Two-Level Condo
New
For Sale
$440,000
6035 TERRAPIN PLACE Unit 303, Alexandria, VA 22310
Bright condominium with a balcony, fireplace, assigned parking, and access to community recreation amenities.
Property Size1,244 SF
Days on Market7
Property Features for 6035 TERRAPIN PLACE Unit 303
General Information
Standard status
Active
Size
1,244 SF
Total Parking Spaces
1
Property subtype
Unit/Flat/Apartment
Units
Unit Mix
1 x 2BR/2.5BA
Multifamily Units
1
Additional Details
Public Transit
Yes
Taxes and HOA fees
Annual Taxes
$4,788
Amenities
private balcony
laundry room
gas fireplace
outdoor pool
clubhouse
playground
Building Details
Building Size
1,244 SF
Year Built
1996
Listing Agency:
RLAH @properties
Listed By:
Madeline Irene Lussier · License #0225209956
(703) 220-3936
Source:
Dcmetrorealtyteam
Added: Sep 3
Changed: Sep 6
Last Checked: Sep 8 at 10:26AM
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 RLAH @properties
Investment Insights
Based on property information with market context.
This two-level condominium at 6035 Terrapin Place, Unit 303, was built in 1996 and offers a two-bedroom, two-and-a-half-bath layout. The main living area combines dining and living space with large windows and a gas fireplace, while the kitchen provides substantial cabinet and counter space. A private balcony faces the common grounds and mature trees. The upper level includes a dedicated laundry room.
Assigned parking space 107 conveys with the residence. Community amenities include an outdoor pool, clubhouse, and playground. The property is in Alexandria, Virginia, with access to shopping, dining, Metro service, Kingstowne, and major commuter routes.
Assigned parking space 107 conveys with the residence. Community amenities include an outdoor pool, clubhouse, and playground. The property is in Alexandria, Virginia, with access to shopping, dining, Metro service, Kingstowne, and major commuter routes.
Key Highlights
- Two‑level condominium with 2 bedrooms and 2.5 baths
- Large windows, open living and dining area, and gas fireplace
- Private balcony overlooking common area and trees
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
$19,069
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
4.33%
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%
$381,380
$381.4K
Cap Rate 7%
$272,414
$272.4K
Cap Rate 9%
$211,878
$211.9K
Market Conditions
NOI Build-Up for 1,244 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
$36.6K $29.40/SF
− Vacancy
−$1.9K −$1.53/SF
EGI
$34.7K $27.87/SF
− OpEx
−$15.6K −$12.54/SF
NOI
$19.1K $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%
$381,380
Cap Rate 7%
$272,414
Cap Rate 9%
$211,878
Alternative Uses
Best Use
Apartment 5plus
$272.4K
$238.4K – $317.8K
NOI $19,069 @ 7.0% cap · market cap 4.33%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$691.0K
$604.6K – $806.1K
NOI $48,367 @ 7.0% cap · market cap 10.99%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
1
Residential units
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Residential income property - Bright condominium with a balcony, fireplace, assigned parking, and access to community recreation amenities.
Where is this residential income property located?
The property is located at 6035 TERRAPIN PLACE Unit 303 Alexandria, VA.
What is the asking price?
The asking price for this property is $440,000.
What are key features of this property?
This property features: Two‑level condominium with 2 bedrooms and 2.5 baths; Large windows, open living and dining area, and gas fireplace; Private balcony overlooking common area and trees
