Live-Work Space in Shell
New
For Sale
$445,000
4600 Duke Street # 419 / 420, Alexandria, VA 22304
RC zoning supports residential, professional office, or live-work configurations within this lobby-level condominium space.
Property Size2,898 SF
Price / SF$153.55
Days on Market3
Property Features for 4600 Duke Street # 419 / 420
General Information
Standard status
Active
Size
2,898 SF
Total Parking Spaces
300
Property subtype
Commercial
Zoning
RC
Space & Availability
Floor
Lobby Level
Furnished
No
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Taxes and HOA fees
Annual Taxes
$2,620
Amenities
24-hour concierge
secure access systems
fitness center
outdoor pool
meeting rooms
on-site property management
water views
Ceramic Tile,Hardwood
Natural Gas
Yes
Other
1
5
all utilities included
N
Level
Public
19
No
Parking Lot
Handicap Parking,Paved Parking
300
2898.00
95131.00
Building Details
Year Built
1967
Listing Agency:
Fred R Levine Real Estate
(856) 222-0077
Listed By:
Brittany Moody
(609) 744-6614
Source:
Thetristaterealestategroup
Added: Sep 24
Last Checked: Sep 24 at 2:23PM
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 Fred R Levine Real Estate
Investment Insights
Based on property information with market context.
This 2,898-square-foot condominium space combines units 419 and 420 on the building’s main entry level. Delivered in as-is structural shell condition, it offers a blank interior for a residential, professional office, or live-work layout under RC zoning. The building was constructed in 1967 and has an elevator, concierge service, secure access, fitness center, outdoor pool, meeting rooms, and on-site property management. Building services include electricity, gas, central air conditioning, heat, water, and sewer; the condominium fee covers these utilities.
A DASH bus stop is at the building entrance, with connections to the Van Dorn Street and Eisenhower Avenue Metro stations. The property is across the street from Foxchase Shopping Center and adjacent to an Aldi grocery store. Interstate 395 access is available via Exit 3A, and Holmes Run Trail and Ewald Park are nearby.
A DASH bus stop is at the building entrance, with connections to the Van Dorn Street and Eisenhower Avenue Metro stations. The property is across the street from Foxchase Shopping Center and adjacent to an Aldi grocery store. Interstate 395 access is available via Exit 3A, and Holmes Run Trail and Ewald Park are nearby.
Key Highlights
- 2,898‑square‑foot shell space comprising combined units 419 and 420
- RC zoning; residential, professional office, and live‑work configurations described
- Lobby‑level location in a condominium building constructed in 1967
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
$38,802
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
8.72%
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%
$776,040
$776.0K
Cap Rate 7%
$554,314
$554.3K
Cap Rate 9%
$431,133
$431.1K
Market Conditions
NOI Build-Up for 2,898 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
$60.5K $20.88/SF
− Vacancy
−$8.8K −$3.03/SF
EGI
$51.7K $17.85/SF
− OpEx
−$12.9K −$4.46/SF
NOI
$38.8K $13.39/SF
Area
Alexandria, VA
Vacancy
14.50%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
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%
$776,040
Cap Rate 7%
$554,314
Cap Rate 9%
$431,133
Alternative Uses
Best Use
Mixed Use
$721.9K
$631.7K – $842.2K
NOI $50,534 @ 7.0% cap · market cap 11.36%
Second Best
Office B
$554.3K
$485.0K – $646.7K
NOI $38,802 @ 7.0% cap · market cap 8.72%
Theoretical Best
Specialty Retail
$1.61M
$1.41M – $1.88M
NOI $112,674 @ 7.0% cap · market cap 25.32%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Yes
Highway access
Yes
Paved road access
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
1,061
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
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Market
Vacancy Rate% for Office in South region
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Frequently Asked Questions
What type of property is this?
Live-work space - RC zoning supports residential, professional office, or live-work configurations within this lobby-level condominium space.
Where is this live-work space located?
The property is located at 4600 Duke Street # 419 / 420 Alexandria, VA.
What is the asking price?
The asking price for this property is $445,000.
What are key features of this property?
This property features: 2,898‑square‑foot shell space comprising combined units 419 and 420; RC zoning; residential, professional office, and live‑work configurations described; Lobby‑level location in a condominium building constructed in 1967
