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Property profile & analytics
OFF-MARKET
Estimated value
$840,000
Retail space
438 Washington St Falls Church, VA 22046-4414
Individually Owned
3-yr Hold
Free & Clear
Property ID
US87-0816169
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1946
Construction
TYPE NOT SPECIFIED
Total area
2,788 SF
Lot
0.15 ac (6,534 SF)
Zoning code
B-2 CENTRAL.BUSINESS
APN
52-307-001
UPID
US87-0816169
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
Current use
Occupant on record · Public records
-
Sil & Zipper Law Firm
-
Bike Club (Bike/Boat/Book/etc) Store
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$815k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
by Request
Blend (final)
Blend
$840k
Owner & transaction history
Theodore Varrinos · 3 yrs held
Theodore Varrinos
since 2022
Last sale
$850,000
1 recorded transaction
Zoning & alternative use
B-2 CENTRAL.BUSINESS · Falls Church, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Top alternative use upside
Office building
$570,000
+192.3%
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 Falls Church submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Falls Church 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
$840,000
ML approach
$815,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Alternative Use
Use
Estimation
OFFICE BUILDING
$570,000
Change: +192% · Conversion: Easy
Blend value · Realmo final
$840k
Range $756k – $924k · ±10% · vs last sale $850k (Nov 29 2022)
Last sale anchor
$850k
Nov 29 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
$301 / 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 2023Property tax & assessments
Tax year 2023
Tax billed
$7,759
Tax year 2023
Assessed value
$630,800
Assessed 2024
Previous assessed
$531,200
+18.8% YoY
Effective rate
1.23%
On assessed value
Assessed land
$490,100
Assessed improvement
$140,700
Land market value
$490,100
Improvement market value
$140,700
Total market value
$630,800
Applied tax rate
41.0000
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
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1946
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
CENTRAL
Stories
1
Bathrooms
0
Total area
2,788 SF
Lot
0.15 ac (6,534 SF)
Zoning code
B-2 CENTRAL.BUSINESS
APN
52-307-001
UPID
US87-0816169
Jurisdiction
FALLS CHURCH CITY
Metro division
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN DIVISION
Zoning & alternative use
B-2 CENTRAL.BUSINESS · Falls Church, VA
Zoning B-2 CENTRAL.BUSINESS · permitted uses
B-2 CENTRAL.BUSINESS · Falls Church, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Falls Church. Always verify with local authorities before improvements.
Alternative use value scenarios
Repositioning upside vs current use
OFFICE BUILDING
Est. value
$570,000
OFFICE BUILDING
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
1946
Construction
TYPE NOT SPECIFIED
Heating
YES
Cooling
Yes
Stories
1
Bathrooms
0
Lot
0.15 ac
Current owner
From public records · entity-resolved
Theodore Varrinos
Individual
Free & Clear · 3 yrs held
Mailing address
7822 RIDGECREST DR, ALEXANDRIA, VA 22308-1053
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
1 recorded event · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Nov 29, 2022
$850,000
Theodore Varrinos
Candice Lee Park
Deed
—
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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