Two-Bedroom Condominium with
New
For Sale
$235,000
5603 FRANCONIA ROAD Unit 302, Alexandria, VA 22310
Private balcony, in-unit laundry, and assigned parking support comfortable everyday living.
Property Size849 SF
Days on Market7
Property Features for 5603 FRANCONIA ROAD Unit 302
General Information
Standard status
Active
Size
849 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Property Condition
Severity
Repairs Needed
Evidence
fresh paint, possible appliance replacement, and other cosmetic improvements
Units
Unit Mix
1 x 2BR/1BA
Multifamily Units
1
Additional Details
HOA Fee
$494
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$2,780
Amenities
private balcony
in-unit washer and dryer
custom walk-in closet
private basement storage
secure building entry
Building Details
Building Size
849 SF
Year Built
1964
Listing Agency:
Real Broker, LLC
Listed By:
Sharat Ahuja · License #0225194910
(703) 944-9118
Source:
Dcmetrorealtyteam
Added: Aug 29
Changed: Sep 3
Last Checked: Sep 2 at 9:14PM
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 Real Broker, LLC
Investment Insights
Based on property information with market context.
This 2-bedroom, 1-bath condominium at 5603 Franconia Road Unit 302 offers a bright interior with abundant windows and a generously sized private balcony. The primary bedroom has a custom walk-in closet, while the second bedroom provides flexible room for household needs. An in-unit washer and dryer, extensive interior storage, secure building entry, and dedicated basement Storage "K" add practical functionality. Assigned Parking Space 03-302 is included.
The condominium is positioned near the Van Dorn, Franconia-Springfield, and Huntington Metro stations, as well as Springfield Town Center, Kingstowne, commuter routes, shopping, dining, and entertainment. The home is being offered as-is and may benefit from cosmetic updating. The A/C dates to 2021; the older furnace is reported to be operational. Water and gas are included, while the owner pays electricity.
The condominium is positioned near the Van Dorn, Franconia-Springfield, and Huntington Metro stations, as well as Springfield Town Center, Kingstowne, commuter routes, shopping, dining, and entertainment. The home is being offered as-is and may benefit from cosmetic updating. The A/C dates to 2021; the older furnace is reported to be operational. Water and gas are included, while the owner pays electricity.
Key Highlights
- 2‑bedroom, 1‑bath condominium with abundant windows and a private balcony
- Custom walk‑in closet in the primary bedroom and flexible second bedroom
- In‑unit washer and dryer with additional basement Storage "K"
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
$13,014
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
5.54%
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%
$260,280
$260.3K
Cap Rate 7%
$185,914
$185.9K
Cap Rate 9%
$144,600
$144.6K
Market Conditions
NOI Build-Up for 849 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
$25.0K $29.40/SF
− Vacancy
−$1.3K −$1.53/SF
EGI
$23.7K $27.87/SF
− OpEx
−$10.6K −$12.54/SF
NOI
$13.0K $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%
$260,280
Cap Rate 7%
$185,914
Cap Rate 9%
$144,600
Alternative Uses
Best Use
Apartment 5plus
$185.9K
$162.7K – $216.9K
NOI $13,014 @ 7.0% cap · market cap 5.54%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$471.6K
$412.6K – $550.2K
NOI $33,009 @ 7.0% cap · market cap 14.05%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
334
Businesses Nearby
Explore this area
Business Placement
Demographics for 22310, VA
29,611
Population
11,116
Households
2.7
Avg Household Size
39
Median Age
64%
College-Educated
95%
High-School Grad
6.7 sq mi
ZIP Area
4,420
Density / Sq Mi
$160,872
Median Household Income
$83,668
Median Earnings
$2,396
Median Rent
$627,400
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Private balcony, in-unit laundry, and assigned parking support comfortable everyday living.
Where is this residential income property located?
The property is located at 5603 FRANCONIA ROAD Unit 302 Alexandria, VA.
What is the asking price?
The asking price for this property is $235,000.
What are key features of this property?
This property features: 2‑bedroom, 1‑bath condominium with abundant windows and a private balcony; Custom walk‑in closet in the primary bedroom and flexible second bedroom; In‑unit washer and dryer with additional basement Storage "K"
