Renovated Two-Bedroom Residential Income
For Sale
$335,000
Pending
1315 S WALTER REED DR # 17101 204, Arlington, VA 22204
ARLINGTON, VA
Property Size838 SF
Days on Market36
Property Features for 1315 S WALTER REED DR # 17101 204
General Information
Property type
Residential Multi Family
Property subtype
Other
Bedrooms
2
Bathrooms
1
Full bathrooms
1
Rooms
Bedroom 1, Bedroom 2
Subdivision
COMMONS OF ARLINGTON
Elementary school
RANDOLPH
Middle school
JEFFERSON
High school
WAKEFIELD
Elementary school district
ARLINGTON COUNTY PUBLIC SCHOOLS
Middle school district
ARLINGTON COUNTY PUBLIC SCHOOLS
High school district
ARLINGTON COUNTY PUBLIC SCHOOLS
Standard status
Pending
Amenities
pool
fitness center
sauna
interior bike storage
laundry room
dedicated storage area
Building Details
Year built
1948
Listing Agency:
One Bethesda
(240) 497-1700
Listed By:
Trevor M Crowley
(908) 370-7839
Added: Aug 6
Changed: Sep 6
Last Checked: Sep 10 at 6:06AM
MLS# VAAR2077346
Copyright © 2026 Long & Foster Real Estate. 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.
This 838-square-foot condominium, built in 1948, offers two bedrooms with refreshed interior finishes. Improvements include a renovated kitchen with new cabinetry and appliances, an updated bathroom, fresh paint, new carpet, new light fixtures, and six closets distributed throughout the residence. Each unit also includes a dedicated storage area, while the community provides interior bike storage and a laundry room with new appliances.
Community amenities include a pool, fitness center, sauna, renovated fitness-center bathrooms with a shower, and free parking. The condominium fee covers water, snow removal, and window maintenance. The property is near Columbia Pike, Glebe Road, I-395, Metro access, Walter Reed Community Center, dog parks, and Shirlington dining and shopping.
Community amenities include a pool, fitness center, sauna, renovated fitness-center bathrooms with a shower, and free parking. The condominium fee covers water, snow removal, and window maintenance. The property is near Columbia Pike, Glebe Road, I-395, Metro access, Walter Reed Community Center, dog parks, and Shirlington dining and shopping.
Key Highlights
- 838‑square‑foot condominium with two bedrooms
- Renovated kitchen with new cabinets and full appliance package
- Updated bathroom, fresh paint, new carpet, and new light fixtures
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
$12,610
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
3.76%
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%
$252,200
$252.2K
Cap Rate 7%
$180,143
$180.1K
Cap Rate 9%
$140,111
$140.1K
Market Conditions
NOI Build-Up for 838 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
$24.1K $28.80/SF
− Vacancy
−$1.2K −$1.44/SF
EGI
$22.9K $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%
$252,200
Cap Rate 7%
$180,143
Cap Rate 9%
$140,111
Alternative Uses
Best Use
Apartment 5plus
$180.1K
$157.6K – $210.2K
NOI $12,610 @ 7.0% cap · market cap 3.76%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$465.4K
$407.3K – $543.0K
NOI $32,581 @ 7.0% cap · market cap 9.73%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Unlock full access to Insights
Subscribe to Realmo Intelligence
Open Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
1,112
Businesses Nearby
Explore this area
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Updated interiors, dedicated storage, and community amenities support comfortable residential use.
Where is this residential income property located?
The property is located at 1315 S WALTER REED DR # 17101 204 Arlington, VA.
What is the asking price?
The asking price for this property is $335,000.
What are key features of this property?
This property features: 838‑square‑foot condominium with two bedrooms; Renovated kitchen with new cabinets and full appliance package; Updated bathroom, fresh paint, new carpet, and new light fixtures
