Flexible Mixed-Use Condominium
For Sale
$240,000
4600 DUKE Street, Alexandria, VA 22304
Commercial Sale, ALEXANDRIA, VA
Property Size1,140 SF
Price / SF$210.53
Days on Market72
Property Features for 4600 DUKE Street
General Information
Property type
Other
Property subtype
Office
Parking
300
Parking features
Parking Lot, Special Needs
Subdivision
FORTY SIX HUNDRED
Elementary school
PATRICK HENRY
Middle school
FRANCIS C HAMMOND
High school
ALEXANDRIA CITY
Elementary school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Middle school district
ALEXANDRIA CITY PUBLIC SCHOOLS
High school district
ALEXANDRIA CITY PUBLIC SCHOOLS
Standard status
Active
Taxes and HOA fees
Tax Annual Amount
2811
Utilities
Heating system
Forced Air
Cooling system
Central Air
Amenities
secure lobby with 24/7 concierge service
dedicated storage unit
permit parking
Building Details
Year built
1967
Number of units
450
Building materials
Brick
Listing Agency:
Century 21 Redwood Realty · Century 21 Real Estate
(202) 506-3674
Listed By:
WAI LUN L LEUNG · License #0225204506
(703) 858-5676
Added: Jul 10
Changed: Sep 13
Last Checked: Sep 19 at 1:06PM
MLS# VAAX2063918
Copyright © 2026 Bright MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Unit 413 is a 1,140-square-foot condominium within the Forty Six Hundred community, offering a flexible layout for residential occupancy, professional office use, or a combined live/work arrangement. The space includes two bedrooms or adaptable rooms, one full bathroom, an open central area, 9-foot ceilings, original hardwood floors, large windows, and city views. Brick construction, forced-air heating, and central air are also provided.
The professionally managed 16-story building contains over 400 residential units and includes five elevators, a secure lobby with 24/7 concierge service, a dedicated storage unit, and permit parking. An association fee covers electricity, heating, cooling, gas, water, sewer, and trash disposal. ALDI is located outside the building, with Foxchase Shopping Center across the street. Bus service stops at the property, while Van Dorn Street Metro Station and Eisenhower Ave Metro Station are less than 3 miles away. Interstate 395 is accessible via Exit 3A, and Reagan National Airport is under 10 miles away.
The professionally managed 16-story building contains over 400 residential units and includes five elevators, a secure lobby with 24/7 concierge service, a dedicated storage unit, and permit parking. An association fee covers electricity, heating, cooling, gas, water, sewer, and trash disposal. ALDI is located outside the building, with Foxchase Shopping Center across the street. Bus service stops at the property, while Van Dorn Street Metro Station and Eisenhower Ave Metro Station are less than 3 miles away. Interstate 395 is accessible via Exit 3A, and Reagan National Airport is under 10 miles away.
Key Highlights
- 1,140 finished square feet in Unit 413
- RC zoning permits residential, professional office, or live/work configurations
- Two bedrooms or adaptable room configurations with 1 full bathroom
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$19,879
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.28%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$397,580
$397.6K
Cap Rate 7%
$283,986
$284.0K
Cap Rate 9%
$220,878
$220.9K
Market Conditions
NOI Build-Up for 1,140 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.2K $30.00/SF
− Vacancy
−$2.4K −$2.10/SF
EGI
$31.8K $27.90/SF
− OpEx
−$11.9K −$10.46/SF
NOI
$19.9K $17.44/SF
Area
Alexandria, VA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$397,580
Cap Rate 7%
$283,986
Cap Rate 9%
$220,878
Alternative Uses
Best Use
Mixed Use
$284.0K
$248.5K – $331.3K
NOI $19,879 @ 7.0% cap · market cap 8.28%
Second Best
Office B
$218.1K
$190.8K – $254.4K
NOI $15,264 @ 7.0% cap · market cap 6.36%
Theoretical Best
Specialty Retail
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
9 ft
Clear height
Yes
Highway access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,061
Businesses Nearby
Explore this area
Business Placement
Demographics for 22304, VA
49,237
Population
24,654
Households
2
Avg Household Size
37
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
10,258
Density / Sq Mi
$97,629
Median Household Income
$64,929
Median Earnings
$1,934
Median Rent
$496,000
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Mixed-use property - RC zoning supports residential, professional office, and live/work configurations.
Where is this mixed-use property located?
The property is located at 4600 DUKE Street Alexandria, VA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,140 finished square feet in Unit 413; RC zoning permits residential, professional office, or live/work configurations; Two bedrooms or adaptable room configurations with 1 full bathroom
