Residential Income Property with
1016 S WAYNE STREET Unit 308, Arlington, VA 22204
For Sale
$550,000
The 1,300-square-foot residence includes two bedrooms, updated kitchen and baths, and access to building amenities.
Property Size1,300 SF
Price / SF$423.08
Days on Market31
Property Features for 1016 S WAYNE STREET Unit 308
General Information
Standard status
Size
Property subtype
Site & Location
Neighborhood
Public Transit
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Amenities
concierge
balcony
pool
green space
party room
library
card room
Building Details
Building Size
Year Built
Listing Agency:
Century 21 Redwood Realty
Listed By:
Gary Hughes · License VA #0225203214
(703) 939-0668
Source:
Barnesrealestatecompany
Added: Oct 15
Changed: Nov 12
Last Checked: Nov 12 at 2:36PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Century 21 Redwood Realty
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Investment Insights
Based on property information with market context.
This 1,300-square-foot residence, built in 1982, has two bedrooms, including a former den converted to a bedroom. Large windows bring natural light into the home, while updated flooring extends to the balcony. The kitchen features new cabinetry, a refrigerator, and a dishwasher; the bathrooms have also been updated. A garage and front lobby provide two entry options, and concierge service and on-site management are available to residents.
Building amenities include a pool, landscaped green space, party room, resident library, and card room. A Metrobus stop is less than a block away, with service to the Pentagon Metro station and its Yellow and Blue lines. Columbia Pike is also nearby.
Building amenities include a pool, landscaped green space, party room, resident library, and card room. A Metrobus stop is less than a block away, with service to the Pentagon Metro station and its Yellow and Blue lines. Columbia Pike is also nearby.
Key Highlights
- 1,300‑square‑foot residence with two bedrooms, including a den converted to a bedroom
- Balcony and large windows
- Updated kitchen with new cabinetry, refrigerator, and dishwasher
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,562
Cap Rate
3.56%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,240
$391.2K
Cap Rate 7%
$279,457
$279.5K
Cap Rate 9%
$217,356
$217.4K
Market Conditions
NOI Build-Up for 1,300 SF
Gross rent
$37.4K $28.80/SF
− Vacancy
−$1.9K −$1.44/SF
EGI
$35.6K $27.36/SF
− OpEx
−$16.0K −$12.31/SF
NOI
$19.6K $15.05/SF
Area
Arlington, VA
Vacancy
5.00%
Lease Rate
$28.80 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$391,240
Cap Rate 7%
$279,457
Cap Rate 9%
$217,356
Alternative Uses
Best Use
Apartment 5plus
$279.5K
$244.5K – $326.0K
NOI $19,562 @ 7.0% cap · market cap 3.56%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$722.1K
$631.8K – $842.4K
NOI $50,544 @ 7.0% cap · market cap 9.19%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
993
Businesses Nearby
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Business Placement
Demographics for 22204, VA
52,761
Population
24,128
Households
2.2
Avg Household Size
35
Median Age
62%
College-Educated
91%
High-School Grad
4.1 sq mi
ZIP Area
12,869
Density / Sq Mi
$109,277
Median Household Income
$73,091
Median Earnings
$1,871
Median Rent
$672,100
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The 1,300-square-foot residence includes two bedrooms, updated kitchen and baths, and access to building amenities.
Where is this residential income property located?
The property is located at 1016 S WAYNE STREET Unit 308 Arlington, VA.
What is the asking price?
The asking price for this property is $550,000.
What are key features of this property?
This property features: 1,300‑square‑foot residence with two bedrooms, including a den converted to a bedroom; Balcony and large windows; Updated kitchen with new cabinetry, refrigerator, and dishwasher
