Renovated Residential Income
For Sale
$299,000
509 N ARMISTEAD STREET #103, Alexandria, VA 22312
FHA-approved condo with updated finishes, included utilities, assigned parking, storage, and access to community amenities.
Property Size1,128 SF
Price / SF$265.07
Days on Market145
Property Features for 509 N ARMISTEAD STREET #103
General Information
Standard status
Active
Size
1,128 SF
Total Parking Spaces
1
Property subtype
Apartment
Site & Location
Highway Access
Yes
Utilities to Site
Yes
Units
Unit Mix
1 x 3BR/1.5BA
Multifamily Units
1
Parking per Unit
1
Amenities
pool
playground
storage unit
Central
Central A/C
Built-In Microwave
Dishwasher
Refrigerator
Stove
Building Details
Year Built
1967
Year Renovated
2022
Listed By:
Alexandra Holden · License #0225202849
(703) 731-3123
Source:
Kw
Added: Apr 17
Changed: Sep 8
Last Checked: Sep 8 at 10:34AM
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 Alexandra Holden
Investment Insights
Based on property information with market context.
This approximately 1,128-square-foot, three-bedroom, one-and-a-half-bath condominium has been extensively renovated with an open-concept interior. Improvements include new carpet, luxury vinyl plank flooring, ceramic kitchen tile, a newer HVAC system with Wi-Fi thermostat, professionally refinished walls, and an updated full bathroom. The kitchen was renovated in 2022 with solid wood soft-close cabinetry, quartz countertops, a refreshed backsplash, newer appliances, an oversized pantry, and a pass-through to the living and dining areas. The primary bedroom has a private half bath and custom closet, while the additional bedroom includes soundproofing and custom storage features.
Ownership includes one assigned parking space, a storage unit, and two visitor passes. The HOA fee covers utilities, master insurance, and exterior maintenance. Community amenities include a pool, playground, and maintained common areas. The property is near I-395, with access to Old Town Alexandria, the Pentagon, Washington, D.C., and Inova Alexandria Hospital's planned development at the former Landmark Mall site.
Ownership includes one assigned parking space, a storage unit, and two visitor passes. The HOA fee covers utilities, master insurance, and exterior maintenance. Community amenities include a pool, playground, and maintained common areas. The property is near I-395, with access to Old Town Alexandria, the Pentagon, Washington, D.C., and Inova Alexandria Hospital's planned development at the former Landmark Mall site.
Key Highlights
- Approximately 1,128 sq. ft. three‑bedroom, 1.5‑bath condominium
- Kitchen renovated in 2022 with quartz countertops and solid wood soft‑close cabinetry
- New HVAC system with Wi‑Fi‑enabled thermostat
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
$17,291
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
5.78%
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%
$345,820
$345.8K
Cap Rate 7%
$247,014
$247.0K
Cap Rate 9%
$192,122
$192.1K
Market Conditions
NOI Build-Up for 1,128 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
$33.2K $29.40/SF
− Vacancy
−$1.7K −$1.53/SF
EGI
$31.4K $27.87/SF
− OpEx
−$14.1K −$12.54/SF
NOI
$17.3K $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%
$345,820
Cap Rate 7%
$247,014
Cap Rate 9%
$192,122
Alternative Uses
Best Use
Apartment 5plus
$247.0K
$216.1K – $288.2K
NOI $17,291 @ 7.0% cap · market cap 5.78%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$626.5K
$548.2K – $731.0K
NOI $43,857 @ 7.0% cap · market cap 14.67%
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
908
Businesses Nearby
Explore this area
Business Placement
Demographics for 22312, VA
30,447
Population
11,191
Households
2.7
Avg Household Size
36
Median Age
53%
College-Educated
92%
High-School Grad
5.1 sq mi
ZIP Area
5,970
Density / Sq Mi
$105,044
Median Household Income
$53,471
Median Earnings
$2,009
Median Rent
$593,600
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - FHA-approved condo with updated finishes, included utilities, assigned parking, storage, and access to community amenities.
Where is this residential income property located?
The property is located at 509 N ARMISTEAD STREET #103 Alexandria, VA.
What is the asking price?
The asking price for this property is $299,000.
What are key features of this property?
This property features: Approximately 1,128 sq. ft. three‑bedroom, 1.5‑bath condominium; Kitchen renovated in 2022 with quartz countertops and solid wood soft‑close cabinetry; New HVAC system with Wi‑Fi‑enabled thermostat
