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Board confirms revised 2026 assessment for 4401 Fairfax Drive after rent-roll review
Summary
County staff revised the 2026 assessment for 4401 Fairfax Drive downward after rent-roll and vacancy analysis; the BOE voted 4–1 to confirm the county’s revised value of $24,655,700.
County assessment staff presented a revision for the property at 4401 Fairfax Drive after reviewing rent rolls and recent leases. The staff noted higher vacancy in 2025, incoming lease starts in March 2026 for 4,357 square feet, and recent leases that supported higher per-square-foot rates for occupied space.
County staff said they increased operational expenses modestly and adjusted below-the-line items for tenant improvements and leasing commissions; the resulting test value was lower than the original assessment. Following brief board discussion about the rent-roll details and lease terms, a motion to confirm the county’s revised figure of $24,655,700 carried 4–1.
Why it matters: The case illustrates how parcel- and lease-level rent-roll data — not just high-level trends — influence office and retail valuations, particularly where vacancy and in-place lease terms differ from assessment assumptions.
