Loft Residential Income
For Sale
$469,900
6003 ELLESMERE COURT Unit H, Alexandria, VA 22315
Two-level condominium residence with updated interiors, a private balcony, and community recreation amenities.
Property Size1,307 SF
Days on Market14
Property Features for 6003 ELLESMERE COURT Unit H
General Information
Standard status
Active
Size
1,307 SF
Total Parking Spaces
1
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
$448,280
Amenities
pool
tennis courts
pickleball courts
basketball courts
playground
common areas
private balcony
wood burning fireplace
skylights
Building Details
Building Size
1,307 SF
Year Built
1992
Listing Agency:
Century 21 Redwood Realty
(703) 499-1227
Listed By:
Kristin V Burns · License #0225074696
(703) 499-1227
Source:
Dcmetrorealtyteam
Added: Aug 13
Changed: Aug 25
Last Checked: Aug 25 at 12:36PM
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 Century 21 Redwood Realty
Investment Insights
Based on property information with market context.
This two-level condominium residence includes two bedrooms, two bathrooms, and a loft arranged above the main living area. Interior improvements include luxury vinyl plank flooring, a remodeled kitchen with quartz counters, newer cabinetry, stainless-steel appliances, and an in-kitchen washer and dryer. Updated bathrooms, vaulted ceilings, skylights, large windows, a wood-burning fireplace, and substantial storage further define the layout. The loft can accommodate office, studio, reading, fitness, or guest-area use as supported by its open configuration. A private balcony overlooks a pond and green space, while a spiral stair adds a distinctive architectural element.
The property is within Manchester Lakes, where community amenities include pools, tennis and pickleball courts, basketball courts, playgrounds, and maintained common areas. Access is provided to the Springfield-Franconia and Van Dorn Metro areas, I-95, I-495, DCA Airport, National Landing, the Pentagon, Fort Belvoir, and Kingstowne Towne Center. The unit includes reserved parking spot 117 and one permitted visitor spot. Recent property updates include a 2025 water heater, 2024 microwave, disposal, washer and dryer, 2023 flooring, and 2022 bathroom work; the HVAC and windows date to 2010, and the kitchen remodel was completed in 2016.
The property is within Manchester Lakes, where community amenities include pools, tennis and pickleball courts, basketball courts, playgrounds, and maintained common areas. Access is provided to the Springfield-Franconia and Van Dorn Metro areas, I-95, I-495, DCA Airport, National Landing, the Pentagon, Fort Belvoir, and Kingstowne Towne Center. The unit includes reserved parking spot 117 and one permitted visitor spot. Recent property updates include a 2025 water heater, 2024 microwave, disposal, washer and dryer, 2023 flooring, and 2022 bathroom work; the HVAC and windows date to 2010, and the kitchen remodel was completed in 2016.
Key Highlights
- Two‑bedroom, two‑bath condominium with a loft and two‑level layout
- Private balcony positioned over pond and green space
- Updated kitchen with quartz countertops, new cabinetry, and stainless‑steel appliances
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
$20,035
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
4.26%
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%
$400,700
$400.7K
Cap Rate 7%
$286,214
$286.2K
Cap Rate 9%
$222,611
$222.6K
Market Conditions
NOI Build-Up for 1,307 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
$38.4K $29.40/SF
− Vacancy
−$2.0K −$1.53/SF
EGI
$36.4K $27.87/SF
− OpEx
−$16.4K −$12.54/SF
NOI
$20.0K $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%
$400,700
Cap Rate 7%
$286,214
Cap Rate 9%
$222,611
Alternative Uses
Best Use
Apartment 5plus
$286.2K
$250.4K – $333.9K
NOI $20,035 @ 7.0% cap · market cap 4.26%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$725.9K
$635.2K – $846.9K
NOI $50,816 @ 7.0% cap · market cap 10.81%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
1
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
798
Businesses Nearby
Explore this area
Business Placement
Demographics for 22315, VA
28,184
Population
11,660
Households
2.4
Avg Household Size
39
Median Age
67%
College-Educated
96%
High-School Grad
5.5 sq mi
ZIP Area
5,124
Density / Sq Mi
$156,230
Median Household Income
$89,478
Median Earnings
$2,396
Median Rent
$609,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-level condominium residence with updated interiors, a private balcony, and community recreation amenities.
Where is this residential income property located?
The property is located at 6003 ELLESMERE COURT Unit H Alexandria, VA.
What is the asking price?
The asking price for this property is $469,900.
What are key features of this property?
This property features: Two‑bedroom, two‑bath condominium with a loft and two‑level layout; Private balcony positioned over pond and green space; Updated kitchen with quartz countertops, new cabinetry, and stainless‑steel appliances
