions
NOI Build-Up for 9,981 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
$279.1K $27.96/SF
− Vacancy
−$18.1K −$1.82/SF
EGI
$260.9K $26.14/SF
− OpEx
−$104.4K −$10.46/SF
NOI
$156.6K $15.69/SF
Area
Manassas Park County, VA
Vacancy
6.50%
Lease Rate
$27.96 /SF/Yr
Expense Ratio
40.00%
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%
$3,131,160
Cap Rate 7%
$2,236,543
Cap Rate 9%
$1,739,533
Alternative Uses
Best Use
Healthcare Medical
$2.24M
$1.96M – $2.61M
NOI $156,558 @ 7.0% cap · market cap 5.80%
Second Best
Office B
$1.91M
$1.67M – $2.23M
NOI $133,639 @ 7.0% cap · market cap 4.95%
Theoretical Best
Specialty Retail
$5.54M
$4.85M – $6.47M
NOI $388,061 @ 7.0% cap · market cap 14.37%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
4
Office units
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,687
Businesses Nearby
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 Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Office units - NNN-leased first-floor office condos with a long-tenured dialysis operator and remaining renewal options through 2030 and beyond.
Where is this office units located?
The property is located at 9420 Forestwood Ln. First Floor Manassas, VA.
What is the asking price?
The asking price for this property is $2,700,000.
What are key features of this property?
This property features: Four first‑floor office condos totaling 9,981 SF (full floor minus common area lobby) leased on an NNN basis; DaVita Dialysis tenant has occupied since 2015 and renewed, exercising the first 5‑year option to extend through 5/31/2030; Lease has two additional 5‑year renewal options; if exercised, lease runs through 5/31/2040
