Residential Income Property with Private
New
For Sale
$324,900
200 N PICKETT STREET Unit 1002, Alexandria, VA 22304
Updated two-bedroom condominium residence with abundant natural light, garage parking, and access to extensive community amenities.
Property Size1,200 SF
Price / SF$279.84
Days on Market6
Property Features for 200 N PICKETT STREET Unit 1002
General Information
Standard status
Active
Size
1,200 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Multifamily Units
1
Parking per Unit
1
Taxes and HOA fees
Annual Taxes
$4,124
Amenities
outdoor swimming pool
tennis court
fitness center
renovated party room
secure building access
extra storage
beautifully maintained grounds
guest parking
Building Details
Building Size
1,200 SF
Year Built
1975
Listing Agency:
Samson Properties
Listed By:
Alleyah M. Miner · License #SP200201607
(240) 416-5488
Source:
Dcmetrorealtyteam
Added: Sep 3
Changed: Sep 8
Last Checked: Sep 8 at 11:19AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This 2-bedroom, 2-bath condominium residence occupies the 10th floor of Hallmark Condominium and offers approximately 1,161 square feet of living space. The interior includes bamboo flooring, crown molding, an open living and dining area, and oversized glass doors leading to a private balcony. A renovated kitchen features granite countertops, stainless steel appliances, cabinetry, and a pass-through to the main living area. The primary suite includes a renovated bath and walk-in closet, while the second bedroom has French doors and flexible use as an office or den. In-unit laundry, additional storage, and an assigned underground garage parking space are also included.
Community amenities include an outdoor pool, tennis court, fitness center, renovated party room, secure access, guest parking, and maintained grounds. All Veterans Park and Holmes Run Trail are directly across the street, with shopping, dining, library, grocery, pharmacy, and a farmers market nearby. Metrobus and DASH service are available outside the building, with access to Van Dorn Metro, I-395, I-495, Old Town Alexandria, the Pentagon, downtown DC, and Reagan National Airport.
Community amenities include an outdoor pool, tennis court, fitness center, renovated party room, secure access, guest parking, and maintained grounds. All Veterans Park and Holmes Run Trail are directly across the street, with shopping, dining, library, grocery, pharmacy, and a farmers market nearby. Metrobus and DASH service are available outside the building, with access to Van Dorn Metro, I-395, I-495, Old Town Alexandria, the Pentagon, downtown DC, and Reagan National Airport.
Key Highlights
- Approximately 1,161 square feet with 2 bedrooms and 2 baths
- 10th‑floor condominium with private balcony and oversized glass doors
- Renovated kitchen and primary bath; bamboo flooring throughout the living areas
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
$17,797
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
5.48%
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%
$355,940
$355.9K
Cap Rate 7%
$254,243
$254.2K
Cap Rate 9%
$197,744
$197.7K
Market Conditions
NOI Build-Up for 1,161 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
$34.1K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$32.4K $27.87/SF
− OpEx
−$14.6K −$12.54/SF
NOI
$17.8K $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%
$355,940
Cap Rate 7%
$254,243
Cap Rate 9%
$197,744
Alternative Uses
Best Use
Apartment 5plus
$254.2K
$222.5K – $296.6K
NOI $17,797 @ 7.0% cap · market cap 5.48%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$644.9K
$564.3K – $752.3K
NOI $45,140 @ 7.0% cap · market cap 13.89%
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
1,016
Businesses Nearby
Explore this area
Business Placement
Demographics for 22304, VA
49,237
Population
24,654
Households
2
Avg Household Size
37
Median Age
59%
College-Educated
94%
High-School Grad
4.8 sq mi
ZIP Area
10,258
Density / Sq Mi
$97,629
Median Household Income
$64,929
Median Earnings
$1,934
Median Rent
$496,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated two-bedroom condominium residence with abundant natural light, garage parking, and access to extensive community amenities.
Where is this residential income property located?
The property is located at 200 N PICKETT STREET Unit 1002 Alexandria, VA.
What is the asking price?
The asking price for this property is $324,900.
What are key features of this property?
This property features: Approximately 1,161 square feet with 2 bedrooms and 2 baths; 10th‑floor condominium with private balcony and oversized glass doors; Renovated kitchen and primary bath; bamboo flooring throughout the living areas
