Two-Level Residential Income
For Sale
$415,000
5975 TERRAPIN PLACE Unit 301C, Alexandria, VA 22310
As-is condo with high ceilings, bright interiors, and generous walk-in closet storage.
Property Size1,184 SF
Days on Market20
Property Features for 5975 TERRAPIN PLACE Unit 301C
General Information
Standard status
Active
Size
1,184 SF
Property subtype
Penthouse Unit/Flat/Apartment
Site & Location
Highway Access
Yes
Public Transit
Yes
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$4,767
Building Details
Building Size
1,184 SF
Year Built
1996
Listing Agency:
Real Broker, LLC
(571) 393-1839
Listed By:
Karen Reynoso · License #0225217271
(571) 393-1839
Source:
Dcmetrorealtyteam
Added: Aug 7
Changed: Aug 22
Last Checked: Aug 25 at 11:43AM
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 two-level condominium was built in 1996 and is offered in as-is condition. The interior includes high ceilings, substantial natural light, and walk-in closets that add practical storage across the living space. The multi-level arrangement provides distinct areas for daily living, work, entertaining, or private use.
The property is near Van Dorn Metro, I-395, and I-495, with access to major commuter routes serving Washington, D.C., employment centers, and Northern Virginia. Shopping, dining, entertainment, parks, and everyday services are available in the nearby Kingstowne area. The residence provides an established layout that can be updated to suit a new owner’s preferences.
The property is near Van Dorn Metro, I-395, and I-495, with access to major commuter routes serving Washington, D.C., employment centers, and Northern Virginia. Shopping, dining, entertainment, parks, and everyday services are available in the nearby Kingstowne area. The residence provides an established layout that can be updated to suit a new owner’s preferences.
Key Highlights
- Two‑level condominium built in 1996
- Sold in as‑is condition
- High ceilings and abundant natural light
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
$18,150
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
4.37%
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%
$363,000
$363.0K
Cap Rate 7%
$259,286
$259.3K
Cap Rate 9%
$201,667
$201.7K
Market Conditions
NOI Build-Up for 1,184 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
$34.8K $29.40/SF
− Vacancy
−$1.8K −$1.53/SF
EGI
$33.0K $27.87/SF
− OpEx
−$14.8K −$12.54/SF
NOI
$18.1K $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%
$363,000
Cap Rate 7%
$259,286
Cap Rate 9%
$201,667
Alternative Uses
Best Use
Apartment 5plus
$259.3K
$226.9K – $302.5K
NOI $18,150 @ 7.0% cap · market cap 4.37%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$657.6K
$575.4K – $767.2K
NOI $46,034 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
279
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 - As-is condo with high ceilings, bright interiors, and generous walk-in closet storage.
Where is this residential income property located?
The property is located at 5975 TERRAPIN PLACE Unit 301C Alexandria, VA.
What is the asking price?
The asking price for this property is $415,000.
What are key features of this property?
This property features: Two‑level condominium built in 1996; Sold in as‑is condition; High ceilings and abundant natural light
