INVESTMENT OPPORTUNITY (GOOD FOR OWNER/USER) …...homecare, financial, insurance and travel, to the...

INVESTMENT OPPORTUNITY (GOOD FOR OWNER/USER) 8.5% CAP RATE

10474 Armstrong Street, Fairfax, VA 22030

Presented by: EVAN CASS

202.320.0041 | [email protected]

Presented by: JAMIE GALLAGHER703.405.6489 | [email protected]

INVESTMENT OPPORTUNITY (8.5% CAP RATE)10474 Armstrong Street Fairfax, VA 22030

Sale Price: $1,900,000

Condo Fee: $1,460 per month (covers allexterior/structural maintenance,parking lot, landscaping, trash removal and water)

Building Type: Condo-Office

Building Size: 6,067 SF

No. of Offices: 21 Individual Offices

No. of Stories: 3

Year Built: 1986

Parking: Ample Free parking back of property

Zoning: CPD

Tenancy: Multiple Tenants

Traffic Counts: Up to 27,000 vehicles per day on Chain Bridge Rd.

Amenities: Conference Rooms, Kitchen, Reception Area, Hardwood Floors, Updated Bathrooms

PROPERTY SUMMARY PROPERTY HIGHLIGHTS

Three Level Townhouse Office Condo located across from Fairfax City Hall in historic Old Town Fairfax.

Situated within the Inns of Court office park, the property sits near the intersection of the busy Chain Bridge Road and Armstrong Street, just a block from the Fairfax County Courthouse in the city’s Central Business District.

Few blocks away is George Mason University and within easy walk are the various retail and restaurants in Main Street Fairfax and Chain Bridge Road.

Within 1 mile radius are 1,537 businesses with approximately 285 specializing in education, healthcare, homecare, financial, insurance and travel, to the east are residential properties and low rise office buildings.

Renovated in 2015, the property is well-maintained and in good condition. It has 21 private offices, 3 conference rooms, coffee bars, full kitchen, updated bathrooms, reception and waiting area.

Fairfax City has a remarkable average household income of $162,159, a population of 18,619 and 26,992 daytime employees within 1 mile.

The property is 11 min. drive from VRE station in Burke, 32 min. drive from Reagan National Airportand 38 min. drive from Dulles International Airport. The Vienna/Fairfax/GMU Metrorail is 3 miles from the city and is served by the CUE bus line.


Fairfax City Hall Fairfax County Courthouse Chain Bridge Rd & North StMain Street

FLOOR PLAN

Armstrong Street

Street Level

UP

Conference Room

Utility(Phone & Internet Access)

Co�ee Bar

Conference Room

Reception

Main Entrance

Parking

O�ce #10115.4’ x 11.7’

O�ce #10315.4’ x 11.7’

O�ce #10515.8’ x 9.4’ O�ce #104

10.4’ x 11.3’

O�ce #10211.6’ x 11.7’

Armstrong Street

Upper Level

DOWN

Co�ee Bar

O�ce #20215.4’ x 10.5’

O�ce #20111’ x 13’

O�ce #21011’ x 9’

O�ce #20416’ x 9’

O�ce #20510.4’ x 12.3’

O�ce #20716’ x 11.3’

O�ce #20810.8’ x 12.8’

O�ce #20915.4’ x 10.5’

O�ce #20614’ x 12.3’

O�ce #20310.8’ x 12.8’

The property has entrance at the front off of the public sidewalk and a rear entrance off of the parking lot into the main or second level of the building. An open central stairway leads to all three levels of the unit. Each level is configured with several private offices, open office space, work areas, conference room, coffee bar and a restroom. The lower level also contains a mechanical closet.

FLOOR PLAN FLOOR PLAN

Armstrong Street

Lower Level

UP

O�ce #117’ x 9’

O�ce #617’ x 9’

Utility

O�ce #511.7’ x 10.2’

Conference Room Co�ee Bar

O�ce #211.7’ x 10.2’

O�ce #311.7’ x 10.2’

O�ce #417’ x 10’

Interior finish consists of commercial grade carpeting, painted drywall partitions and acoustical ceiling tiles with recessed fluorescent light fixtures.Finished ceiling height is about 9 ft.Each unit is separately metered for electricity and the subject unit has a 400-ampere service panel. HVAC is provided by an electric pump.

2019 Expense Report

Description 2019 Average/mo 2019 Total

Condo Association Dues $1,469.89 $17,638.68

Property Tax $1,369.83 $16,437.98

Real Estate Taxes & LLC License $27.12 $325.49

Repairs & Maintenance $1,061.07 $12,732.86

Utilities $493.25 $5,919.04

Insurance $114.75 $1,377.00

Total Expenses $4,535.92 $54,431.05

Rental Income

Description Total per Month Total per Year

Office 201 $1,035 $12,420

Office 202 $935 $11,220

Office 203 $835 $10,020

Office 204 $1,085 $13,020

Office 205 $925 $11,100

Office 206 $1,250 $15,000

Office 207 $1,000 $12,000

Office 208 $700 $8,400

Office 209 and 210 $1,250 $15,000

Office 101 $1,000 $12,000

Office 102 and 203 $2,000 $24,000

Office 103 and 105 $1,992 $23,905

Office 104 $800 $9,600

Office 001-006 $3,200 $38,400

$18,007 $216,085


NEARBY SALE COMPARABLES

1 10803 Main St, Unit 600 - Office Condo SOLD

-

Fairfax, VA 22030Sale Date:

Pro Forma CapRate:

Price/SF:Sale Price:

Actual Cap Rate:

$318.75$382,500 - Confirmed12/05/2019 (170 days on mkt) Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

1,200 SF Office Condo-1,200 SF

Fairfax City County

Research Status:Sale Conditions: -Comp ID: 4981544

2 3921 Old Lee Hwy, Unit 73 A - Bldg 7 SOLD

-


Pro Forma CapRate:


Actual Cap Rate:

$254.94$245,00010/18/2019 (101 days on mkt) Condo Type:

Year Built/Age:RBA:

-5.00%

Parcel No:

Research Complete

961 SF Office CondoBuilt 1989 Age: 30961 SF

Fairfax City County

Research Status:Sale Conditions: Build to SuitComp ID: 4918598

3 9508-9512 Lee Hwy, Unit 9510-A - Office Condo SOLD

-


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete

1,500 SF Office CondoBuilt 2017 Age: 21,500 SF

Fairfax County


4 301 Maple Ave W, Unit 500 - White Oak Tower Building SOLD

0383-61-0510

Vienna, VA 22180Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$315.79$900,000 - Confirmed04/19/2019 Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed

2,850 SF Office CondoBuilt 1980 Renov 2006 Age: 392,850 SF

Fairfax County

Research Status:Sale Conditions: Purchase By TenantComp ID: 4765604

5 10625-10627 Jones St, Unit 101A - Office Condo SOLD

-


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete

838 SF Office CondoBuilt 1988 Age: 31838 SF

Fairfax City County


6 3921-3951 University Dr, Unit 3925/3929 - Office Condo SOLD

-


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax City County


Copyrighted report licensed to McEnearney Commercial Inc. - 421078.

10803 Main St1 Sold: $382,500 ($318.75/SF)Fairfax 1,200 SF Class B Office

3921 Old Lee Hwy2 Sold: $245,000 ($254.94/SF)Fairfax 961 SF Class B Office

9508-9512 Lee Hwy3 Sold: $315,000 ($210/SF)Fairfax 1,500 SF Class B Office/Medical

301 Maple Ave W4 Sold: $900,000 ($315.79/SF)Vienna 2,850 SF Class B Office

10625-10627 Jones St5 Sold: $160,000 ($190.93/SF)Fairfax 838 SF Class B Office

3921-3951 University Dr6 Sold: $650,000 ($246.40/SF)Fairfax 2,638 SF Class C Office

3930 Pender Dr7 Sold: $900,000 ($236.72/SF)Fairfax 3,802 SF Class B Office/Medical

2915-2917 Hunter Mill Rd8 Sold: $540,000 ($243.46/SF)Oakton 2,218 SF Class B Office

10503-10529 Braddock Rd9 Sold: $225,000 ($189.23/SF)Fairfax 1,189 SF Class C Office

11351 Random Hills Rd10 Sold: $10,200,000 ($117.95/SF)Fairfax 86,474 SF Class A Office/Medical

8300 Arlington Blvd11 Sold: $350,000 ($270.90/SF)Merrifield 1,292 SF Class B Office

133 Maple Ave E12 Sold: $2,700,000 ($204.84/SF)Vienna 13,181 SF Class C Office/Medical

5200-5206 Rolling Rd13 Sold: $612,500 ($260.20/SF)Burke 2,354 SF Class B Office

3915 Old Lee Hwy14 Sold: $250,000 ($217.39/SF)Fairfax 1,150 SF Class B Office

Address City Property Info Sale Info


3607-3611 Chain Bridge Rd15 Sold: $240,000 ($240/SF)Fairfax 1,000 SF Class B Office

10875 Main St16 Sold: $145,000 ($120.83/SF)Fairfax 1,200 SF Class C Office/Medical

3301 Woodburn Rd17 Sold: $525,000 ($380.43/SF)Annandale 1,380 SF Class B Office/Medical

10625-10627 Jones St18 Sold: $170,000 ($170/SF)Fairfax 1,000 SF Class B Office


Criteria used to Generate Sale Comps: Radius: 10 miles from 10474 Armstrong Street Property Type: OfficeCondo Type: Office, Office/Medical, Office/Retail Building Status: Existing, Under Renovation Sale Date: Last 2 years


7 3930 Pender Dr, Unit 340 - Pender Place SOLD

0562-28-0340


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Fairfax County


8 2915-2917 Hunter Mill Rd, Unit 22/23 - Oakton Professional Center SOLD

-

Oakton, VA 22124Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax County

Research Status:Sale Conditions: Bulk/Portfolio SaleComp ID: 4625038

9 10503-10529 Braddock Rd, Unit 10505-C - Patriot Square Ph 6 SOLD

-

Fairfax, VASale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax County


10 11351 Random Hills Rd, Unit 86,474 SF - Random Hills Center SOLD

0562-33-0010, 0562-33-0100, 0562-33-0120,0562-33-0190 [Partial List]


Pro Forma CapRate:


Actual Cap Rate:

$117.95$10,200,000 - Confirmed12/11/2018 (155 days on mkt) Condo Type:

Year Built/Age:RBA:

8.50%-

Parcel No:

Confirmed


Fairfax County


11 8300 Arlington Blvd, Unit B3 - First Choice Park SOLD

-

Merrifield, VA 22031Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax County


12 133 Maple Ave E, Unit 100 & 100A - Office Condo SOLD

0384-54-0100, 0384-54-0100A

Vienna, VA 22180Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$204.84$2,700,000 - Confirmed11/29/2018 (364 days on mkt) Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed


Fairfax County

Research Status:Sale Conditions: REO SaleComp ID: 4598351


13 5200-5206 Rolling Rd, Unit 5202-5204 - Kings Park @ Burke Professional SOLD

0694-16030002, 0694-16030003

Burke, VA 22015Sale Date:

Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Fairfax County

Research Status:Sale Conditions: Purchase By TenantComp ID: 4493019

14 3915 Old Lee Hwy, Unit 21- D - Bldg 2 SOLD

-


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

--

Parcel No:

Confirmed


Fairfax City County


15 3607-3611 Chain Bridge Rd, Unit 3607A - Office Condo SOLD

-


Pro Forma CapRate:


Actual Cap Rate:


Year Built/Age:RBA:

-8.75%

Parcel No:

Confirmed


Fairfax City County


16 10875 Main St, Unit 211 - Professional Center of Fairfax SOLD

-


Pro Forma CapRate:


Actual Cap Rate:

$120.83$145,00006/15/2018 (1,087 days on mkt) Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax City County


17 3301 Woodburn Rd, Unit 30-A - Physicians & Surgeons Medical Arts Bldg SOLD

0592-28-0030A

Annandale, VA 22003Sale Date:

Pro Forma CapRate:


Actual Cap Rate:

$380.43$525,000 - Confirmed04/20/2018 (1,309 days on mkt) Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Confirmed


Fairfax County


18 10625-10627 Jones St, Unit 301A,10627 - Office Condo SOLD

-


Pro Forma CapRate:


Actual Cap Rate:

$170.00$170,00002/28/2018 (1,647 days on mkt) Condo Type:

Year Built/Age:RBA:

--

Parcel No:

Research Complete


Fairfax City County




Prepared by EsriLatitude: 38.84155

Longitude: -77.30792

10474 Armstrong St, Fairfax, Virginia, 22030 (1, 3, 5 miles)10474 Armstrong St, Fairfax, Virginia, 22030Rings: 1, 3, 5 mile radii

Key Facts

KEY FACTS

18,619Population

29.1

Median Age

2.7

Average Household Size

$122,961Median Household

Income

EDUCATION

10%

No High School

Diploma 15%High School

Graduate

19%Some College 56%

Bachelor's/Grad/Prof Degree

BUSINESS

1,537Total Businesses

26,922Total Employees

EMPLOYMENT

72%White Collar

8%Blue Collar

20%Services

6.5%

Unemployment Rate

INCOME


Income

$41,683Per Capita Income

$667,265Median Net Worth

Households By IncomeThe largest group: $200,000+ (26.4%)

The smallest group: $15,000 - $24,999 (3.8%)

Indicator Value Difference

<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

3.9%

$75,000 - $99,999

3.8%

$100,000 - $149,999

5.4%

$150,000 - $199,999

6.1%

$200,000+

10.1%

-0.3%

10.1%

+1.0%

19.0%

+1.7%

15.2%

+0.1%

26.4%

-1.4%

-1.4%

-2.5%

+0.7%

+2.1%

Bars show deviation from

Fairfax city

KEY FACTS

113,103 94,484

Population37.4 8.3

Median Age

2.7 0.0


$122,634 $327

Median Household Income

EDUCATION

6% 4%

No High School

Diploma 11% 4%

High School Graduate

18% 1%

Some College65% 9%


BUSINESS

4,788 3,251

Total Businesses

69,221 42,299

Total Employees

EMPLOYMENT

77% 5%

White Collar

8% 0%

Blue Collar

15% 5%

Services

3.3% 3.2%

Unemployment Rate

INCOME

$122,634 $327


$55,664 $13,981

Per Capita Income

$507,635 $159,630

Median Net Worth




<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

4.0%

$75,000 - $99,999

2.6%

$100,000 - $149,999

3.5%

$150,000 - $199,999

5.3%

$200,000+

10.6%

-0.2%

11.4%

-0.2%

22.6%

-0.2%

16.5%

-0.7%

23.6%

-0.9%

-0.1%

+1.1%

+2.0%

-0.7%


Fairfax city

KEY FACTS

266,287 247,668

Population39.0 9.9

Median Age

2.7 0.0


$124,654 $1,693


EDUCATION

5% 5%

No High School

Diploma 11% 4%

High School Graduate

17% 2%

Some College68% 12%


BUSINESS

9,759 8,222

Total Businesses

147,505 120,583

Total Employees

EMPLOYMENT

79% 7%

White Collar

8% 0%

Blue Collar

13% 7%

Services

2.9% 3.6%

Unemployment Rate

INCOME

$124,654 $1,693


$60,829 $19,146

Per Capita Income

$537,242 $130,023

Median Net Worth




<$15,000

$15,000 - $24,999

$25,000 - $34,999

$35,000 - $49,999

$50,000 - $74,999

3.7%

$75,000 - $99,999

2.4%

$100,000 - $149,999

3.1%

$150,000 - $199,999

5.3%

$200,000+

10.7%

-0.5%

11.3%

-0.4%

22.7%

-0.6%

16.1%

-0.7%

24.7%

-0.8%

-0.2%

+1.2%

+1.6%

+0.4%


Fairfax city

1 mile Benchmark 3 miles 5 miles

DEMOGRAPHIC PROFILE COMPARISON: 1-3-5- MILE RADII

INCOME


Income

$41,683Per Capita Income

$667,265Median Net Worth

Employment Overview10474 Armstrong St, Fairfax, Virginia, 22030

EDUCATION

10%

No High School Diploma

12%High School Diploma

19%Some College

56%Bachelor's/Grad/Prof Degree

BUSINESS

1,537Total Businesses

26,922Total Employees

KEY FACTS

18,619Population

29.1

Median Age

4,560Households

$95,048Median Disposable

Income

COMMUTERS

19%Spend 7+ hours

commuting to and from work per week

65.4%Drove Alone to Work

EMPLOYMENT

72%White Collar

8%Blue Collar

20%Services

6.5%Unemployment Rate

1 mile

Presented by:

JAMIE GALLAGHER | 703.405.6489 | [email protected]

EVAN CASS | 202.320.0041 | [email protected] 510 King Street #515, Alexandria, VA 22314 McEnearneyCommercial.com

Custom Map

Source: ©2019 Esri.

February 11, 2020

©2020 Esri Page 1 of 1

10474 Armstrong StreetFairfax, VA 22030

COURTHOUSE PLAZA SHOPPING CENTER

Safeway CVS

Pizza Hut Chubby Squirrel Brewing Co.

Tokyo Grill Teriyaki House Virginia ABC

Fairfax Surf Shop

OLD TOWN PLAZA Potbelly

The Wine House Bollywood Bistro Pacers Running

YogaWorks Fairfax Crestline Hotels & Resorts

Playa Resorts & Hotels

MAIN STREET MARKETPLACE Twins Ace Hardware Walgreens Pharmacy

TJ Maxx UPS

Hair CutteryQdoba Mexican Eats

Noodles and Company Coyote Grill

Smoothie King Starbucks Subway

Paisano’s H & R Block

FairfaxCity Hall

George MasonUniversity

Fairfax CountyCourthouse

INVESTMENT OPPORTUNITY (GOOD FOR OWNER/USER) …...homecare, financial, insurance and travel, to the...

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