Top-Floor Residential Income
For Sale
$320,000
202 SKYHILL ROAD Unit 8, Alexandria, VA 22314
Updated condominium with vaulted skylights, a private balcony, and dedicated parking in a wooded setting.
Property Size979 SF
Days on Market13
Property Features for 202 SKYHILL ROAD Unit 8
General Information
Standard status
Active
Size
979 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,313
Building Details
Building Size
979 SF
Year Built
1959
Listing Agency:
CENTURY 21 New Millennium
Listed By:
Douglas K. Eley · License #0225021152
(703) 803-3895
Source:
Dcmetrorealtyteam
Added: Aug 28
Changed: Sep 7
Last Checked: Sep 8 at 12:10PM
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 CENTURY 21 New Millennium
Investment Insights
Based on property information with market context.
This top-floor condominium offers two bedrooms, vaulted ceilings with skylights, and a private balcony oriented toward trees and greenspace. Large sliding glass doors bring natural light into the living areas. Interior improvements include a 2025 HVAC system, a renovated kitchen with granite surfaces, updated cabinetry, a stainless steel gas range, newer microwave, new LVP flooring in the main living areas, fresh bedroom carpeting, updated lighting, and refreshed bathroom finishes. A stacked washer and dryer are located within the unit.
The property includes reserved parking along with visitor parking near the building. Condo fees cover water and gas. Whole Foods and Giant are less than 1 mile away, while Wegmans is approximately a 4-minute drive. Angel Park is one block away, King St Metro is just over a mile away, and the Historic District of Old Town Alexandria is 2.5 miles from the property. The condominium was built in 1959.
The property includes reserved parking along with visitor parking near the building. Condo fees cover water and gas. Whole Foods and Giant are less than 1 mile away, while Wegmans is approximately a 4-minute drive. Angel Park is one block away, King St Metro is just over a mile away, and the Historic District of Old Town Alexandria is 2.5 miles from the property. The condominium was built in 1959.
Key Highlights
- Top‑floor 2‑bedroom condominium with vaulted ceilings and skylights
- Private balcony faces trees and greenspace
- 2025 HVAC replacement, including interior and exterior equipment
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
$15,007
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
4.69%
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%
$300,140
$300.1K
Cap Rate 7%
$214,386
$214.4K
Cap Rate 9%
$166,744
$166.7K
Market Conditions
NOI Build-Up for 979 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
$28.8K $29.40/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$27.3K $27.87/SF
− OpEx
−$12.3K −$12.54/SF
NOI
$15.0K $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%
$300,140
Cap Rate 7%
$214,386
Cap Rate 9%
$166,744
Alternative Uses
Best Use
Apartment 5plus
$214.4K
$187.6K – $250.1K
NOI $15,007 @ 7.0% cap · market cap 4.69%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$543.8K
$475.8K – $634.4K
NOI $38,064 @ 7.0% cap · market cap 11.90%
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
926
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Updated condominium with vaulted skylights, a private balcony, and dedicated parking in a wooded setting.
Where is this residential income property located?
The property is located at 202 SKYHILL ROAD Unit 8 Alexandria, VA.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Top‑floor 2‑bedroom condominium with vaulted ceilings and skylights; Private balcony faces trees and greenspace; 2025 HVAC replacement, including interior and exterior equipment
