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    Historic Old Town Mixed-Use Residence Title is generated by Realmo AI

    509 N Alfred St N, Alexandria, VA 22314

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    Claim this Listing
    For Sale
    $1,250,000

    Renovated 1890 Colonial in vibrant Old Town Alexandria.

    Type:Commercial
    Lot size:
    0.06 Acres
    Added:
    Apr 13, 2026
    Days on Market:
    51
    Last Refresh:
    Apr 14 at 7:09 am

    Property Features for 509 N Alfred St N

    General Information

    Standard status
    Active
    Lot size
    0.06 Acres
    Property subtype
    Commercial

    Building Details

    Year Built
    1890

    We can help!

    Listing Contact
    RICARDO A WANZER

    Listing agent RICARDO A WANZER

    Listing office PEARSON SMITH REALTY, LLC

    Listing date Apr 13, 2026

    Source Corcoran

    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 PEARSON SMITH REALTY, LLC

    HighLights

    • Prime location in the heart of historic Old Town, offering a vibrant community and convenient access to shops, restaurants, and cultural attractions.
    • Masterfully renovated in 2013, blending original 1890s charm with modern luxury and contemporary comforts.
    • Unique mixed‑use Colonial architectural style with a classic facade and inviting exterior.
    • Open layout providing ample space for creating a personalized and sophisticated living environment.
    • Access to highly regarded schools and exceptional public services, including efficient transportation.
    • Quaint 0.06‑acre lot offering a cozy outdoor space for relaxation and entertaining.

    Overview

    Located in the heart of historic Old Town, this mixed-use Colonial residence was originally built in 1890 and masterfully renovated in 2013, blending timeless charm with modern luxury. The property features a unique architectural style. The exterior features a classic façade, complemented by mixed construction materials. Inside, the open layout provides ample space. The property is situated on a 0.06-acre lot, offering a cozy outdoor space. Old Town is known for its vibrant community spirit, with boutique shops, gourmet restaurants, and cultural attractions nearby. Residents enjoy easy access to parks and a variety of recreational activities. The neighborhood is also home to regarded schools. Public services in the area include transportation options and community resources. It offers an opportunity to immerse in a thriving community that values history, culture, and connection.
    Location Intelligence

    Current Use by Public Records

    Mixed-use properties

    Suggested Use

    Restaurant Law Firm Real Estate Agency Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Grocery & Convenience Store Pharmacy

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Alexandria
    County
    Fairfax
    State
    Virginia
    Longitude
    -77.0479563
    Latitude
    38.8105162

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    FAQs

    What type of property is this?
    Mixed-use property - Renovated 1890 Colonial in vibrant Old Town Alexandria.
    Where is this mixed-use property located?
    The property is located at 509 N Alfred St N Alexandria, VA.
    What is the asking price?
    The asking price for this property is $1,250,000.
    What are key features of this property?
    This property features: Prime location in the heart of historic Old Town, offering a vibrant community and convenient access to shops, restaurants, and cultural attractions.; Masterfully renovated in 2013, blending original 1890s charm with modern luxury and contemporary comforts.; Unique mixed‑use Colonial architectural style with a classic facade and inviting exterior.
    (571) 386-1075
    We can help!
    Listing Contact
    RICARDO A WANZER
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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    509 N Alfred St N, ALEXANDRIA, VA 22314
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