Updated Residential Income
New
For Sale
$224,980
4600 DUKE STREET Unit 1122, Alexandria, VA 22304
Condo residence with renovated common areas, modernized finishes, extensive amenities, and transit access.
Property Size1,155 SF
Days on Market6
Property Features for 4600 DUKE STREET Unit 1122
General Information
Standard status
Active
Size
1,155 SF
Property subtype
Unit/Flat/Apartment
Taxes and HOA fees
Annual Taxes
$2,776
Building Details
Building Size
1,155 SF
Year Built
1967
Listing Agency:
Fairfax Realty Select
Listed By:
Atiqullah Popal · License #0225066545
(703) 303-4802
Source:
Dcmetrorealtyteam
Added: Aug 28
Changed: Sep 1
Last Checked: Sep 1 at 9:10PM
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 Fairfax Realty Select
Investment Insights
Based on property information with market context.
This 1,150-square-foot residential income property is a condominium residence in a building constructed in 1967. The unit includes newer carpeting, an updated kitchen with newer appliances, and floor-to-ceiling marble finishes in both the kitchen and bathroom. Positioned near the elevator, it also benefits from access to a wheelchair-accessible elevator at the front entrance. Building improvements were completed during 2019-2020, and all utilities are included in the condo fee.
Resident amenities include a 24-hour concierge, swimming pool, party room, fitness center, and basement storage. The property permits up to two pets under 25 pounds. Shopping, pharmacies, supermarkets, and public transportation are nearby, with a bus stop outside providing service toward the Pentagon and Metro connections. Direct access to Holmes Run Park and Trail adds an outdoor recreation option.
Resident amenities include a 24-hour concierge, swimming pool, party room, fitness center, and basement storage. The property permits up to two pets under 25 pounds. Shopping, pharmacies, supermarkets, and public transportation are nearby, with a bus stop outside providing service toward the Pentagon and Metro connections. Direct access to Holmes Run Park and Trail adds an outdoor recreation option.
Key Highlights
- 1,150 sq. ft. condominium residence in a 1967 building
- Building updates completed during 2019‑2020
- Updated kitchen with newer appliances and marble finishes
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
$17,705
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
7.87%
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%
$354,100
$354.1K
Cap Rate 7%
$252,929
$252.9K
Cap Rate 9%
$196,722
$196.7K
Market Conditions
NOI Build-Up for 1,155 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
$34.0K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$32.2K $27.87/SF
− OpEx
−$14.5K −$12.54/SF
NOI
$17.7K $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%
$354,100
Cap Rate 7%
$252,929
Cap Rate 9%
$196,722
Alternative Uses
Best Use
Apartment 5plus
$252.9K
$221.3K – $295.1K
NOI $17,705 @ 7.0% cap · market cap 7.87%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$641.5K
$561.3K – $748.4K
NOI $44,906 @ 7.0% cap · market cap 19.96%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
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 - Condo residence with renovated common areas, modernized finishes, extensive amenities, and transit access.
Where is this residential income property located?
The property is located at 4600 DUKE STREET Unit 1122 Alexandria, VA.
What is the asking price?
The asking price for this property is $224,980.
What are key features of this property?
This property features: 1,150 sq. ft. condominium residence in a 1967 building; Building updates completed during 2019‑2020; Updated kitchen with newer appliances and marble finishes
