Sign Up Successful!
You now have access to more from Realmo!
Property Lookup
    Property Lookup
    • For Sale
    • For Lease
    • Recently Sold
    • Property Lookup
    • Brokers
    AI Search
    Back to Search
    The Largest CRE Database in the US with Over 1 Million Listings
    Property profile & analytics

    231 Spg St Herndon, VA 20170

    • Office buildings
    • 208,265 SF
    • 9.92 lot acres
    OFF-MARKET
    Last Sale
    Aug 01, 2022
    $67,400,000
    Value Estimations
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-0533147
    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

    • Office buildings

    Property Details for 231 Spg St

    Year built
    1985
    Construction
    STEEL FRAME
    Lot size
    9.92 lot acres
    Property size
    208,265 SF
    Zone code
    O&L I(OFFICE &LIGHT INDUS
    Property type
    Office buildings
    APN
    016-2-02-0177-C
    APU
    0162020177C

    Value Estimations

    based on Realmo’s proprietary methodology

    • AI approach

    • CAP approach

    • Comparable approach

    • Alternative Use

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

    Location Insight

    • Map
    • Local Demand
    City
    Herndon
    County
    Fairfax
    State
    Virginia
    Longitude
    -77.3763
    Latitude
    38.9587
    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
    2024
    $689,247
    $4,815,600
    $35,645,030
    $40,460,630
    -
    $4,815,600
    $35,645,030
    $40,460,630

    Comparable in this City

    • Value Estimation
      $70,000
      7,855 SF

      199 Elden St

      OFFICE BUILDING • 7,855 SF
      199 Elden St, Herndon, VA 20170-4810
      View Details
    • Value Estimation
      $685,000
      93,750 SF

      950 Herndon Pkwy

      OFFICE BUILDING • 93,750 SF
      950 Herndon Pkwy, Herndon, VA 20170-5531
      View Details
    • Value Estimation
      $340,000
      9,166 SF

      720 Jackson St

      OFFICE BUILDING • 9,166 SF
      720 Jackson St, Herndon, VA 20170-4744
      View Details
    • Value Estimation
      $485,000
      14,898 SF

      690 Ctr St

      OFFICE BUILDING • 14,898 SF
      690 Ctr St, Herndon, VA 20170-5021
      View Details
    • Value Estimation by Request
      245,682 SF

      399 Grv St

      OFFICE BUILDING • 245,682 SF
      399 Grv St, Herndon, VA 20170
      View Details
    • Value Estimation by Request
      0.02 Acres

      Herndon, VA 20170

      OFFICE BUILDING • 0.02 Acres
      Herndon, VA 20170
      View Details

    Similar Nearby for Sale

    • $295,000
      1,000 SF

      Herndon Office Space: Prime Location

      1,000 sq ft Office, Great Location
      299 Herndon Pkwy, Herndon, VA 20170
      View Details
    • Contact for pricing

      Herndon Office Condo - Elden Street

      Prime Herndon office space, elevator access, seller financing.
      131 Elden St, Herndon, VA 20170
      View Details
    • $475,000
      1,946 SF

      Herndon Office Condo - Owner Financing

      Prime Herndon location, 1946 sq ft office condo.
      462 Herndon Pkwy, Herndon, VA 20170
      View Details
    • $821,000
      2,940 SF

      Herndon Office Space - Two Units

      Prime Herndon location, two combined office units.
      108 Elden St, Herndon, VA 20170
      View Details
    • $716,000

      Herndon Office Space For Sale

      Combined office units suitable for various professional uses.
      106 Elden St, Herndon, VA 20170
      View Details
    • $609,000
      2,052 SF

      Herndon Medical Office Space For Sale

      Move-in ready OBGYN office, prime location.
      131 Elden St, Herndon, VA 20170
      View Details

    Similar Nearby for Lease

    • $21 SF/Yr
      26,390 SF

      Herndon Office Space For Lease

      Herndon office building with excellent access and amenities.
      510 Spring St, Herndon, VA 20170
      View Details
    • Contact for pricing
      220 SF

      Herndon Office Suites: Affordable!

      Private offices, all-inclusive rent, metro proximity.
      464 Herndon Pkwy, Herndon, VA 20170
      View Details
    • $4,500 /Mo

      Herndon Flex/Retail Space Available

      Ground-level flex/retail space in Sunset Business Park, available January 2026.
      297 Sunset Park Dr, Herndon, VA 20170
      View Details
    • New
      $3,900 /Mo
      162,479 SF

      Herndon Office Space For Lease

      Office spaces available in Herndon, Virginia, with ample parking.
      950 Herndon Pkwy, Herndon, VA 20170
      View Details
    • $23 SF/Yr
      92,663 SF

      Herndon Parkway Office Space

      Prime Herndon office, multiple suites available.
      950 Herndon Pkwy, Herndon, VA 20170
      View Details
    • $1,735 /Mo

      Herndon Retail/Office Space Available

      Second floor retail or office space in Herndon, Virginia.
      720 -F Grant St, Herndon, VA 20170
      View Details
    Request Owner's contact information
    Message sent successfully
    Error
    If you are the owner or broker of this property and would like to edit or remove this listing please send a message to web site administrator.
    231 Spg St
    Herndon, VA 20170
    Message sent successfully
    Error
    Email to Your Friends
    Link copied to clipboard
    Separate multiple addresses with a comma
    Message sent successfully
    Error

    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
    Thanks! Your message was sent.
    Error! Your message wasn't sent.
    Please enter your name
    Please enter email
    Please enter the email in the correct format
    Please enter phone
    Please enter the number in the correct format
    Please enter message
    Thank You

    You are Unsubscribed From Notifications

    Google sign-in failed. Please try again or use another login method.
    Create New Password
    • At least 8 characters
    • Contains both letters and numbers
    • Contains uppercase and lowercase letters
    • At most 32 characters
    • Password required
    • Password reset link has expired. Please request a new one.