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 Market192
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
Neighborhood
Alexandria West
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
Listing Agency:
Keller Williams Realty
Listed By:
Alexandra Holden · License #0225202849
(703) 731-3123
Source:
Kw
Added: Apr 17
Changed: Oct 25
Last Checked: Oct 24 at 8:59PM
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 Keller Williams Realty
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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 / Yr
$17,291
Cap Rate
5.78%
Suggested Prices Based on Cap Rates
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
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 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.
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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
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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
