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Property profile & analytics
OFF-MARKET
Estimated value
$1,405,000
Office Spaces
775 23rd S St Arlington, VA 22202-2419
Entity Owned
3-yr Hold
~
Est. High Equity
Property ID
US87-0887374
Property summary
AI-generated overview
This 3,944 square foot free-standing building, built in 1968, is available for lease in Arlington County's National Landing submarket, specifically the Crystal City cluster. Located just blocks from Arlington's historic restaurant row, this Class C property offers a prime location for a variety of uses. Its single-tenant occupancy makes it ideal for businesses seeking a dedicated space. The building's zoning is C-1, allowing for flexibility in tenant operations. Potential uses include offices, showrooms, daycare centers, coffee shops, preschools, medical spas, or similar businesses. Its proximity to Ronald Reagan Washington National Airport (DCA) provides excellent accessibility. This presents a unique opportunity to secure a well-situated property in a thriving area with diverse possibilities. The building's traditional office and executive office subtypes offer a versatile space adaptable to various business needs. The property's location within the National Landing submarket offers strong potential for growth and visibility. This is a rare chance to lease a free-standing building in a highly desirable location.
Property profile
Verified
Property type
Office Spaces
Use group
OFFICE (GENERAL)
Year built
1968
Total area
5,260 SF
Lot
0.14 ac (6,000 SF)
Zoning code
C-1
APN
36-030-001
UPID
US87-0887374
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
-
Crystal Parking Parking Lot & Garage
-
Esperanza Fe Y Social Service Agency Charitable Organization
-
The Society for International Space Cooperation Association Or Organization
-
Alvarez Landscaping Landscaping General Contractor
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$1.31M
CAP Approach
CAP
$1.59M
Comparable Approach
Comparable
$1.64M
Blend (final)
Blend
$1.41M
Owner & transaction history
Melles 775 LLC · 3 yrs held
Melles 775 LLC
since 2023
Last sale
$1.4M
7 recorded transactions
Zoning & alternative use
C-1 · Arlington, VA
Permitted uses
Permitted uses
Allowed · conditional · prohibited
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 Arlington submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Arlington 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
$1,330,000
ML approach
$1,305,000
CAP Approach
CAP Return
Estimation
6%
$1,720,000
6.5%
$1,590,000
7%
$1,475,000
Blend value · Realmo final
$1.41M
Range $1.26M – $1.55M · ±10% · vs last sale $1.40M (Jan 25 2023)
Last sale anchor
$1.40M
Jan 25 2023
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
$267 / 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
$9,245
Tax year 2024
Assessed value
$798,400
Assessed 2024
Previous assessed
$767,300
+4.1% YoY
Effective rate
1.16%
On assessed value
Assessed land
$324,500
Assessed improvement
$473,900
Land market value
$324,500
Improvement market value
$473,900
Total market value
$798,400
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 Spaces
Use group
OFFICE (GENERAL)
Status
Off-Market
Year built
1968
Heating
NONE
Stories
1
Total area
5,260 SF
Lot
0.14 ac (6,000 SF)
Zoning code
C-1
APN
36-030-001
UPID
US87-0887374
Jurisdiction
ARLINGTON
Metro division
WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN DIVISION
Zoning & alternative use
C-1 · Arlington, VA
Zoning C-1 · permitted uses
C-1 · Arlington, VA
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Arlington. Always verify with local authorities before improvements.
Building & site characteristics
From public records
Year built
1968
Heating
NONE
Stories
1
Lot
0.14 ac
Current owner
From public records · entity-resolved
Melles 775 LLC
Entity
Mailing address
2231 CRYSTAL DR #109, ARLINGTON, VA 22202-3711
Ownership since
2023
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
7 recorded events · public records
Date
Price
Buyer
Seller
Deed Type
Mortgage
Apr 11, 2023
—
Melles 775 LLC
—
Deed
related
$504,000 · Business Finance Corp
Jan 25, 2023
$1,400,000
Melles 775 LLC
Hiroshi Uyama
Bargain And Sale Deed
$630,000 · M & T Bank
Nov 22, 2016
—
Hiroshi Uyama
Uyama,hiroshi
Quit Claim Deed
related
—
Jun 13, 2016
—
Hiroshi Uyama
—
Deed
related
$180,000 · Fulton Bank NA
Mar 9, 2006
$10
Hiroshi Uyama
Tenenbaum,susan
Warranty Deed
related
—
—
—
Hiroshi Uyama
—
Deed Of Trust
related
$50,000 · Resource Bank
—
—
Hiroshi Uyama
—
Deed Of Trust
related
$180,000 · Fulton Bk
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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