Top-Floor Residential Income
For Sale
$530,000
2331 HENSHAW PLACE Unit 301, Alexandria, VA 22311
End-unit residence with a private deck, loft office, fireplace, and concealed bonus room.
Property Size1,433 SF
Price / SF$369.85
Days on Market16
Property Features for 2331 HENSHAW PLACE Unit 301
General Information
Standard status
Active
Size
1,433 SF
Property subtype
Penthouse Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$5,581
Building Details
Building Size
1,433 SF
Year Built
1992
Listing Agency:
Berkshire Hathaway HomeServices PenFed Realty
Listed By:
Karen Reisdorf · License #658316
(301) 848-4902
Source:
Kerishull
Added: Aug 19
Changed: Aug 31
Last Checked: Sep 2 at 12:49AM
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 top-floor end unit offers a two-bedroom, two-bathroom layout with a bright main living level, dining area, and kitchen arranged for comfortable daily use. The living room rises to 30-foot cathedral ceilings and includes a fireplace, while a private deck extends from the dining area. Both bedrooms and bathrooms are located upstairs, including a primary suite with cathedral ceilings, plantation shutters, organized shelving, and a large ensuite bath.
A loft provides flexible office space and connects by custom spiral staircase to a concealed bonus room that can serve as a lounge, studio, or storage area. Additional storage is available in the garage. Built in 1992, the property is located in Alexandria, Virginia.
A loft provides flexible office space and connects by custom spiral staircase to a concealed bonus room that can serve as a lounge, studio, or storage area. Additional storage is available in the garage. Built in 1992, the property is located in Alexandria, Virginia.
Key Highlights
- Top‑floor end unit with 2 bedrooms and 2 bathrooms
- 30 ft cathedral ceilings in the living room and primary suite
- Private deck accessed from the dining area
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
$21,967
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
4.14%
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%
$439,340
$439.3K
Cap Rate 7%
$313,814
$313.8K
Cap Rate 9%
$244,078
$244.1K
Market Conditions
NOI Build-Up for 1,433 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
$42.1K $29.40/SF
− Vacancy
−$2.2K −$1.53/SF
EGI
$39.9K $27.87/SF
− OpEx
−$18.0K −$12.54/SF
NOI
$22.0K $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%
$439,340
Cap Rate 7%
$313,814
Cap Rate 9%
$244,078
Alternative Uses
Best Use
Apartment 5plus
$313.8K
$274.6K – $366.1K
NOI $21,967 @ 7.0% cap · market cap 4.14%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$795.9K
$696.4K – $928.6K
NOI $55,715 @ 7.0% cap · market cap 10.51%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,726
Businesses Nearby
Explore this area
Business Placement
Demographics for 22311, VA
19,934
Population
9,129
Households
2.2
Avg Household Size
34
Median Age
47%
College-Educated
86%
High-School Grad
1.5 sq mi
ZIP Area
13,289
Density / Sq Mi
$84,759
Median Household Income
$51,504
Median Earnings
$1,909
Median Rent
$691,900
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - End-unit residence with a private deck, loft office, fireplace, and concealed bonus room.
Where is this residential income property located?
The property is located at 2331 HENSHAW PLACE Unit 301 Alexandria, VA.
What is the asking price?
The asking price for this property is $530,000.
What are key features of this property?
This property features: Top‑floor end unit with 2 bedrooms and 2 bathrooms; 30 ft cathedral ceilings in the living room and primary suite; Private deck accessed from the dining area
