Updated Two-Bedroom Income
For Sale
$515,000
1809 KENWOOD AVENUE Unit 301, Alexandria, VA 22302
Condominium features open living areas, a private balcony, and two bedrooms with en-suite bathrooms.
Property Size1,204 SF
Price / SF$427.74
Days on Market152
Property Features for 1809 KENWOOD AVENUE Unit 301
General Information
Standard status
Active
Size
1,204 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Highway Access
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$5,347
Building Details
Building Size
1,204 SF
Year Built
1993
Listing Agency:
Corcoran McEnearney
(703) 862-4543
Listed By:
Julie A Pearson · License #0225066124
(703) 862-4543
Source:
Kerishull
Added: Apr 2
Changed: Aug 28
Last Checked: Aug 31 at 12:39AM
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 1,204-square-foot condominium, built in 1993, is arranged across two levels with an open main-floor living and dining area, gas fireplace, ceiling fan, and newer carpeting. Large replacement windows bring natural light inside, while a sliding glass door connects the living area to a private balcony. The kitchen includes granite countertops, ample cabinetry, a breakfast bar, and GE Profile appliances. A half bath serves the main level.
Upstairs, both bedrooms have private updated bathrooms, walk-in closets, new windows, and ceiling fans. The primary suite adds dual sinks, extensive cabinetry, and a large spa-style shower. A front-loading washer and dryer are located within the unit, and parking is positioned outside the residence.
The property is in Alexandria, with access to I-395, Bradlee Shopping Center, Old Town, and the broader DC metro area. Ramparts Tavern and Grill, St. Elmo’s Coffee Pub, Great Harvest Bread, Fairlington Pizza, and Baskin-Robbins are each identified as a 4-minute walk away.
Upstairs, both bedrooms have private updated bathrooms, walk-in closets, new windows, and ceiling fans. The primary suite adds dual sinks, extensive cabinetry, and a large spa-style shower. A front-loading washer and dryer are located within the unit, and parking is positioned outside the residence.
The property is in Alexandria, with access to I-395, Bradlee Shopping Center, Old Town, and the broader DC metro area. Ramparts Tavern and Grill, St. Elmo’s Coffee Pub, Great Harvest Bread, Fairlington Pizza, and Baskin-Robbins are each identified as a 4-minute walk away.
Key Highlights
- 1,204 SF condominium built in 1993
- Two‑level layout with 2 bedrooms and 2.5 bathrooms
- Private balcony accessed through a new sliding glass door
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
$18,456
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
3.58%
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%
$369,120
$369.1K
Cap Rate 7%
$263,657
$263.7K
Cap Rate 9%
$205,067
$205.1K
Market Conditions
NOI Build-Up for 1,204 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
$35.4K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$33.6K $27.87/SF
− OpEx
−$15.1K −$12.54/SF
NOI
$18.5K $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 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%
$369,120
Cap Rate 7%
$263,657
Cap Rate 9%
$205,067
Alternative Uses
Best Use
Apartment 5plus
$263.7K
$230.7K – $307.6K
NOI $18,456 @ 7.0% cap · market cap 3.58%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$668.7K
$585.2K – $780.2K
NOI $46,812 @ 7.0% cap · market cap 9.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
701
Businesses Nearby
Explore this area
Business Placement
Demographics for 22302, VA
17,972
Population
9,660
Households
1.9
Avg Household Size
38
Median Age
70%
College-Educated
93%
High-School Grad
2.3 sq mi
ZIP Area
7,814
Density / Sq Mi
$127,037
Median Household Income
$83,782
Median Earnings
$2,039
Median Rent
$630,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Condominium features open living areas, a private balcony, and two bedrooms with en-suite bathrooms.
Where is this residential income property located?
The property is located at 1809 KENWOOD AVENUE Unit 301 Alexandria, VA.
What is the asking price?
The asking price for this property is $515,000.
What are key features of this property?
This property features: 1,204 SF condominium built in 1993; Two‑level layout with 2 bedrooms and 2.5 bathrooms; Private balcony accessed through a new sliding glass door
