8983 Hersand DrBurke, VA 22015

Property Details for 8983 Hersand Dr

Year built

1978

Construction

CONCRETE BLOCKS

Property size (Sq ft)

2,016 SF

Zone code

C-2(LIMITED OFFICE)

Property type

Office properties

Property subtype

Other office properties

APN

069-4-16-0010

APU

694160010

Description

This 2,000 sq ft, two-level office building in Burke, VA, offers a fantastic investment opportunity. Located in the heart of Burke Commons with partial road frontage, the property features a downstairs unit, previously leased at $2,250 per month, and an upstairs unit currently leased for $1,600 per month. The downstairs unit offers a former doctor's office layout with a reception area, bathroom, and three separate offices. The upstairs unit provides five separate offices, a bathroom, and ample storage, currently occupied by Autumn Leaf Adoption Counseling. Both units benefit from central heat and air conditioning, ample parking, and no front steps leading into the downstairs office. The solid brick construction and mature landscaping create a professional and safe environment. The property boasts a net operating income (NOI) of approximately $31,195 annually when both units are rented, and a net operating expense (NOE) of approximately $15,005 annually. Its versatile layout is suitable for various uses, including office space, retail, or medical practices. The property's prime location in Burke, within Fairfax County, provides easy access to numerous shops, restaurants, and amenities. This exceptional property presents a rare chance to acquire a high-yield commercial space in a thriving business community. The current lease on the upstairs unit ensures consistent rental income, while the vacant downstairs unit offers immediate potential for increased revenue.

• CAP approach

  CAP return

  Valuation

  6%

  $425,289

  6.5%

  $392,575

  7%

  $364,534

• Comparable approach

  Method

  Valuation

  Relative Method

  $336,692

  Geo Method

  $336,692

• Alternative Use

  Use

  Valuation

  Residential

  $486,792

  Hospitality

  $445,899

  Educational

  $370,983

  Medical

  $383,742

  Retail

  $577,085

Location Insight

City

Burke

County

Fairfax

State

Virginia

Latitude

38.8089

Longitude

-77.2562

CBSA code

47900

CBSA name

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

Property Tax & Assessments

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