Updated Two-Bedroom Income
New
For Sale
$375,000
1224 N MEADE STREET Unit ES102, Arlington, VA 22209
Updated condo with utility-inclusive fees, parking permits, private-lot access, and dedicated storage.
Property Size840 SF
Price / SF$446.43
Days on Market3
Property Features for 1224 N MEADE STREET Unit ES102
General Information
Standard status
Active
Size
840 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$3,747
Amenities
storage unit
Building Details
Building Size
840 SF
Year Built
1952
Listing Agency:
Corcoran McEnearney
Listed By:
Joan M Reimann · License #0225205308
(703) 505-5626
Source:
Kwcapitalproperties
Added: Sep 3
Changed: Sep 5
Last Checked: Sep 5 at 3:23PM
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
Investment Insights
Based on property information with market context.
This updated residential income property offers a two-bedroom, one-bath condominium layout with 840 square feet of living space. Fresh paint and new carpets support a move-in-ready presentation, while the floor plan provides flexibility for guests, an office, or additional living space. The condo fee includes all utilities, and the property includes two parking permits for the private lot plus a storage unit. Built in 1952.
The residence is directly across from the Iwo Jima Memorial and near the Fort Myer gate. Rosslyn Metro is approximately 3 blocks away, with Blue, Orange, and Silver Line service. Georgetown is accessible across the Key Bridge, while Arlington Memorial Bridge connects to the Lincoln Memorial, Reflecting Pool, Washington Monument, and National Mall. Theodore Roosevelt Island is approximately 1.5 miles away by walking route and provides wooded trails, wildlife viewing, and connections to the Mount Vernon Trail.
The residence is directly across from the Iwo Jima Memorial and near the Fort Myer gate. Rosslyn Metro is approximately 3 blocks away, with Blue, Orange, and Silver Line service. Georgetown is accessible across the Key Bridge, while Arlington Memorial Bridge connects to the Lincoln Memorial, Reflecting Pool, Washington Monument, and National Mall. Theodore Roosevelt Island is approximately 1.5 miles away by walking route and provides wooded trails, wildlife viewing, and connections to the Mount Vernon Trail.
Key Highlights
- Two‑bedroom, one‑bath condominium with 840 square feet
- Condo fee includes all utilities
- Two parking permits for the private lot
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
$12,640
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
3.37%
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%
$252,800
$252.8K
Cap Rate 7%
$180,571
$180.6K
Cap Rate 9%
$140,444
$140.4K
Market Conditions
NOI Build-Up for 840 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
$24.2K $28.80/SF
− Vacancy
−$1.2K −$1.44/SF
EGI
$23.0K $27.36/SF
− OpEx
−$10.3K −$12.31/SF
NOI
$12.6K $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 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%
$252,800
Cap Rate 7%
$180,571
Cap Rate 9%
$140,444
Alternative Uses
Best Use
Apartment 5plus
$180.6K
$158.0K – $210.7K
NOI $12,640 @ 7.0% cap · market cap 3.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$466.6K
$408.2K – $544.3K
NOI $32,659 @ 7.0% cap · market cap 8.71%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
2,461
Businesses Nearby
Explore this area
Business Placement
Demographics for 22209, VA
14,859
Population
9,261
Households
1.6
Avg Household Size
33
Median Age
86%
College-Educated
98%
High-School Grad
0.7 sq mi
ZIP Area
21,227
Density / Sq Mi
$110,824
Median Household Income
$83,221
Median Earnings
$2,171
Median Rent
$799,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condo with utility-inclusive fees, parking permits, private-lot access, and dedicated storage.
Where is this residential income property located?
The property is located at 1224 N MEADE STREET Unit ES102 Arlington, VA.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two‑bedroom, one‑bath condominium with 840 square feet; Condo fee includes all utilities; Two parking permits for the private lot
