Mixed-Use Property with Boarding
For Sale
$1,395,000
300 N PATRICK STREET, Alexandria, VA 22314
Two-level commercial property combines an operating salon with residential room rentals and shared tenant facilities.
Property Size3,226 SF
Price / SF$432.42
Days on Market13
Property Features for 300 N PATRICK STREET
General Information
Standard status
Active
Size
3,226 SF
Property subtype
Mixed Use
Taxes and HOA fees
Annual Taxes
$12,671,724
Building Details
Building Size
3,226 SF
Year Built
1940
Listing Agency:
Tartan Properties, Inc.
(703) 836-6555
Listed By:
Mike B Porterfield · License #0225044112
(703) 836-6555
Source:
Kerishull
Added: Aug 12
Changed: Aug 24
Last Checked: Aug 23 at 1:02PM
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 Tartan Properties, Inc.
Investment Insights
Based on property information with market context.
This mixed-use building combines a ground-floor retail operation with an upper-level boarding house. The commercial space measures 1,611 sf and is occupied by a microblading and permanent make-up salon that began operating at the property in January 2020. The tenant is on a triple net lease that became month to month on May 1, 2026, and has expressed interest in renewing.
The second level contains 8 bedrooms and 2 full bathrooms, with each room occupied under a month-to-month lease. The landlord pays utilities and other expenses for the boarding house. Tenant amenities include laundry facilities, while the main level also provides a small utility room and approximately 200 square feet of fenced outdoor space. The building has three points of access and occupies a high-visibility corner at 300 N Patrick St in Alexandria, Virginia. The property is a short distance from King St and within minutes of the capital beltway and Amazon HQ2.
The second level contains 8 bedrooms and 2 full bathrooms, with each room occupied under a month-to-month lease. The landlord pays utilities and other expenses for the boarding house. Tenant amenities include laundry facilities, while the main level also provides a small utility room and approximately 200 square feet of fenced outdoor space. The building has three points of access and occupies a high-visibility corner at 300 N Patrick St in Alexandria, Virginia. The property is a short distance from King St and within minutes of the capital beltway and Amazon HQ2.
Key Highlights
- Mixed‑use building at 300 N Patrick St, Alexandria, VA 22314
- Ground‑floor retail space measures 1,611 sf
- Upper level includes 8 bedrooms and 2 full bathrooms
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
$107,915
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
7.74%
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%
$2,158,300
$2.2M
Cap Rate 7%
$1,541,643
$1.5M
Cap Rate 9%
$1,199,056
$1.2M
Market Conditions
NOI Build-Up for 3,226 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
$161.4K $50.04/SF
− Vacancy
−$7.3K −$2.25/SF
EGI
$154.2K $47.79/SF
− OpEx
−$46.2K −$14.34/SF
NOI
$107.9K $33.45/SF
Area
Alexandria, VA
Vacancy
4.50%
Lease Rate
$50.04 /SF/Yr
Expense Ratio
30.00%
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%
$2,158,300
Cap Rate 7%
$1,541,643
Cap Rate 9%
$1,199,056
Alternative Uses
Best Use
Retail
$1.54M
$1.35M – $1.80M
NOI $107,915 @ 7.0% cap · market cap 7.74%
Second Best
Mixed Use
$803.6K
$703.2K – $937.6K
NOI $56,253 @ 7.0% cap · market cap 4.03%
Theoretical Best
Specialty Retail
$1.79M
$1.57M – $2.09M
NOI $125,427 @ 7.0% cap · market cap 8.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
6,803
Businesses Nearby
Explore this area
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
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Mixed-use property - Two-level commercial property combines an operating salon with residential room rentals and shared tenant facilities.
Where is this mixed-use property located?
The property is located at 300 N PATRICK STREET Alexandria, VA.
What is the asking price?
The asking price for this property is $1,395,000.
What are key features of this property?
This property features: Mixed‑use building at 300 N Patrick St, Alexandria, VA 22314; Ground‑floor retail space measures 1,611 sf; Upper level includes 8 bedrooms and 2 full bathrooms
