Two-Bedroom Residential
For Sale
$410,000
2451 MIDTOWN AVENUE Unit 104, Alexandria, VA 22303
Renovated two-bedroom, two-bath residence with smart upgrades, in-unit laundry, and two assigned garage parking spaces.
Property Size1,048 SF
Days on Market38
Property Features for 2451 MIDTOWN AVENUE Unit 104
General Information
Standard status
Active
Size
1,048 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Taxes and HOA fees
Annual Taxes
$5,373
Amenities
concierge
fitness center
outdoor pool
spa
grilling area
picnic area
in-unit washer and dryer
Building Details
Building Size
1,048 SF
Year Built
2007
Listing Agency:
Corcoran McEnearney
Listed By:
Jeffrey Lewis Cann
(703) 717-1932
Source:
Dcmetrorealtyteam
Added: Jul 29
Changed: Sep 3
Last Checked: Sep 2 at 1:31AM
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 Corcoran McEnearney
Investment Insights
Based on property information with market context.
This renovated two-bedroom, two-bath residence is located on the 15th floor and designed for turnkey day-to-day living. New flooring and freshly refinished walls carry through the open living spaces, and smart-home upgrades include smart light switches, USB and USB-C outlets, and a smart thermostat. The renovated kitchen features new cabinetry, generous counter space, and a new microwave; the current smart refrigerator does not convey and will be replaced prior to settlement.
The primary and guest bathrooms have been transformed with new tubs, vanities, designer tile, illuminated mirrors, new toilets, and heated floors. Reconfigured closets with custom sliding doors add storage, and new window blinds complete the updates. An in-unit washer and dryer support convenient everyday use, along with two assigned garage parking spaces that convey with the property.
The building offers a 24-hour concierge, fitness center, outdoor pool, large jetted spa, and grilling and picnic area, along with secure garage parking. The residence is directly across from the Huntington Metro and is minutes from Old Town Alexandria, National Harbor, Amazon HQ2, I-495, and Washington, D.C. The property was built in 2007.
The primary and guest bathrooms have been transformed with new tubs, vanities, designer tile, illuminated mirrors, new toilets, and heated floors. Reconfigured closets with custom sliding doors add storage, and new window blinds complete the updates. An in-unit washer and dryer support convenient everyday use, along with two assigned garage parking spaces that convey with the property.
The building offers a 24-hour concierge, fitness center, outdoor pool, large jetted spa, and grilling and picnic area, along with secure garage parking. The residence is directly across from the Huntington Metro and is minutes from Old Town Alexandria, National Harbor, Amazon HQ2, I-495, and Washington, D.C. The property was built in 2007.
Key Highlights
- 15th‑floor renovated two‑bedroom, two‑bath residence with city views and abundant natural light
- Renovated kitchen with new cabinetry, generous counter space, and new microwave; smart refrigerator does not convey
- Spa‑inspired bathrooms with new tubs, vanities, designer tile, illuminated mirrors, new toilets, and heated floors
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
$16,065
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
3.92%
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%
$321,300
$321.3K
Cap Rate 7%
$229,500
$229.5K
Cap Rate 9%
$178,500
$178.5K
Market Conditions
NOI Build-Up for 1,048 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
$30.8K $29.40/SF
− Vacancy
−$1.6K −$1.53/SF
EGI
$29.2K $27.87/SF
− OpEx
−$13.1K −$12.54/SF
NOI
$16.1K $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%
$321,300
Cap Rate 7%
$229,500
Cap Rate 9%
$178,500
Alternative Uses
Best Use
Apartment 5plus
$229.5K
$200.8K – $267.8K
NOI $16,065 @ 7.0% cap · market cap 3.92%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$582.1K
$509.3K – $679.1K
NOI $40,746 @ 7.0% cap · market cap 9.94%
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
1,490
Businesses Nearby
Explore this area
Business Placement
Demographics for 22303, VA
16,109
Population
8,669
Households
1.9
Avg Household Size
36
Median Age
61%
College-Educated
92%
High-School Grad
1.9 sq mi
ZIP Area
8,478
Density / Sq Mi
$103,822
Median Household Income
$69,699
Median Earnings
$2,050
Median Rent
$547,300
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Renovated two-bedroom, two-bath residence with smart upgrades, in-unit laundry, and two assigned garage parking spaces.
Where is this residential income property located?
The property is located at 2451 MIDTOWN AVENUE Unit 104 Alexandria, VA.
What is the asking price?
The asking price for this property is $410,000.
What are key features of this property?
This property features: 15th‑floor renovated two‑bedroom, two‑bath residence with city views and abundant natural light; Renovated kitchen with new cabinetry, generous counter space, and new microwave; smart refrigerator does not convey; Spa‑inspired bathrooms with new tubs, vanities, designer tile, illuminated mirrors, new toilets, and heated floors
