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Property profile & analytics
OFF-MARKET
Estimated value
$67,580,000
Office buildings
231 Spg St Herndon, VA 20170
Entity Owned
3-yr Hold
Absentee Owner
Free & Clear
Property ID
US87-0533147
Property profile
Verified
Property type
Office buildings
Use group
OFFICE BUILDING
Year built
1985
Construction
STEEL FRAME
Total area
208,265 SF
Lot
9.92 ac (432,166 SF)
Zoning code
O&L I(OFFICE &LIGHT INDUS
APN
016-2-02-0177-C
UPID
US87-0533147
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
by Request
CAP Approach
CAP
$64.70M
Comparable Approach
Comparable
$47.93M
Blend (final)
Blend
$67.58M
Owner & transaction history
Gi Ets Herndon LLC · 3 yrs held
Gi Ets Herndon LLC
since 2022
Last sale
$67.4M
7 recorded transactions
Zoning & alternative use
O&L I(OFFICE &LIGHT INDUS · Herndon, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Commercial (general)
$94.6M
+62.0%
Neighborhood: shopping center
$76.8M
+31.5%
Industrial (general)
$70.8M
+21.3%
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Herndon submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Herndon submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
$70,815,000
ML approach
by Request
CAP Approach
CAP Return
Estimation
6%
$70,085,000
6.5%
$64,695,000
7%
$60,075,000
Alternative Use
Use
Estimation
OFFICE BUILDING
$58,390,000
Current use
COMMERCIAL (GENERAL)
$94,600,000
Change: +62% · Conversion: Easy
NEIGHBORHOOD: SHOPPING CENTER
$76,785,000
Change: +32% · Conversion: Difficult
INDUSTRIAL (GENERAL)
$70,840,000
Change: +21% · Conversion: Difficult
AUTO REPAIR, GARAGE
$69,530,000
Change: +19% · Conversion: Difficult
WAREHOUSE, STORAGE
$61,115,000
Change: +5% · Conversion: Difficult
Blend value · Realmo final
$67.58M
Range $60.82M – $74.34M · ±10% · vs last sale $67.40M (Aug 1 2022)
Last sale anchor
$67.40M
Aug 1 2022
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$324 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2024Property tax & assessments
Tax year 2024
Tax billed
$689,247
Tax year 2024
Assessed value
$40,460,630
Assessed 2024
Previous assessed
$42,438,000
-4.7% YoY
Effective rate
1.70%
On assessed value
Assessed land
$4,815,600
Assessed improvement
$35,645,030
Land market value
$4,815,600
Improvement market value
$35,645,030
Total market value
$40,460,630
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Office buildings
Use group
OFFICE BUILDING
Status
Off-Market
Year built
1985
Construction
STEEL FRAME
Heating
OTHER
Cooling
YES
Stories
2
Total area
208,265 SF
Lot
9.92 ac (432,166 SF)
Zoning code
O&L I(OFFICE &LIGHT INDUS
APN
016-2-02-0177-C
UPID
US87-0533147
Jurisdiction
FAIRFAX
Metro division
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN DIVISION
Zoning & alternative use
O&L I(OFFICE &LIGHT INDUS · Herndon, VAZoning O&L I(OFFICE &LIGHT INDUS · permitted uses
O&L I(OFFICE &LIGHT INDUS · Herndon, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING Current
Est. value
$58.4M
COMMERCIAL (GENERAL)
Est. value
$94.6M
NEIGHBORHOOD: SHOPPING CENTER
Est. value
$76.8M
INDUSTRIAL (GENERAL)
Est. value
$70.8M
AUTO REPAIR, GARAGE
Est. value
$69.5M
WAREHOUSE, STORAGE
Est. value
$61.1M
OFFICE BUILDING Current
COMMERCIAL (GENERAL)
NEIGHBORHOOD: SHOPPING CENTER
INDUSTRIAL (GENERAL)
AUTO REPAIR, GARAGE
WAREHOUSE, STORAGE
Alternative use deep dive — conversion cost, permits, timeline
Conversion cost estimate · Permit path & risks · Stabilized NOI per option
Alternative use deep dive
Conversion cost · permit path · stabilized NOI per option
Building & site characteristics
From public records
Year built
1985
Construction
STEEL FRAME
Heating
OTHER
Cooling
Yes
Stories
2
Lot
9.92 ac
Current owner
From public records · entity-resolved
Gi Ets Herndon LLC
Entity
Free & Clear · 3 yrs held
Mailing address
6720 N SCOTTSDALE RD #35, PARADISE VALLEY, AZ 85253-4400
Mailing matches property
Different — outreach signal
Owner-occupied
No
Ownership since
2022
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
13 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Sep 7, 2022
—
Gi Ets Herndon LLC
—
Deed
related
$116,445,000 · Helaba
Aug 1, 2022
$67,400,000
Gi Ets Herndon LLC
460 Herndon Parkway LLC
Special Warranty Deed
—
Jun 28, 2021
—
460 Herndon Parkway LLC
—
Deed
related
$31,200,000 · East West Bank
Nov 15, 2019
—
460 Herndon Parkway LLC
—
Deed
related
$3,120,000 · East West Bk
May 10, 2019
—
460 Herndon Parkway LLC
—
Deed
related
$58,979,000 · East West Bk
Sep 14, 2018
—
460 Herndon Parkway LLC
—
Grant Deed
related
$31,200,000 · East West Bk
Sep 14, 2018
$45,000
Herndon Parkway LLC
460 Herndon LLC
Grant Deed
related
—
Jan 22, 2013
$35,500,000
460 Herndon LLC
American Fund Us Invs LP
Grant Deed
related
—
Dec 30, 2008
—
American Fund Us Invs
Ivg Instl Funds Gmbh
Warranty Deed
related
—
Dec 8, 2005
$44,000,000
Immobilien-kapitalanla Oppenheim
Auda Properties
Grant Deed
related
—
—
—
460 Herndon Parkway LLC
—
Loan Modification
related
$58,979,000 · East West Bk
—
—
460 Herndon Parkway LLC
—
Loan Modification
related
$3,120,000 · East West Bk
—
—
460 Herndon LLC
—
Deed Of Trust
related
$25,400,000 · Bank Of America
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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