Two-Level Residential Income
1023 N ROYAL STREET Unit 114, Alexandria, VA 22314
For Sale
New
$700,000
The two-story layout includes two private outdoor areas and direct access to a parking garage.
Property Size1,446 SF
Price / SF$484.09
Days on Market4
Property Features for 1023 N ROYAL STREET Unit 114
General Information
Standard status
Size
Total Parking Spaces
Property subtype
Site & Location
Neighborhood
Additional Details
Multifamily Units
Taxes and HOA fees
Annual Taxes
Building Details
Building Size
Year Built
Listing Agency:
Corcoran McEnearney
Listed By:
Heidi E Burkhardt · License #0225206337
(703) 217-6009
Source:
Kerishull
Added: Nov 6
Changed: Nov 8
Last Checked: Nov 8 at 11:46AM
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 Corcoran McEnearney
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Investment Insights
Based on property information with market context.
This 1,446-square-foot, two-story residential property was built in 2007. The main level combines an open kitchen and living area with a center island, stainless steel appliances, a bedroom with a walk-in closet, and a renovated primary bathroom. Hardwood floors, recessed lighting, crown molding, and high ceilings are among the interior finishes. A covered front terrace and a separate rear patio provide two outdoor spaces; the rear patio has a water fountain.
The lower level has 9-foot ceilings, a second full bathroom, and access to the parking garage. Two dedicated parking spaces convey. The kitchen includes a Wolf gas stove, Samsung four-door flex refrigerator, and GE Profile microwave.
The lower level has 9-foot ceilings, a second full bathroom, and access to the parking garage. Two dedicated parking spaces convey. The kitchen includes a Wolf gas stove, Samsung four-door flex refrigerator, and GE Profile microwave.
Key Highlights
- 1,446‑square‑foot, two‑story residence built in 2007
- Two private patios, including a rear patio with a water fountain
- Two dedicated parking spaces convey
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$22,166
Cap Rate
3.17%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$443,320
$443.3K
Cap Rate 7%
$316,657
$316.7K
Cap Rate 9%
$246,289
$246.3K
Market Conditions
NOI Build-Up for 1,446 SF
Gross rent
$42.5K $29.40/SF
− Vacancy
−$2.2K −$1.53/SF
EGI
$40.3K $27.87/SF
− OpEx
−$18.1K −$12.54/SF
NOI
$22.2K $15.33/SF
Area
Alexandria, VA
Vacancy
5.20%
Lease Rate
$29.40 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$443,320
Cap Rate 7%
$316,657
Cap Rate 9%
$246,289
Alternative Uses
Best Use
Apartment 5plus
$316.7K
$277.1K – $369.4K
NOI $22,166 @ 7.0% cap · market cap 3.17%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$803.1K
$702.8K – $937.0K
NOI $56,220 @ 7.0% cap · market cap 8.03%
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
2,385
Businesses Nearby
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Business Placement
Demographics for 22314, VA
35,784
Population
21,154
Households
1.7
Avg Household Size
39
Median Age
79%
College-Educated
97%
High-School Grad
3.7 sq mi
ZIP Area
9,671
Density / Sq Mi
$144,359
Median Household Income
$98,121
Median Earnings
$2,312
Median Rent
$856,400
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - The two-story layout includes two private outdoor areas and direct access to a parking garage.
Where is this residential income property located?
The property is located at 1023 N ROYAL STREET Unit 114 Alexandria, VA.
What is the asking price?
The asking price for this property is $700,000.
What are key features of this property?
This property features: 1,446‑square‑foot, two‑story residence built in 2007; Two private patios, including a rear patio with a water fountain; Two dedicated parking spaces convey
