Two-Bedroom Garden-Style
New
For Sale
$554,900
181 E REED AVENUE Unit 109, Alexandria, VA 22305
A private deck with street-level stairs provides direct outdoor access from the residence.
Property Size1,204 SF
Price / SF$460.88
Days on Market5
Property Features for 181 E REED AVENUE Unit 109
General Information
Standard status
Active
Size
1,204 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$5,942
Amenities
fitness center
billiard/party room
rooftop terrace
in-unit laundry
deck
secure storage
Building Details
Building Size
1,204 SF
Year Built
2003
Construction
garden-style
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Linda K Thompson · License #0226005324
(703) 850-5676
Source:
Kerishull
Added: Sep 22
Changed: Sep 24
Last Checked: Sep 24 at 2:13PM
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 Berkshire Hathaway HomeServices PenFed Realty
Investment Insights
Based on property information with market context.
This 1,204-square-foot residence, built in 2003, has two bedrooms and two bathrooms. Its open living, dining, and kitchen areas connect to a private deck with stairs leading to street level. The galley kitchen includes granite countertops, stainless steel appliances, a gas range, dishwasher, and built-in microwave. Hardwood floors, recessed lighting, double-pane windows, and in-unit laundry are also included. The primary bedroom has a walk-in closet and an en-suite bath; the second bedroom has a corner closet.
Community amenities include a fitness center, billiard and party room, rooftop terrace, secure storage, and two assigned garage parking spaces. The property is near a metro station, bus stops, parks, shopping, dining, and entertainment.
Community amenities include a fitness center, billiard and party room, rooftop terrace, secure storage, and two assigned garage parking spaces. The property is near a metro station, bus stops, parks, shopping, dining, and entertainment.
Key Highlights
- 1,204‑square‑foot residence built in 2003
- Two bedrooms and two bathrooms
- Private deck with stairs to street level
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
3.33%
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 3.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$668.7K
$585.2K – $780.2K
NOI $46,812 @ 7.0% cap · market cap 8.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Open Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
889
Businesses Nearby
Explore this area
Business Placement
Demographics for 22305, VA
17,849
Population
8,028
Households
2.2
Avg Household Size
34
Median Age
59%
College-Educated
83%
High-School Grad
1.3 sq mi
ZIP Area
13,730
Density / Sq Mi
$109,124
Median Household Income
$64,012
Median Earnings
$1,902
Median Rent
$817,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - A private deck with street-level stairs provides direct outdoor access from the residence.
Where is this residential income property located?
The property is located at 181 E REED AVENUE Unit 109 Alexandria, VA.
What is the asking price?
The asking price for this property is $554,900.
What are key features of this property?
This property features: 1,204‑square‑foot residence built in 2003; Two bedrooms and two bathrooms; Private deck with stairs to street level
