Corner Residential Income
New
For Sale
$285,000
6641 E WAKEFIELD DRIVE Unit 809, Alexandria, VA 22307
Two-bedroom corner residence with a private balcony, renovated kitchen, and views toward the Dyke Marsh Wildlife Preserve.
Property Size959 SF
Days on Market4
Property Features for 6641 E WAKEFIELD DRIVE Unit 809
General Information
Standard status
Active
Size
959 SF
Property subtype
Unit/Flat/Apartment
Additional Details
Public Transit
Yes
Multifamily Units
1
Taxes and HOA fees
Annual Taxes
$2,770
Amenities
outdoor pool
fitness center
tennis and basketball courts
volleyball
picnic areas
garden plots
walking trails
Building Details
Building Size
959 SF
Year Built
1963
Listing Agency:
Compass
Listed By:
Kristen S Temple · License #0225223214
(301) 980-7158
Source:
Dcmetrorealtyteam
Added: Sep 8
Changed: Sep 10
Last Checked: Sep 10 at 2:58PM
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 Compass
Investment Insights
Based on property information with market context.
This corner residence at River Towers combines a two-bedroom, one-and-a-half-bath layout with a private balcony and views toward the Dyke Marsh Wildlife Preserve. The interior includes original parquet flooring, a living room connected to a dedicated dining area, and a renovated kitchen with Reico cabinetry, quartz countertops, a premium sink and faucet, and Samsung appliances. Both bedrooms include custom Alta blackout shades, while the unit also features a walk-in closet, updated interior doors, refreshed bathrooms, and new paint. Winter views of the Potomac River add seasonal appeal.
Built in 1963, River Towers occupies park-like grounds with an outdoor pool, fitness center, tennis and basketball courts, volleyball facilities, picnic areas, garden plots, walking trails, and abundant parking. Utilities are included in the condo fee. The property is near shopping, GW Parkway trails, a marina, library, Mount Vernon Rec Center, Huntington Metro, and Belleview Shopping Center, with access to Old Town, the Pentagon, and downtown DC.
Built in 1963, River Towers occupies park-like grounds with an outdoor pool, fitness center, tennis and basketball courts, volleyball facilities, picnic areas, garden plots, walking trails, and abundant parking. Utilities are included in the condo fee. The property is near shopping, GW Parkway trails, a marina, library, Mount Vernon Rec Center, Huntington Metro, and Belleview Shopping Center, with access to Old Town, the Pentagon, and downtown DC.
Key Highlights
- Two‑bedroom, 1.5‑bath corner residence at River Towers
- Private balcony with views toward the Dyke Marsh Wildlife Preserve
- Renovated kitchen with Reico cabinetry, quartz countertops, and Samsung 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
$14,701
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
5.16%
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%
$294,020
$294.0K
Cap Rate 7%
$210,014
$210.0K
Cap Rate 9%
$163,344
$163.3K
Market Conditions
NOI Build-Up for 959 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
$28.2K $29.40/SF
− Vacancy
−$1.5K −$1.53/SF
EGI
$26.7K $27.87/SF
− OpEx
−$12.0K −$12.54/SF
NOI
$14.7K $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%
$294,020
Cap Rate 7%
$210,014
Cap Rate 9%
$163,344
Alternative Uses
Best Use
Apartment 5plus
$210.0K
$183.8K – $245.0K
NOI $14,701 @ 7.0% cap · market cap 5.16%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$532.7K
$466.1K – $621.4K
NOI $37,286 @ 7.0% cap · market cap 13.08%
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
435
Businesses Nearby
Explore this area
Business Placement
Demographics for 22307, VA
10,271
Population
4,742
Households
2.2
Avg Household Size
45
Median Age
70%
College-Educated
96%
High-School Grad
3.1 sq mi
ZIP Area
3,313
Density / Sq Mi
$140,559
Median Household Income
$86,082
Median Earnings
$1,906
Median Rent
$752,700
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential income property - Two-bedroom corner residence with a private balcony, renovated kitchen, and views toward the Dyke Marsh Wildlife Preserve.
Where is this residential income property located?
The property is located at 6641 E WAKEFIELD DRIVE Unit 809 Alexandria, VA.
What is the asking price?
The asking price for this property is $285,000.
What are key features of this property?
This property features: Two‑bedroom, 1.5‑bath corner residence at River Towers; Private balcony with views toward the Dyke Marsh Wildlife Preserve; Renovated kitchen with Reico cabinetry, quartz countertops, and Samsung appliances
