10649 Main StFairfax, VA 22030

Property Details for 10649 Main St

Year built

2010

Lot size

1.29 AC

Property size (Sq ft)

3,650 SF

Zone code

COMMERCIAL RETAIL

Property type

Retail properties

Property subtype

Banks

APN

57-1-02-00-117-A

APU

5710200117A

Description

This exceptional investment opportunity presents a freestanding, single-tenant PNC Bank branch located at 10649 Main St, Fairfax, VA 22030. The 3,650 square foot property, built in 2009 on a 1.29-acre lot, boasts a strong 8.52% cap rate and a Net Operating Income (NOI) of $556,600. The asking price is $6,533,000, translating to $1,789.86 per square foot. The property benefits from a ground lease and features a credit-rated, corporate guarantee from PNC Bank, providing significant financial security. The current lease has five years remaining, with three 5-year renewal options, each including a 10% rent increase. Occupancy is currently at 100%. Situated on a high-traffic corner (65,000+ vehicles per day) in an affluent area with an average household income exceeding $210,000 within a five-mile radius, this location benefits from proximity to George Mason University (less than a mile away). The Fairfax submarket is one of the top five wealthiest counties nationally, and this PNC Bank branch, the only one in Fairfax City, has experienced over 39% deposit growth since 2018. This property offers investors a secure, long-term cash flow stream backed by a financially sound institution with over $76.9 million in managed assets. The property presents minimal landlord responsibilities.

• CAP approach

  CAP return

  Valuation

  6%

  $1,189,248

  6.5%

  $1,097,767

  7%

  $1,019,355

• Comparable approach

  Method

  Valuation

  Relative Method

  $884,756

  Geo Method

  $884,756

• Alternative Use

  Use

  Valuation

  Residential

  $926,008

  Hospitality

  $848,218

  Educational

  $705,707

  Medical

  $729,978

  Retail

  $1,097,767

Location Insight

City

Fairfax

County

Fairfax City

State

Virginia

Latitude

38.848

Longitude

-77.3134

CBSA code

47900

CBSA name

WASHINGTON-ARLINGTON-ALEXANDRIA, DC-VA-MD-WV METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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