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    Property profile & analytics

    502 Broad St Falls Church, VA 22046

    • Neighborhood centers
    • 2,961 SF
    For Lease
    View listing
    $42 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • ANDY MOORE / Pediatrician / Physician
    • Hair & Nail Boutique / Nail Salon
    • Main Entry on Lee St. / Condominium Complex
    • Broadway of Falls Church / Condominium Complex
    • Patient First Primary and Urgent Care - Falls Church / Medical Clinic

    Property Details for 502 Broad St

    Property size
    2,961 SF
    Property type
    Neighborhood centers
    Property subtype
    Retail properties & Spaces

    Description

    This exceptional 2,961 square foot medical office space, located at 502 W Broad St in Falls Church, Virginia (zip code 22046), presents a unique investment opportunity. The property, situated within "The Broadway" mixed-use condominium building, boasts excellent visibility on West Broad Street, offering high foot traffic and prominent street presence. Currently, the entire building is vacant and available for lease. The space is configured as two suites

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Falls Church
    County
    Falls Church
    State
    Virginia
    Longitude
    -77.1781
    Latitude
    38.8873

    Comparable in this City

    • Value Estimation by Request

      300 Washington St

      Neighborhood centers
      300 Washington St, Falls Church, VA 22046
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    • Value Estimation by Request
      7,900 SF

      130 Jefferson St

      Restaurants • 7,900 SF
      130 Jefferson St, Falls Church, VA 22046
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    • Value Estimation by Request
      1,040 SF

      511 Broad St

      MEDICAL BUILDING • 1,040 SF
      511 Broad St, Falls Church, VA 22046-3216
      View Details
    • Value Estimation
      $660,000
      20,100 SF

      1055 Broad St

      SHOPPING CENTER, STRIP CENTER • 20,100 SF
      1055 Broad St, Falls Church, VA 22046-4610
      View Details
    • Value Estimation
      $600,000
      290,814 SF

      201 Washington St

      MEDICAL BUILDING • 290,814 SF
      201 Washington St, Falls Church, VA 22046-4518
      View Details
    • Value Estimation by Request
      6,480 SF

      7223 Rte 29

      MEDICAL BUILDING • 6,480 SF
      7223 Rte 29, Falls Church, VA 22046-3746
      View Details

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    Similar Nearby for Lease

    • $42 SF/Yr
      2,961 SF

      Falls Church Medical Office Space

      Prime location, 2,961 sq ft available.
      502 Broad St, Falls Church, VA 22046
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      7,900 SF

      Falls Church 7,900 SF Multi-Use Building

      Prime Falls Church location, versatile space, high ceilings.
      130 Jefferson St, Falls Church, VA 22046
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    • $35 SF/Yr
      3,666 SF

      Falls Church Retail Space Available

      High-visibility retail space, ample parking.
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      7,263 SF

      Falls Church Office Building

      Prime Downtown Office Space, VA
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    • $42 SF/Yr
      1,132 SF

      Falls Church Retail Building Opportunity

      Prime 1,132 SF Freestanding Retail Space
      819 Broad St, Falls Church, VA 22046
      View Details
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    502 Broad St
    Falls Church, VA 22046
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
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