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    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    115 Union St Alexandria, VA 22314

    • Office buildings
    • 29,717 SF
    • 0.45 lot acres
    For Lease
    View listing
    $39 SF/Yr
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0177317
    The Realmo ID is a unique identifier assigned to every property, incorporating country codes and precise geo-coordinates for 300x300-foot land blocks. It enables standardized data collection and seamless integration of disparate sources such as ownership, tax, title data and physical specifications. By aggregating current and historical records, the Realmo ID powers advanced analytics and delivers deep, verifiable insights for real estate professionals.

    Current Use by Public Records

    • Allstate Insurance: Muhsen Hejazi / Motorcycle Insurance Agency / Renter'S Insurance Agency
    • Oxford Finance LLC / Financial Institution
    • Newco Management / Business Management Consultant
    • Pitango Gelato & Coffee, Old Town Alexandria / Bakery / Ice Cream Shop
    • Museum Framing / Picture Frame Shop

    Property Details for 115 Union St

    Year built
    1989
    Lot size
    0.45 lot acres
    Property size
    29,717 SF
    Zone code
    CD - COMMERCIAL DOWNTOWN
    Property type
    Office buildings
    APN
    50523700
    APU
    50523700

    Description

    This exceptional executive office property at 115 South Union Street in Alexandria, Virginia, offers a unique opportunity for businesses seeking flexible and modern workspace. Located in the desirable 22314 zip code, the building underwent a complete renovation in 2019, ensuring contemporary amenities and a high-quality environment. The property is classified as both office and restaurant space, allowing for diverse tenancy options. Multiple tenancies are available, with a minimum divisible space of 1,322 square feet and a maximum contiguous space of 23,562 square feet, catering to businesses of various sizes. This allows for scalability and customization to meet specific needs. The building provides ample parking, with a ratio of 3 parking spaces per 1,000 square feet. The precise total building square footage is currently unavailable. This prime location in Alexandria, VA offers easy access to major transportation routes, making it an ideal location for commuting employees and clients. The property's modern design and flexible space options make it an attractive choice for businesses seeking a prestigious and functional workspace in a vibrant urban setting. Inquire today to learn more about available spaces and lease terms.

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $7,075,000
      6.5%
      $6,530,000
      7%
      $6,065,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $4,129,000
      Market price range: $2.14M - $7.90M

    Get a detailed, property-specific valuation — fast and free

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Alexandria City
    State
    Virginia
    Longitude
    -77.0409
    Latitude
    38.8037
    CBSA code
    47900
    CBSA name
    WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

    Property Tax & Assessments

    Tax date
    Tax Amount
    Assessed Land Value
    Assessed Improvement Value
    Total Assessed Value
    Applied Tax Rate
    Land Market Value
    Improvement Market Value
    Total Market Value
    2023
    $84,693
    $2,725,600
    $4,904,400
    $7,630,000
    -
    $2,725,600
    $4,904,400
    $7,630,000

    Comparable in this City

    • Value Estimation
      $12,520,000
      61,642 SF

      1920 Ballenger Ave

      OFFICE BUILDING • 61,642 SF
      1920 Ballenger Ave, Alexandria, VA 22314-6913
      View Details
    • Value Estimation
      $2,075,000
      12,860 SF

      200 Daingerfield Rd

      OFFICE BUILDING • 12,860 SF
      200 Daingerfield Rd, Alexandria, VA 22314-2854
      View Details
    • Value Estimation
      $1,055,000
      5,600 SF

      324 Fairfax St

      OFFICE BUILDING • 5,600 SF
      324 Fairfax St, Alexandria, VA 22314-2625
      View Details
    • Value Estimation
      $7,075,000
      45,375 SF

      333 Fairfax St

      OFFICE BUILDING • 45,375 SF
      333 Fairfax St, Alexandria, VA 22314-2647
      View Details
    • Value Estimation
      $29,990,000
      140,038 SF

      2051 Jamieson Ave

      OFFICE BUILDING • 140,038 SF
      2051 Jamieson Ave, Alexandria, VA 22314-5776
      View Details
    • Value Estimation
      $720,000
      4,392 SF

      107 St

      OFFICE BUILDING • 4,392 SF
      107 St, Alexandria, VA 22314-2709
      View Details

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      Old Town Alexandria Headquarters Location

      Headquarters location in Old Town Alexandria with parking garage.
      606 N Washington St, Alexandria, VA 22314
      View Details

    Similar Nearby for Lease

    • Contact for pricing
      3,534 SF

      Class-A Office Space Available

      Class-A office space with on-site restaurants and structured parking.
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      View Details
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      Fully renovated office building with tenant amenities, available immediately.
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      View Details
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      View Details
    • Contact for pricing
      2,411 SF

      Class A Trophy Office Space

      LEED Gold certified office space with on-site amenities.
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      View Details
    • $6,500 /Mo

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      Versatile building suitable for medical, office, or wellness uses.
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    • $29 SF/Yr
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      View Details
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    115 Union St
    Alexandria, VA 22314
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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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