Updated Residential Income
New
For Sale
$224,900
6437 RICHMOND HIGHWAY Unit 203, Alexandria, VA 22306
Two-bedroom condo with refreshed interiors, a renovated balcony, and a separate storage unit in Huntington Walk.
Property Size876 SF
Days on Market4
Property Features for 6437 RICHMOND HIGHWAY Unit 203
General Information
Standard status
Active
Size
876 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$3,132
Building Details
Building Size
876 SF
Year Built
1966
Listing Agency:
Long & Foster Real Estate, Inc.
Listed By:
Nathan Shapiro · License #0225185794
(703) 789-2046
Source:
Dcmetrorealtyteam
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 10 at 2:41PM
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 Long & Foster Real Estate, Inc.
Investment Insights
Based on property information with market context.
This residential income property is a two-bedroom condominium in Huntington Walk with an updated interior and a spacious layout. Improvements completed in 2025 include new flooring, interior paint, and light fixtures. The kitchen includes stainless steel appliances, cherry cabinetry, updated countertops, ceramic flooring, and an adjacent eating area. The dining space opens to a renovated balcony, while the living room benefits from abundant natural light. Both bedrooms include generous proportions, and the owner's suite has a walk-in closet and an updated bathroom with ceramic tile flooring, a white vanity, and a new light fixture. A hallway walk-in closet and separate storage unit add practical storage. The electrical panel was replaced in 2024, and the property was built in 1966.
Located on Richmond Highway in Alexandria, the condo offers access to major commuter routes, shopping, restaurants, and everyday conveniences. The property is identified as Unit 203 at 6437 Richmond Highway, Alexandria, VA 22306.
Located on Richmond Highway in Alexandria, the condo offers access to major commuter routes, shopping, restaurants, and everyday conveniences. The property is identified as Unit 203 at 6437 Richmond Highway, Alexandria, VA 22306.
Key Highlights
- Two‑bedroom condominium in Huntington Walk
- Interior refresh completed in 2025 with new flooring, paint, and light fixtures
- Kitchen with stainless steel appliances, cherry cabinetry, ceramic flooring, and eat‑in area
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
$13,428
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
5.97%
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%
$268,560
$268.6K
Cap Rate 7%
$191,829
$191.8K
Cap Rate 9%
$149,200
$149.2K
Market Conditions
NOI Build-Up for 876 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
$25.8K $29.40/SF
− Vacancy
−$1.3K −$1.53/SF
EGI
$24.4K $27.87/SF
− OpEx
−$11.0K −$12.54/SF
NOI
$13.4K $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%
$268,560
Cap Rate 7%
$191,829
Cap Rate 9%
$149,200
Alternative Uses
Best Use
Apartment 5plus
$191.8K
$167.9K – $223.8K
NOI $13,428 @ 7.0% cap · market cap 5.97%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$486.6K
$425.7K – $567.7K
NOI $34,059 @ 7.0% cap · market cap 15.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
1
Residential units
Location Intelligence
Trade Area within ½ mile
666
Businesses Nearby
Explore this area
Business Placement
Demographics for 22306, VA
33,330
Population
11,514
Households
2.9
Avg Household Size
35
Median Age
40%
College-Educated
85%
High-School Grad
6.8 sq mi
ZIP Area
4,901
Density / Sq Mi
$95,026
Median Household Income
$45,193
Median Earnings
$1,750
Median Rent
$583,200
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom condo with refreshed interiors, a renovated balcony, and a separate storage unit in Huntington Walk.
Where is this residential income property located?
The property is located at 6437 RICHMOND HIGHWAY Unit 203 Alexandria, VA.
What is the asking price?
The asking price for this property is $224,900.
What are key features of this property?
This property features: Two‑bedroom condominium in Huntington Walk; Interior refresh completed in 2025 with new flooring, paint, and light fixtures; Kitchen with stainless steel appliances, cherry cabinetry, ceramic flooring, and eat‑in area
