Residential Income Property with
For Sale
$348,000
2451 MIDTOWN AVENUE Unit 1308, Alexandria, VA 22303
Updated condo residence with custom kitchen finishes, in-unit laundry, private garage parking, and access to community amenities.
Property Size805 SF
Days on Market14
Property Features for 2451 MIDTOWN AVENUE Unit 1308
General Information
Standard status
Active
Size
805 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,819
Amenities
pool
gym
party room
cafe
in-unit washer and dryer
Building Details
Building Size
805 SF
Year Built
2007
Listing Agency:
Samson Properties
(703) 850-8488
Listed By:
Art Hoppe · License #0225150279
(703) 850-8488
Source:
Dcmetrorealtyteam
Added: Aug 13
Changed: Aug 24
Last Checked: Aug 25 at 11:44AM
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 Samson Properties
Investment Insights
Based on property information with market context.
This residential income property is a one-bedroom, one-bath condominium on the 13th floor, built in 2007. The residence includes rosewood custom cabinetry, stainless-steel appliances, and granite countertops in the kitchen. The bedroom provides two closets, while the dual-entry bathroom features a jetted soaking tub. An in-unit washer and dryer add everyday convenience, and two private assigned garage parking spaces are included.
The property is located at 2451 Midtown Avenue, Unit 1308, in Alexandria, Virginia. Huntington Metro Station is within immediate walking distance. Community amenities include a pool, gym, party room, and cafe, providing additional facilities for residents.
The property is located at 2451 Midtown Avenue, Unit 1308, in Alexandria, Virginia. Huntington Metro Station is within immediate walking distance. Community amenities include a pool, gym, party room, and cafe, providing additional facilities for residents.
Key Highlights
- One‑bedroom, one‑bath condominium on the 13th floor
- Panoramic vista views from the residence
- Rosewood custom cabinetry, stainless‑steel appliances, and granite countertops
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
$12,340
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
3.55%
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%
$246,800
$246.8K
Cap Rate 7%
$176,286
$176.3K
Cap Rate 9%
$137,111
$137.1K
Market Conditions
NOI Build-Up for 805 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
$23.7K $29.40/SF
− Vacancy
−$1.2K −$1.53/SF
EGI
$22.4K $27.87/SF
− OpEx
−$10.1K −$12.54/SF
NOI
$12.3K $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%
$246,800
Cap Rate 7%
$176,286
Cap Rate 9%
$137,111
Alternative Uses
Best Use
Apartment 5plus
$176.3K
$154.3K – $205.7K
NOI $12,340 @ 7.0% cap · market cap 3.55%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$447.1K
$391.2K – $521.6K
NOI $31,298 @ 7.0% cap · market cap 8.99%
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
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 - Updated condo residence with custom kitchen finishes, in-unit laundry, private garage parking, and access to community amenities.
Where is this residential income property located?
The property is located at 2451 MIDTOWN AVENUE Unit 1308 Alexandria, VA.
What is the asking price?
The asking price for this property is $348,000.
What are key features of this property?
This property features: One‑bedroom, one‑bath condominium on the 13th floor; Panoramic vista views from the residence; Rosewood custom cabinetry, stainless‑steel appliances, and granite countertops
