Top-Floor Residential Income
For Sale
$450,000
203 YOAKUM PARKWAY Unit 1807, Alexandria, VA 22304
Top-floor condominium residence with a private balcony, remodeled kitchen, assigned garage parking, and extensive community amenities.
Property Size1,309 SF
Days on Market18
Property Features for 203 YOAKUM PARKWAY Unit 1807
General Information
Standard status
Active
Size
1,309 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$4,668
Building Details
Building Size
1,309 SF
Year Built
1975
Listing Agency:
Homecoin.com
Listed By:
Jonathan Minerick · License #0225248917
(888) 400-2513
Source:
Dcmetrorealtyteam
Added: Aug 22
Changed: Sep 4
Last Checked: Sep 8 at 11:26AM
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 Homecoin.com
Investment Insights
Based on property information with market context.
This top-floor residential income property is a condominium residence at Watergate at Landmark with a private covered balcony and western views over trees and a public park. The remodeled kitchen includes stainless steel appliances, quartz countertops, and ceramic tile flooring. The residence also offers two bedrooms, two full bathrooms, a dressing area, multiple closets, in-unit laundry, and additional storage in the building. Privately controlled HVAC was installed in 2019.
The gated community spans 35+ acres and provides assigned garage parking, open-lot parking, pools, tennis courts, fitness facilities, walking paths, sports courts, saunas, social rooms, a convenience store, cafe, salon, and other resident amenities. A free shuttle serves nearby Van Dorn Metro and local shopping centers. The property is minutes from 395/495/95, Washington, D.C., the Pentagon, Reagan National Airport, Old Town Alexandria, and Fort Belvoir.
The gated community spans 35+ acres and provides assigned garage parking, open-lot parking, pools, tennis courts, fitness facilities, walking paths, sports courts, saunas, social rooms, a convenience store, cafe, salon, and other resident amenities. A free shuttle serves nearby Van Dorn Metro and local shopping centers. The property is minutes from 395/495/95, Washington, D.C., the Pentagon, Reagan National Airport, Old Town Alexandria, and Fort Belvoir.
Key Highlights
- Top‑floor residence with private covered balcony and western views over trees and a public park
- Remodeled kitchen with stainless steel appliances, quartz countertops, and ceramic tile flooring
- Two bedrooms, two full bathrooms, in‑unit washer/dryer, multiple closets, and additional building storage
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
$20,066
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
4.46%
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%
$401,320
$401.3K
Cap Rate 7%
$286,657
$286.7K
Cap Rate 9%
$222,956
$223.0K
Market Conditions
NOI Build-Up for 1,309 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
$38.5K $29.40/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$36.5K $27.87/SF
− OpEx
−$16.4K −$12.54/SF
NOI
$20.1K $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%
$401,320
Cap Rate 7%
$286,657
Cap Rate 9%
$222,956
Alternative Uses
Best Use
Apartment 5plus
$286.7K
$250.8K – $334.4K
NOI $20,066 @ 7.0% cap · market cap 4.46%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$727.1K
$636.2K – $848.2K
NOI $50,894 @ 7.0% cap · market cap 11.31%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,582
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 - Top-floor condominium residence with a private balcony, remodeled kitchen, assigned garage parking, and extensive community amenities.
Where is this residential income property located?
The property is located at 203 YOAKUM PARKWAY Unit 1807 Alexandria, VA.
What is the asking price?
The asking price for this property is $450,000.
What are key features of this property?
This property features: Top‑floor residence with private covered balcony and western views over trees and a public park; Remodeled kitchen with stainless steel appliances, quartz countertops, and ceramic tile flooring; Two bedrooms, two full bathrooms, in‑unit washer/dryer, multiple closets, and additional building storage
