Penthouse Condo in Residential Income
For Sale
$192,000
4 S VAN DORN Unit 602, Alexandria, VA 22304
Sixth-floor penthouse-style 1-bedroom condo with open layout, floor-to-ceiling windows, and condo-covered community services.
Property Size750 SF
Days on Market45
Property Features for 4 S VAN DORN Unit 602
General Information
Standard status
Active
Size
750 SF
Property subtype
Penthouse Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Units
Unit Mix
1 x 1BR/1BA
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,302
Amenities
package lockers
on-site management
Metro shuttle service
Building Details
Building Size
750 SF
Year Built
1963
Buildings
1
Stories
6
Listing Agency:
Pearson Smith Realty, LLC
(202) 445-4436
Listed By:
Anastasiia Kulin · License #0225231217
(202) 445-4436
Source:
Dcmetrorealtyteam
Added: Jul 1
Changed: Aug 8
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 Pearson Smith Realty, LLC
Investment Insights
Based on property information with market context.
Bright, inviting penthouse-level 1-bedroom, 1-bath condo on the sixth floor offers an open-concept layout designed for comfortable living and entertaining. The main living area features hardwood floors, with a kitchen that includes granite countertops and stainless steel appliances, plus a gas range. Floor-to-ceiling windows bring in abundant natural light, and custom solar shades in the living room add comfort and energy efficiency. The condo is part of a residential building constructed in 1963.
The condo fee includes all utilities except electricity and provides access to community amenities, including package lockers and on-site management, along with a Metro shuttle service. The property is positioned near I-395 and I-495 and is described as being close to the Pentagon and Washington, D.C., plus shopping and dining.
The home is also noted as being near the WestEnd Alexandria redevelopment, with the new Inova Alexandria Hospital campus identified as an area anchor.
The condo fee includes all utilities except electricity and provides access to community amenities, including package lockers and on-site management, along with a Metro shuttle service. The property is positioned near I-395 and I-495 and is described as being close to the Pentagon and Washington, D.C., plus shopping and dining.
The home is also noted as being near the WestEnd Alexandria redevelopment, with the new Inova Alexandria Hospital campus identified as an area anchor.
Key Highlights
- Penthouse‑level 1‑bedroom, 1‑bath condo on the sixth floor
- Open‑concept layout with floor‑to‑ceiling windows and hardwood floors
- Kitchen with granite countertops, stainless steel appliances, and gas range
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
$11,497
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
5.99%
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%
$229,940
$229.9K
Cap Rate 7%
$164,243
$164.2K
Cap Rate 9%
$127,744
$127.7K
Market Conditions
NOI Build-Up for 750 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
$22.1K $29.40/SF
− Vacancy
−$1.1K −$1.53/SF
EGI
$20.9K $27.87/SF
− OpEx
−$9.4K −$12.54/SF
NOI
$11.5K $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%
$229,940
Cap Rate 7%
$164,243
Cap Rate 9%
$127,744
Alternative Uses
Best Use
Apartment 5plus
$164.2K
$143.7K – $191.6K
NOI $11,497 @ 7.0% cap · market cap 5.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$416.6K
$364.5K – $486.0K
NOI $29,160 @ 7.0% cap · market cap 15.19%
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
1,631
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 - Sixth-floor penthouse-style 1-bedroom condo with open layout, floor-to-ceiling windows, and condo-covered community services.
Where is this residential income property located?
The property is located at 4 S VAN DORN Unit 602 Alexandria, VA.
What is the asking price?
The asking price for this property is $192,000.
What are key features of this property?
This property features: Penthouse‑level 1‑bedroom, 1‑bath condo on the sixth floor; Open‑concept layout with floor‑to‑ceiling windows and hardwood floors; Kitchen with granite countertops, stainless steel appliances, and gas range
