Updated Residential Income
For Sale
$649,900
2941 S COLUMBUS STREET Unit A2, Arlington, VA 22206
Two-level home with remodeled kitchen, flexible lower-level rooms, and fenced outdoor space with a deck and koi pond.
Property Size1,860 SF
Days on Market8
Property Features for 2941 S COLUMBUS STREET Unit A2
General Information
Standard status
Active
Size
1,860 SF
Total Parking Spaces
2
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2BA
Multifamily Units
1
Parking per Unit
2
Additional Details
Highway Access
Yes
Taxes and HOA fees
Annual Taxes
$6,894
Amenities
six pools
lighted tennis courts
tot lots/playgrounds
walking paths
Building Details
Building Size
1,860 SF
Year Built
1944
Stories
2
Listing Agency:
EXP Realty, LLC
Listed By:
Kay Houghton · License #0225214930
(703) 225-5529
Source:
Barnesrealestatecompany
Added: Aug 27
Changed: Aug 31
Last Checked: Sep 2 at 9:15PM
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 EXP Realty, LLC
Investment Insights
Based on property information with market context.
This two-level Mount Vernon model in Fairlington Villages offers 2 bedrooms and 2 bathrooms with a range of recent improvements. The main level includes hardwood flooring, an updated kitchen with granite counters, tile backsplash, stainless steel appliances, double oven, recessed lighting, and soft-close cabinetry. The dining area opens to a balcony, while the living room connects to the home’s entertaining areas. A lower-level recreation room, bonus room, renovated bathroom, and large utility room provide additional flexibility and storage.
Outdoor features include a fenced patio, deck area, koi pond, and a fence installed in 2025. The home also includes two reserved/unassigned parking spaces, brand-new windows from 2026, a new HVAC system installed in 2025, and a new full-sized washer from 2026. Community amenities include six pools, lighted tennis courts, playgrounds, and walking paths. The property is near I-395, The Village at Shirlington, West Alex, Baileys Crossroads, Del Ray, and Old Town.
Outdoor features include a fenced patio, deck area, koi pond, and a fence installed in 2025. The home also includes two reserved/unassigned parking spaces, brand-new windows from 2026, a new HVAC system installed in 2025, and a new full-sized washer from 2026. Community amenities include six pools, lighted tennis courts, playgrounds, and walking paths. The property is near I-395, The Village at Shirlington, West Alex, Baileys Crossroads, Del Ray, and Old Town.
Key Highlights
- 2‑bedroom, 2‑bathroom Mount Vernon model in Fairlington Villages
- Remodeled kitchen with granite countertops, stainless steel appliances, and double oven
- Brand‑new windows from 2026 and HVAC system installed in 2025
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
$27,989
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
4.31%
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%
$559,780
$559.8K
Cap Rate 7%
$399,843
$399.8K
Cap Rate 9%
$310,989
$311.0K
Market Conditions
NOI Build-Up for 1,860 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
$53.6K $28.80/SF
− Vacancy
−$2.7K −$1.44/SF
EGI
$50.9K $27.36/SF
− OpEx
−$22.9K −$12.31/SF
NOI
$28.0K $15.05/SF
Area
Arlington, VA
Vacancy
5.00%
Lease Rate
$28.80 /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%
$559,780
Cap Rate 7%
$399,843
Cap Rate 9%
$310,989
Alternative Uses
Best Use
Apartment 5plus
$399.8K
$349.9K – $466.5K
NOI $27,989 @ 7.0% cap · market cap 4.31%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$1.03M
$904.0K – $1.21M
NOI $72,317 @ 7.0% cap · market cap 11.13%
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
1,045
Businesses Nearby
Explore this area
Business Placement
Demographics for 22206, VA
21,645
Population
11,851
Households
1.8
Avg Household Size
35
Median Age
76%
College-Educated
96%
High-School Grad
2.1 sq mi
ZIP Area
10,307
Density / Sq Mi
$136,472
Median Household Income
$92,948
Median Earnings
$2,332
Median Rent
$569,700
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level home with remodeled kitchen, flexible lower-level rooms, and fenced outdoor space with a deck and koi pond.
Where is this residential income property located?
The property is located at 2941 S COLUMBUS STREET Unit A2 Arlington, VA.
What is the asking price?
The asking price for this property is $649,900.
What are key features of this property?
This property features: 2‑bedroom, 2‑bathroom Mount Vernon model in Fairlington Villages; Remodeled kitchen with granite countertops, stainless steel appliances, and double oven; Brand‑new windows from 2026 and HVAC system installed in 2025
