Refreshed Residential Income
For Sale
$448,000
279 S PICKETT STREET Unit 301, Alexandria, VA 22304
Updated two-bedroom residence with community amenities and convenient access to shopping, dining, parks, and transit.
Property Size1,150 SF
Days on Market72
Property Features for 279 S PICKETT STREET Unit 301
General Information
Standard status
Active
Size
1,150 SF
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Additional Details
Furnished
No
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,931
Amenities
community swimming pool
clubhouse
Building Details
Building Size
1,150 SF
Year Built
1995
Listing Agency:
LPT Realty, LLC
(571) 606-3312
Listed By:
Stacie L. Bowman · License #0225242955
(571) 606-3312
Source:
Dcmetrorealtyteam
Added: Jun 4
Changed: Aug 11
Last Checked: Aug 13 at 10:51AM
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 LPT Realty, LLC
Investment Insights
Based on property information with market context.
Located in the Hillwood Condominiums & Townhomes community, this 1995-built residence offers a two-bedroom, two-bath layout with distinct living and dining areas. Recent interior improvements include fresh paint and new carpeting. The primary bedroom includes a private full bathroom, while the second bedroom can accommodate guests, an office, or shared living arrangements.
Community features include a swimming pool, clubhouse, maintained grounds, and ample parking. The property is situated in Alexandria’s West End near shopping, restaurants, parks, commuter routes, the Van Dorn Metro, schools, libraries, and other neighborhood services. Some listing images have been virtually staged, and the pictured furniture is not included.
Community features include a swimming pool, clubhouse, maintained grounds, and ample parking. The property is situated in Alexandria’s West End near shopping, restaurants, parks, commuter routes, the Van Dorn Metro, schools, libraries, and other neighborhood services. Some listing images have been virtually staged, and the pictured furniture is not included.
Key Highlights
- Two‑bedroom, two‑bath residence built in 1995
- Fresh interior paint and new carpeting
- Primary bedroom with private full bathroom
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
$17,629
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
3.94%
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%
$352,580
$352.6K
Cap Rate 7%
$251,843
$251.8K
Cap Rate 9%
$195,878
$195.9K
Market Conditions
NOI Build-Up for 1,150 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
$33.8K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$32.1K $27.87/SF
− OpEx
−$14.4K −$12.54/SF
NOI
$17.6K $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%
$352,580
Cap Rate 7%
$251,843
Cap Rate 9%
$195,878
Alternative Uses
Best Use
Apartment 5plus
$251.8K
$220.4K – $293.8K
NOI $17,629 @ 7.0% cap · market cap 3.94%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$638.7K
$558.9K – $745.2K
NOI $44,712 @ 7.0% cap · market cap 9.98%
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
1,463
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 - Updated two-bedroom residence with community amenities and convenient access to shopping, dining, parks, and transit.
Where is this residential income property located?
The property is located at 279 S PICKETT STREET Unit 301 Alexandria, VA.
What is the asking price?
The asking price for this property is $448,000.
What are key features of this property?
This property features: Two‑bedroom, two‑bath residence built in 1995; Fresh interior paint and new carpeting; Primary bedroom with private full bathroom
