Renovated Residential Income
For Sale
$220,000
4600 DUKE STREET Unit 1501, Alexandria, VA 22304
Two-bedroom condominium with updated interiors, flexible RC zoning, and building amenities including a pool, fitness center, and concierge service.
Property Size2,280 SF
Price / SF$191.64
Days on Market24
Property Features for 4600 DUKE STREET Unit 1501
General Information
Standard status
Active
Size
2,280 SF
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Zoning
RC
Site & Location
Highway Access
Yes
Road Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,949
Amenities
Outdoor swimming pool
Fully equipped fitness center
Game and recreation room
24-hour concierge service
Secure building access
Additional storage space
in-unit laundry
Building Details
Building Size
2,280 SF
Year Built
1967
Listing Agency:
Summer Realtors Inc
(703) 217-1200
Listed By:
Semere Ambaye · License #0225046816
(703) 217-1200
Source:
Dcmetrorealtyteam
Added: Aug 3
Changed: Aug 24
Last Checked: Aug 25 at 11:35AM
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 Summer Realtors Inc
Investment Insights
Based on property information with market context.
This renovated condominium offers approximately 1,148 square feet with two bedrooms and one bathroom. The interior features hardwood floors, oversized windows, an open layout, a fully updated kitchen with white cabinetry and stainless-steel appliances, a walk-in closet in the primary bedroom, and in-unit laundry. A brand-new HVAC system with smart thermostat adds a recent mechanical upgrade. The residence is located in a professionally managed building with secure access, quick stair access, additional storage, and all utilities included in the monthly condominium fee.
Zoned RC (Residential-Commercial), the property supports traditional residential occupancy, professional office use, or a live/work configuration, subject to permitted-use confirmation. Building amenities include an outdoor swimming pool, fitness center, game and recreation room, and 24-hour concierge service. The property provides access to I-395, Van Dorn Metro Station, the Pentagon, Washington, D.C., and Old Town Alexandria. Harris Teeter, ALDI, CVS, restaurants, and shopping are also nearby.
Zoned RC (Residential-Commercial), the property supports traditional residential occupancy, professional office use, or a live/work configuration, subject to permitted-use confirmation. Building amenities include an outdoor swimming pool, fitness center, game and recreation room, and 24-hour concierge service. The property provides access to I-395, Van Dorn Metro Station, the Pentagon, Washington, D.C., and Old Town Alexandria. Harris Teeter, ALDI, CVS, restaurants, and shopping are also nearby.
Key Highlights
- Approximately 1,148 square feet with 2 bedrooms and 1 bathroom
- Renovated kitchen with white cabinetry, stainless‑steel appliances, counter space, and storage
- RC (Residential‑Commercial) zoning supports residential, professional office, or live/work use
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
$17,598
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
8.00%
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%
$351,960
$352.0K
Cap Rate 7%
$251,400
$251.4K
Cap Rate 9%
$195,533
$195.5K
Market Conditions
NOI Build-Up for 1,148 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
$32.0K $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%
$351,960
Cap Rate 7%
$251,400
Cap Rate 9%
$195,533
Alternative Uses
Best Use
Apartment 5plus
$251.4K
$220.0K – $293.3K
NOI $17,598 @ 7.0% cap · market cap 8.00%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$637.6K
$557.9K – $743.9K
NOI $44,634 @ 7.0% cap · market cap 20.29%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condominium with updated interiors, flexible RC zoning, and building amenities including a pool, fitness center, and concierge service.
Where is this residential income property located?
The property is located at 4600 DUKE STREET Unit 1501 Alexandria, VA.
What is the asking price?
The asking price for this property is $220,000.
What are key features of this property?
This property features: Approximately 1,148 square feet with 2 bedrooms and 1 bathroom; Renovated kitchen with white cabinetry, stainless‑steel appliances, counter space, and storage; RC (Residential‑Commercial) zoning supports residential, professional office, or live/work use
