Live-Work Condominium
For Sale
$240,000
4600 DUKE STREET Unit 413, Alexandria, VA 22304
2-bedroom, 1-bath condo with 9-foot ceilings, hardwood floors, and large windows, offered in a mixed-use RC zoning district.
Property Size1,140 SF
Price / SF$210.53
Days on Market46
Property Features for 4600 DUKE STREET Unit 413
General Information
Standard status
Active
Size
1,140 SF
Property subtype
Office
Zoning
RC
Additional Details
Business Included
Yes
Highway Access
Yes
Clear Height
9 ft
Taxes and HOA fees
Annual Taxes
$2,811
Building Details
Building Size
1,140 SF
Year Built
1967
Listing Agency:
Century 21 Redwood Realty
(571) 497-4607
Listed By:
WAI LUN L LEUNG · License #0225204506
(571) 497-4607
Source:
Dcmetrorealtyteam
Added: Jul 10
Changed: Aug 24
Last Checked: Aug 23 at 7:35AM
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 Century 21 Redwood Realty
Investment Insights
Based on property information with market context.
Unit 413 is a 2-bedroom, 1-bath live-work style condominium featuring 9-foot ceilings and original hardwood floors. The interior offers an open-concept central area that can be used as a living/dining space or configured as a professional reception area with multiple workstations. A primary room provides space for a bedroom or principal office, and a secondary room can serve as a second bedroom, conference room, or private consultation area. A full ceramic-tile bathroom completes the unit.
Zoned RC (Residential-Commercial Mixed-Use), the space is described as cleared for full residential occupancy, commercial business operations, or an integrated live/work configuration. The unit is located within the Forty Six Hundred condominium community, a 16-story building with over 400 residential units, five elevators, a secure lobby with 24/7 concierge service, and a dedicated storage unit with permit parking. The association fee is reported to cover primary utilities, including electricity, heating, cooling, gas, water, sewer, and trash disposal. Day-to-day convenience includes an ALDI outside the building and the Foxchase Shopping Center directly across the street, while Holmes Run Trail access and Ben Brenman Park walking paths are located immediately behind the complex.
Zoned RC (Residential-Commercial Mixed-Use), the space is described as cleared for full residential occupancy, commercial business operations, or an integrated live/work configuration. The unit is located within the Forty Six Hundred condominium community, a 16-story building with over 400 residential units, five elevators, a secure lobby with 24/7 concierge service, and a dedicated storage unit with permit parking. The association fee is reported to cover primary utilities, including electricity, heating, cooling, gas, water, sewer, and trash disposal. Day-to-day convenience includes an ALDI outside the building and the Foxchase Shopping Center directly across the street, while Holmes Run Trail access and Ben Brenman Park walking paths are located immediately behind the complex.
Key Highlights
- 1,140 finished SF condo in Forty Six Hundred with 2 bedrooms and 1 full bathroom
- Year built 1967; 9‑foot ceilings, original hardwood floors, and large windows with city views
- RC (Residential‑Commercial Mixed‑Use) zoning supporting residential use, commercial business operations, or live/work configuration
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
$19,879
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
8.28%
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%
$397,580
$397.6K
Cap Rate 7%
$283,986
$284.0K
Cap Rate 9%
$220,878
$220.9K
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
$34.2K $30.00/SF
− Vacancy
−$2.4K −$2.10/SF
EGI
$31.8K $27.90/SF
− OpEx
−$11.9K −$10.46/SF
NOI
$19.9K $17.44/SF
Area
Alexandria, VA
Vacancy
7.00%
Lease Rate
$30.00 /SF/Yr
Expense Ratio
37.50%
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%
$397,580
Cap Rate 7%
$283,986
Cap Rate 9%
$220,878
Alternative Uses
Best Use
Mixed Use
$284.0K
$248.5K – $331.3K
NOI $19,879 @ 7.0% cap · market cap 8.28%
Second Best
Office B
$218.1K
$190.8K – $254.4K
NOI $15,264 @ 7.0% cap · market cap 6.36%
Theoretical Best
Specialty Retail
$633.2K
$554.0K – $738.7K
NOI $44,323 @ 7.0% cap · market cap 18.47%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
9 ft
Clear height
Turnkey business
Opportunity
Yes
Highway access
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
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Live-work space - 2-bedroom, 1-bath condo with 9-foot ceilings, hardwood floors, and large windows, offered in a mixed-use RC zoning district.
Where is this live-work space located?
The property is located at 4600 DUKE STREET Unit 413 Alexandria, VA.
What is the asking price?
The asking price for this property is $240,000.
What are key features of this property?
This property features: 1,140 finished SF condo in Forty Six Hundred with 2 bedrooms and 1 full bathroom; Year built 1967; 9‑foot ceilings, original hardwood floors, and large windows with city views; RC (Residential‑Commercial Mixed‑Use) zoning supporting residential use, commercial business operations, or live/work configuration
