Residential Income Property with
For Sale
$669,900
1600 N OAK STREET Unit 618, Arlington, VA 22209
End-unit condominium with two bedrooms, generous storage, and access to full-service building amenities.
Property Size1,430 SF
Price / SF$468.46
Days on Market10
Property Features for 1600 N OAK STREET Unit 618
General Information
Standard status
Active
Size
1,430 SF
Property subtype
Unit/Flat/Apartment
Property Condition
Severity
Repairs Needed
Evidence
kitchen and bathrooms are original
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$7,528
Amenities
outdoor pool
fitness center
tennis courts
24-hour front desk
party room
convenience store
car wash area
garage parking
storage unit
Building Details
Building Size
1,430 SF
Year Built
1987
Listing Agency:
Real Broker, LLC - Arlington
(703) 472-0574
Listed By:
Matthew P Leighton · License #0225206552
(703) 472-0574
Source:
Kwcapitalproperties
Added: Aug 13
Changed: Aug 20
Last Checked: Aug 22 at 10:31AM
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 Real Broker, LLC - Arlington
Investment Insights
Based on property information with market context.
Unit 618 is a 1,430-square-foot end-unit condominium in a 1987 building, with two bedrooms, walk-in closets, a formal dining room, an eat-in kitchen, and an enclosed glass sunroom adjoining the living room. The kitchen and bathrooms retain their original finishes, providing a clearly defined renovation opportunity. Garage parking and an additional storage unit are included.
The Belvedere provides a large outdoor pool, fitness center, tennis courts lined for pickleball, a 24-hour front desk, party room, convenience store, and car wash area. Building improvements include renovated hallways, resurfaced garage areas, a modernized mailroom, and updated garage elevator lobbies; a multi-phase capital improvement program is underway and fully budgeted, with more than $7M in reserve funds.
The property is located at 1600 N Oak Street in Arlington, Virginia, within walking distance of the Rosslyn Metro, Target, Starbucks, and Safeway. Trader Joe’s, Whole Foods, and Washington, D.C. are also minutes away.
The Belvedere provides a large outdoor pool, fitness center, tennis courts lined for pickleball, a 24-hour front desk, party room, convenience store, and car wash area. Building improvements include renovated hallways, resurfaced garage areas, a modernized mailroom, and updated garage elevator lobbies; a multi-phase capital improvement program is underway and fully budgeted, with more than $7M in reserve funds.
The property is located at 1600 N Oak Street in Arlington, Virginia, within walking distance of the Rosslyn Metro, Target, Starbucks, and Safeway. Trader Joe’s, Whole Foods, and Washington, D.C. are also minutes away.
Key Highlights
- 1,430‑square‑foot end‑unit condominium with enclosed glass sunroom
- Two bedrooms with walk‑in closets and substantial storage
- Kitchen and bathrooms retain original finishes for renovation
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
$21,519
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
3.21%
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%
$430,380
$430.4K
Cap Rate 7%
$307,414
$307.4K
Cap Rate 9%
$239,100
$239.1K
Market Conditions
NOI Build-Up for 1,430 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
$41.2K $28.80/SF
− Vacancy
−$2.1K −$1.44/SF
EGI
$39.1K $27.36/SF
− OpEx
−$17.6K −$12.31/SF
NOI
$21.5K $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%
$430,380
Cap Rate 7%
$307,414
Cap Rate 9%
$239,100
Alternative Uses
Best Use
Apartment 5plus
$307.4K
$269.0K – $358.7K
NOI $21,519 @ 7.0% cap · market cap 3.21%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$794.3K
$695.0K – $926.6K
NOI $55,598 @ 7.0% cap · market cap 8.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
3,100
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 - End-unit condominium with two bedrooms, generous storage, and access to full-service building amenities.
Where is this residential income property located?
The property is located at 1600 N OAK STREET Unit 618 Arlington, VA.
What is the asking price?
The asking price for this property is $669,900.
What are key features of this property?
This property features: 1,430‑square‑foot end‑unit condominium with enclosed glass sunroom; Two bedrooms with walk‑in closets and substantial storage; Kitchen and bathrooms retain original finishes for renovation
