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    Property profile & analytics

    6981 Hechinger Dr Springfield, VA 22151

    • Retail properties
    OFF-MARKET
    Value Estimations
    Cap Rate Potential
    Location Intelligence

    Current Use by Public Records

    • Marib Restaurant / Restaurant
    • Phở Sài Gòn Ơi / Restaurant

    Property Details for 6981 Hechinger Dr

    Property type
    Retail properties
    Property subtype
    Restaurants

    Description

    Backlick Plaza offers two exceptional retail or restaurant spaces for lease, totaling 1,200 to 2,100 square feet. Located in a thriving shopping center at 85,932 square feet, this property enjoys a prime location off Backlick Road in Springfield, Virginia, just inside the Capital Beltway. The convenient location ensures high visibility and accessibility to a densely populated customer base. One of the available spaces is a former salon, presenting a ready-to-occupy option with existing infrastructure. This presents a unique opportunity for businesses seeking a well-established location within a bustling shopping center. The property is ideal for a variety of retail or restaurant concepts seeking to capitalize on the high traffic and strong demographics of the area. The multiple tenancy structure of Backlick Plaza provides a diverse and vibrant shopping environment, attracting a wide range of customers. The property is situated in Fairfax County, offering easy access to major transportation routes and a strong local economy. Interested parties are encouraged to inquire about lease terms and availability for these exceptional retail spaces. The size and layout of the spaces offer flexibility for various business needs. Don't miss this chance to establish your business in a high-traffic, convenient location.

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

    Location Insight

    • Map
    • Local Demand
    City
    Springfield
    County
    Fairfax
    State
    Virginia
    Longitude
    -77.1855
    Latitude
    38.7956

    Comparable in this City

    • Value Estimation by Request
      4,349 SF

      5506 Backlick Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 4,349 SF
      5506 Backlick Rd, Springfield, VA 22151-3906
      View Details
    • Value Estimation
      $1,895,000
      3,009 SF

      5701 Backlick Rd

      DRIVE-THRU RESTAURANT, FAST FOOD • 3,009 SF
      5701 Backlick Rd, Springfield, VA 22151-4102
      View Details
    • Value Estimation by Request
      2.28 Acres

      6772 Commercial Dr

      SERVICE STATION (FULL SERVICE) • 2.28 Acres
      6772 Commercial Dr, Springfield, VA 22151
      View Details
    • Value Estimation by Request
      0.39 Acres

      Springfield, VA 22151

      SERVICE STATION (FULL SERVICE) • 0.39 Acres
      Springfield, VA 22151
      View Details
    • Value Estimation by Request
      12,855 SF

      5270 Prt Royal Rd

      AUTO REPAIR, GARAGE • 12,855 SF
      5270 Prt Royal Rd, Springfield, VA 22151
      View Details
    • Value Estimation by Request
      13,629 SF

      5308 Backlick Rd

      RETAIL STORES (PERSONAL SERVICES) • 13,629 SF
      5308 Backlick Rd, Springfield, VA 22151-3311
      View Details

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    6981 Hechinger Dr
    Springfield, VA 22151
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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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