Residential Income
For Sale
$250,000
4600 DUKE STREET Unit 403, Alexandria, VA 22304
Updated two-bedroom condo in a managed community with included utilities, on-site amenities, parking, and secure building access.
Property Size1,140 SF
Days on Market23
Property Features for 4600 DUKE STREET Unit 403
General Information
Standard status
Active
Size
1,140 SF
Total Parking Spaces
2
Elevators
Yes
Property subtype
Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Utilities to Site
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,525
Amenities
outdoor swimming pool
fitness center
game and recreation room
24-hour concierge service
secure building access
additional storage space
in-unit washer/dryer
renovated lobby entrance
Building Details
Building Size
1,140 SF
Year Built
1967
Listing Agency:
Mid Atlantic Property Management
(703) 304-3046
Listed By:
Jacquelyn Bullis · License #0225214278
(703) 304-3046
Source:
Dcmetrorealtyteam
Added: Aug 4
Changed: Aug 20
Last Checked: Aug 25 at 12:29PM
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 Mid Atlantic Property Management
Investment Insights
Based on property information with market context.
This 2 Bedroom, 1 Bath condo is located in a professionally managed building constructed in 1967. The residence has been updated and newly painted, with large windows, an in-unit washer/dryer combination, and additional storage space. Utilities covered by the monthly condominium fee include electricity, gas, water, and internet.
Residents have access to an outdoor swimming pool, fitness center, game and recreation room, and 24-hour concierge service. The building provides secure entry, 2 parking passes in an open lot, and visitor parking. The property is across from shopping, dining, drug stores, and Harris Teeter, with access to I-395, Van Dorn Metro Station, the Pentagon, Washington, D.C., and Old Town Alexandria.
Residents have access to an outdoor swimming pool, fitness center, game and recreation room, and 24-hour concierge service. The building provides secure entry, 2 parking passes in an open lot, and visitor parking. The property is across from shopping, dining, drug stores, and Harris Teeter, with access to I-395, Van Dorn Metro Station, the Pentagon, Washington, D.C., and Old Town Alexandria.
Key Highlights
- 2 Bedroom, 1 Bath condo at 4600 DUKE STREET Unit: 403
- Updated interior with fresh paint and large windows
- In‑unit washer/dryer combination
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
$17,475
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
6.99%
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%
$349,500
$349.5K
Cap Rate 7%
$249,643
$249.6K
Cap Rate 9%
$194,167
$194.2K
Market Conditions
NOI Build-Up for 1,140 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
$33.5K $29.40/SF
− Vacancy
−$1.7K −$1.53/SF
EGI
$31.8K $27.87/SF
− OpEx
−$14.3K −$12.54/SF
NOI
$17.5K $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%
$349,500
Cap Rate 7%
$249,643
Cap Rate 9%
$194,167
Alternative Uses
Best Use
Apartment 5plus
$249.6K
$218.4K – $291.3K
NOI $17,475 @ 7.0% cap · market cap 6.99%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 17.73%
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
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 - Updated two-bedroom condo in a managed community with included utilities, on-site amenities, parking, and secure building access.
Where is this residential income property located?
The property is located at 4600 DUKE STREET Unit 403 Alexandria, VA.
What is the asking price?
The asking price for this property is $250,000.
What are key features of this property?
This property features: 2 Bedroom, 1 Bath condo at 4600 DUKE STREET Unit: 403; Updated interior with fresh paint and large windows; In‑unit washer/dryer combination
