Two-Bedroom Residential Income
For Sale
$329,000
203 YOAKUM PARKWAY Unit 920, Alexandria, VA 22304
Freshly updated two-bedroom condo with a large balcony and new interior flooring in the main living areas and kitchen.
Property Size1,064 SF
Days on Market29
Property Features for 203 YOAKUM PARKWAY Unit 920
General Information
Standard status
Active
Size
1,064 SF
Property subtype
Unit/Flat/Apartment
Site & Location
Public Transit
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 2BR
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,020
Amenities
gated community
pool
fitness center
library
game room
grocery store
pickleball courts
tennis courts
putting green
shuttle to metro
Building Details
Building Size
1,064 SF
Year Built
1975
Listing Agency:
TTR Sotheby's International Realty
(703) 980-9595
Listed By:
Mary G Hurlbut · License #0225021761
(703) 980-9595
Source:
Dcmetrorealtyteam
Added: Jul 29
Changed: Aug 24
Last Checked: Aug 25 at 11:17AM
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 TTR Sotheby's International Realty
Investment Insights
Based on property information with market context.
Located at Watergate at Landmark, this two-bedroom condo unit offers a spacious layout with recent interior updates. The home has been freshly painted and features new luxury vinyl planking (LVP) in the main living areas and kitchen, along with new carpet in the primary bedroom. The kitchen includes solid surface countertops, a new dishwasher and refrigerator, recent double ovens, and a pantry with pullout shelves and additional shelving. A large balcony provides an outdoor setting with views of the grounds and pools. HVAC in the balcony closet is dated to 2021.
Watergate at Landmark is a gated community on 35 landscaped acres with extensive amenities, including an enormous pool, state-of-the-art fitness center, library, and game room. The community also features a well-stocked grocery store, pickleball and tennis courts, a putting green, and regular shuttles to the Van Dorn Metro station. The condo fee includes all utilities, and the residence is pet friendly.
Year built is 1975.
Watergate at Landmark is a gated community on 35 landscaped acres with extensive amenities, including an enormous pool, state-of-the-art fitness center, library, and game room. The community also features a well-stocked grocery store, pickleball and tennis courts, a putting green, and regular shuttles to the Van Dorn Metro station. The condo fee includes all utilities, and the residence is pet friendly.
Year built is 1975.
Key Highlights
- Condo fee includes all utilities; pet friendly community
- Watergate at Landmark gated community on 35 landscaped acres with pool, fitness center, and more
- Large balcony with views of grounds and pools
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
$16,310
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
4.96%
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%
$326,200
$326.2K
Cap Rate 7%
$233,000
$233.0K
Cap Rate 9%
$181,222
$181.2K
Market Conditions
NOI Build-Up for 1,064 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
$31.3K $29.40/SF
− Vacancy
−$1.6K −$1.53/SF
EGI
$29.7K $27.87/SF
− OpEx
−$13.3K −$12.54/SF
NOI
$16.3K $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%
$326,200
Cap Rate 7%
$233,000
Cap Rate 9%
$181,222
Alternative Uses
Best Use
Apartment 5plus
$233.0K
$203.9K – $271.8K
NOI $16,310 @ 7.0% cap · market cap 4.96%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$591.0K
$517.1K – $689.5K
NOI $41,368 @ 7.0% cap · market cap 12.57%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Utilities to site
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 - Freshly updated two-bedroom condo with a large balcony and new interior flooring in the main living areas and kitchen.
Where is this residential income property located?
The property is located at 203 YOAKUM PARKWAY Unit 920 Alexandria, VA.
What is the asking price?
The asking price for this property is $329,000.
What are key features of this property?
This property features: Condo fee includes all utilities; pet friendly community; Watergate at Landmark gated community on 35 landscaped acres with pool, fitness center, and more; Large balcony with views of grounds and pools
