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

    345 Patrick St Alexandria, VA 22314-3501

    • Office Properties & Spaces
    • 4,228 SF
    • 0.10 lot acres
    OFF-MARKET
    Value Estimations
    $910,000
    Show details
    Cap Rate Potential
    Location Intelligence
    Property ID
    US87-3918927
    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 Properties & Spaces

    Property Details for 345 Patrick St

    Year built
    2008
    Lot size
    0.10 lot acres
    Property size
    4,228 SF
    Zone code
    CD - COMMERCIAL DOWNTOWN
    Property type
    Office Properties & Spaces
    APN
    50550570
    APU
    50550570

    Value Estimations

    based on Realmo’s proprietary methodology

    • CAP approach

      CAP Return
      Estimation
      6%
      $1,005,000
      6.5%
      $930,000
      7%
      $865,000

    • Comparable approach

      Method
      Estimation
      AI Estimate
      $612,000
      Market price range: $305k - $1.12M

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

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Alexandria City
    State
    Virginia
    Longitude
    -77.0515
    Latitude
    38.8028
    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
    $12,559
    $275,578
    $855,878
    $1,131,456
    -
    $275,578
    $855,878
    $1,131,456

    Comparable in this City

    • Value Estimation
      $715,000
      3,718 SF

      101 Peyton St, Unit 2A

      CONDOMINIUM OFFICES • 3,718 SF
      101 Peyton St, Alexandria, VA 22314
      View Details
    • Value Estimation by Request
      426 SF

      113 St

      CONDOMINIUM OFFICES • 426 SF
      113 St, Alexandria, VA 22314-2858
      View Details
    • Value Estimation
      $1,470,000
      6,587 SF

      113 Stb

      CONDOMINIUM OFFICES • 6,587 SF
      113 Stb, Alexandria, VA 22314-2858
      View Details
    • Value Estimation
      $6,020,000
      32,038 SF

      100 Daingerfield Rd

      CONDOMINIUM OFFICES • 32,038 SF
      100 Daingerfield Rd, Alexandria, VA 22314-3391
      View Details
    • Value Estimation by Request
      569 SF

      801 Pitt St Ste, Unit 109

      CONDOMINIUM OFFICES • 569 SF
      801 Pitt St Ste, Alexandria, VA 22314-1782
      View Details
    • Value Estimation by Request
      1,953 SF

      1429 Duke St

      Office Properties & Spaces • 1,953 SF
      1429 Duke St, Alexandria, VA 22314
      View Details

    Similar Nearby for Sale

    • $1,200,000
      2,500 SF

      Prime Old Town Alexandria Office Space

      2,500 SF Office, 5 Parking, High Visibility
      228 Washington St, Alexandria, VA 22314
      View Details
    • $305,000
      1,035 SF

      Alexandria Office Condo - Prime Location

      Affordable Office Condo, Ideal for Startups
      228 And, Alexandria, VA 22314
      View Details
    • Contact for pricing
      1.60 Acres

      Alexandria Office Space: King Street Metro

      Prime Alexandria office, 90,000 sqft, Metro access
      2000 Duke St, Alexandria, VA 22314
      View Details
    • Contact for pricing
      1.60 Acres

      Alexandria Office Space: King Street Metro

      Prime Alexandria Office, 90,000 sqft, Metro Access
      2000 Duke St, Alexandria, VA 22314
      View Details
    • $1,200,000
      3,072 SF

      Office Space For Sale

      Office property featuring 3,072 square feet of space.
      102 South Alfred St, Alexandria, VA 22314
      View Details
    • $7,500,000

      Alexandria Office Building For Sale

      21,739 SF office building in Alexandria, Virginia for sale.
      1 Prince St, Alexandria, VA 22314
      View Details

    Similar Nearby for Lease

    • $36 SF/Yr
      8,622 SF

      Prime Alexandria Executive Suites

      King Street Office Space Available
      908 King St, Alexandria, VA 22314
      View Details
    • $39 SF/Yr
      3,721 SF

      Prime Alexandria Executive Office Space

      Modern Suites, Flexible Sizes, VA Location
      115 Union St, Alexandria, VA 22314
      View Details
    • $33 SF/Yr
      2,508 SF

      Old Town Alexandria Office Space

      Move-in ready office space in a premier Old Town location.
      119 N Henry St, Alexandria, VA 22314
      View Details
    • $2,500 /Mo

      Renovated Office Space with Amenities

      Modern office spaces with shared amenities, near King Street.
      106 N Lee St, Alexandria, VA 22314
      View Details
    • Contact for pricing
      19,600 SF

      Medical/Office Space in Old Town

      Class A medical/office space in Alexandria, VA for lease.
      765 John Carlyle St, Alexandria, VA 22314
      View Details
    • Contact for pricing
      3,534 SF

      Class-A Office Space Available

      Class-A office space with on-site restaurants and structured parking.
      1725 Duke St, Alexandria, VA 22314
      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.
    345 Patrick St
    Alexandria, VA 22314-3501
    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.